Ghana halts 15% VAT on residential electricity usage
On 7 February 2024, the Ministry of Finance in Ghana released a press statement regarding enforcing Value-Added Tax (VAT) on electricity consumption by residential customers. According to the statement, electricity suppliers were informed of the
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Chile: VAT from digital services exceeds USD 1 billion
On 5 February 2024, Chile’s tax authority (Servicio de Impuestos Internos - SII), in a release, declared that its VAT collections from registered digital service suppliers have exceeded USD 1 billion as of December 2023. In June 2020, Chile
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Belgium parliament passes bill to introduce e-invoicing from 2026
On 1 February 2024, the Belgian Chamber of Representatives passed project 3743/004, which mandates the implementation of business-to-business (B2B) electronic invoicing (e-invoicing) from 1 January 2026. The bill is in accordance with the structured
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Malta Issues guidelines on reduced VAT on pleasure boat hiring
On 31 January 2024, Malta’s Commissioner for Revenue issued Guidelines for the application of the 12% VAT rate on the hiring of pleasure boats. This follows after the recent amendments to the Value Added Tax Act, which extended the 12% VAT rate to
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Bolivia enlists taxpayers whose VAT invoices are invalid for VAT credit and tax deduction
Bolivia’s tax authority (Servicio de Impuestos Nacionales) published three lists of taxpayers whose VAT invoices are deemed void for value added tax (VAT) credit or deductible for corporate tax purposes. The invalidity is based on the following
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IMF Report Comments on Finland’s Economic Position
On 23 January 2024 the IMF issued a report following discussions with Finland under Article IV of the IMF’s articles of agreement. The report notes that although Finland’s economy recovered quickly from the pandemic, the war in Ukraine has
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IMF Issues Report under Extended Credit Facility Arrangement for Mozambique
On 8 January 2024 the IMF issued a report after completing the Third Review under the Extended Credit Facility (ECF) Arrangement with Mozambique. The ECF arrangement aims to support structural reforms to promote Mozambique’s economic recovery and
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Poland postpones compulsory e-invoicing requirements
On 19 January 2024, the Ministry of Finance in Poland announced a delay in the mandatory implementation of the National e-Invoicing System (Krajowy System e-Faktur - KSeF) due to technical issues. The National e-Invoice System (KSeF), which was to
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Bolivia extends deadline for RC-VAT tax compliance, filing, and payment for direct taxpayers
On 19 January 2024, Bolivia’s tax authority (Servicio de Impuestos Nacionales) issued a guidance entitled ‘RND N°102400000006’, in which it extended the deadline for filing the Affidavit Form 610, payment of the tax and compliance with Formal
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Mozambique removes VAT exemption on sugar, soaps, and cooking oils
On 17 January 2024, the Mozambique Tax Authority released a public notice affirming the discontinuation of the VAT exemption previously applied to sugar, soaps, and cooking oils. The VAT exemption applies to their raw materials, intermediary
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Nigeria: FIRS defers implementation of simplified compliance regime for VAT for non-resident suppliers of goods
On 15 January 2024, Nigeria's Federal Inland Revenue Service (FIRS) published a public notice declaring that it deferred enacting the Guidelines on the Simplified Compliance Regime for VAT for Non-Resident Suppliers of goods to Nigeria through
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Ireland: Irish revenue publishes guidance on VAT return of trading details
On 16 January 2024, the Irish Revenue published eBrief No. 024/24 concerning a new Tax and Duty Manual that offers guidance about the annual VAT Return of Trading Details. This guide will provide assistance to filers submitting the annual VAT Return
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Kenya: KRA announces pre-filled VAT returns to taxpayers
On 16 January 2024, the Kenya Revenue Authority (KRA) released a public notice reminding all VAT-registered taxpayers that their VAT returns will be automatically filled with information available to KRA. This rule will go into effect in January
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Venezuela approves extension of temporary VAT exemptions on hydrocarbon fuels
On 12 January 2024, Venezuela published Decree No. 4.911 in Official Gazette No. 42.797. This decree extends the temporary exemption on VAT, customs duty, and related taxes for the import and sale of hydrocarbon fuels and additives that improves
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Spain approves extension of windfall taxes on banks and reduced VAT rates
On 11 January 2024, the Spanish Government issued a press release announcing the approval of the Royal Decree-Law. The Royal Decree-Law was approved by the Spanish Council of Ministers on 27 December 2023. This Decree extends specific measures to
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Sri Lanka releases circular on VAT registration for exempt goods and services
On 4 January 2024, Sri Lanka’s Inland Revenue Department (IRD) published Circular No. SEC/2024/E/01 announcing the VAT registration requirements for suppliers of rubber, tea, and coconut products. As per the amendments made to the Value Added
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Bolivia widens VAT incentives for various sectors
On 31 December 2023, Bolivia published Law No. 1546 on the General State Budget for 2024 in the Official Gazette. This law introduces a range of incentives for industrialization and expands the existing VAT incentives. The incentives were enacted on
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Algeria publishes finance law for 2024 introducing new local solidarity tax
On 31 December 2023, Algeria's Ministry of Finance published the Finance Law for 2024 in the Official Gazette. The Finance Law for 2024 eliminates the 1.5% tax on professional activity (TAP) and introduces the new local solidarity tax
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