Italy passes decree on VAT scheme for small businesses
Italy’s Council of Ministers has passed the Legislative Decree implementing the Amending Directive to the VAT Directive (2020/285) and the Amending Directive To The VAT Directive (2022/542) on 29 October 2024. The Council approved the
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Czech Republic passes bill on VAT scheme for small enterprises
Czech Republic’s lower chamber of parliament has passed the bill amending the VAT Law on 30 October 2024, aiming to incorporate the Amending Directive to the VAT Directive (2020/285) concerning the special scheme for small enterprises, among other
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Hungary to mandate e-invoicing for energy sector starting January 2025
Effective 1 January 2025, electronic invoicing (e-invoicing) will be compulsory in Hungary for electricity and natural gas suppliers, including traders, distributors, and transmission system operators supplying electricity and natural gas to
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Dominican Republic unveils rules for enforcing mandatory e-invoicing
The Directorate General of Internal Revenue (DGII) of the Dominican Republic has released Notice 20-24 regarding the promulgation of Decree 587-24, which introduces new regulations for implementing Law 32-23, known as the Electronic Invoicing
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Slovak Republic gazettes bill amending corporate tax and VAT, and bill introducing financial transaction tax
The Slovak Republic has gazetted the bill that amends various tax laws, including corporate tax and VAT rate changes, and the bill enacting the financial transaction tax. The bills are aimed at improving the country’s public finances. The
See MoreHungary to amend local and EU tax laws, achieve social and policy objectives
Hungary’s government concluded a public consultation on a draft bill proposing changes to various tax laws on 24 October 2024. The proposal seeks to amend tax laws in response to EU and Hungarian legislation changes, targeting global minimum tax,
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Ecuador to reduce VAT for tourism services in November
Ecuador has announced a temporary VAT reduction on tourism-related services, lowering the rate from 15% to 8% from 1 to 4 November 2024. This initiative aims to promote tourism during the upcoming national holidays. The measure, outlined in
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Croatia: EU Council to authorise extending Croatia’s 50% VAT deduction on passenger car purchases
The General Secretariat of the Council of the European Union has requested the Permanent Representatives Committee to encourage the Council to adopt a Proposal for a Council Implementing Decision on 24 October 2024. This Proposal seeks to
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Portugal proposes several VAT measures in draft state budget law 2025
Portugal released the state budget law for 2025 (Law No. 26/XVI/1) on 10 October 2024, proposing various VAT measures. The draft Budget Law for 2025 proposes reduced corporate tax rates for companies and SMEs and revised personal income tax rates,
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Mexico introduces new withhold income tax, VAT obligations for crowdfunding platforms
The Mexican tax administration (SAT) released the Second Resolution of Modifications to the Miscellaneous Fiscal Resolution for 2024 on 11 October 2024, which mandates that crowdfunding platforms provide specific information to the SAT concerning
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Germany publishes final guidance on mandatory e-invoicing
The German Ministry of Finance has published the final guidance on mandatory e-invoicing on 15 October 2024. The principles of the guidance are to be applied to all sales made after 31 December 2024. As established by the Growth Opportunities
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IMF/World Bank Annual Meetings: World Economic Outlook
The October 2024 update of the World Economic Outlook was launched during the IMF/World Bank annual meetings. The report notes that global growth is expected to remain stable but at relatively low levels. The growth projection of 3.2% in 2024 and
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UK: HMRC publishes guidance on VAT for private education providers
The UK tax authority, His Majesty's Revenue and Customs (HMRC), has issued a guidance for private education providers regarding the upcoming obligation to charge value added tax (VAT) on school and boarding fees on 10 October 2024. This guidance
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Argentina dissolves tax authority, removes select VAT exemptions
Argentina’s government announced in a release on 21 October 2024 that the Federal Administration of Public Revenue (Administración Federal de Ingresos Públicos —AFIP) will be abolished, and the Tax Collection and Customs Control Agency
See MoreIMF and World Bank Group Annual Meetings: Fiscal Monitor Press Briefing
On 23 October 2024 the IMF held a press briefing on the launch of the latest issue of the Fiscal Monitor. On the panel for the press briefing were Vítor Gaspar, Director of the IMF Fiscal Affairs Department; Era Dabla-Norris, Deputy Director of the
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UN Tax Committee: Indirect Tax Issues
On 18 October 2024 the subcommittee on indirect tax issues presented a series of papers on VAT guidance for developing countries. The papers had been presented to the Tax Committee for comment at the previous session and were now submitted in their
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Romania issues registration forms for non-resident payment service providers
Romania’s tax authorities issued Order No. 6508/2024, which introduces Form 709 for requesting tax registration for non-resident Payment Service Providers with reporting obligations in Romania under the Amending Directive to the VAT Directive
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Italy releases company list subject to VAT split-payment next year
Italy's Department of Finance has released the updated lists of companies subject to the value-added tax (VAT) split-payment system in 2025. The lists will be updated throughout the year. The revised lists include companies or entities controlled
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