Congress approves first consolidated VAT law for January 2026 The first consolidated Value Added Tax Law for China has been approved by the Standing Committee of the National People’s Congress on 25 December 2024. This goes to public consultation and is set to come into
Parliament update on Finance Ministers agreed VAT in the Digital Age text Following the 5 November ViDA political agreement by EU Finance Ministers, the EU Parliaments’ Committee on Economic and Monetary Affairs has provided a draft report. This focuses on changes to the ViDA reforms
Increase to €20,000 annual sales threshold for mandatory VAT registration in 2025 budget The Finnish Ministry of Finance is planning to raise the annual sales threshold for compulsory VAT registration. From 1 January 2025, it will rise from €15,000 to €20,000 per annum. The new
ECOFIN summary to European Council on tax developments On 10 December 2024, the six-monthly report on EU tax reform projects was approved at the monthly meeting of finance minister, ECOFIN. This covers the term of the Hungarian presidency of the Council. Major VAT on other
E-invoicing rollout completes December 2024 The final wave of taxpayers are set to join the Directorate General of Taxes (DGI’) e-invoicing portal, CFE (Comprobantes Fiscales Electrónicos), by 31 December 2024. Mandatory electronic invoicing by was commenced by DGI in 2012 and has been rolled out
2025 customer right to e-invoicing; 2027 mandatory B2B e-invoicing The Estonian Ministry of Finance has published an update on its mandatory e-invoicing rollout. It now intends a 2027 launch date for domestic B2B transactions. A draft of the legislation is expected for June 2025 following
Overview of the EU-backed standard for structure electronic invoices Standard EN6931 is the standardised framework for structured e-invoicing adopted by CEN (European Committee for Standardisation) on April 17, 2017. It is already adopted for B2G e-invoicing in the EU (Directive 2014/55/EU), and is the basis
New rules for foreign VAT registered businesses from 1 January 2025 Effective 1 January 2025, significant amendments to the Czech VAT Act will impact foreign entities registered for VAT within the country. Although the legislation is pending final approval, it is widely expected to pass
HMRC generative Artificial Intelligence chatbot Beta with help on VAT and other tax questions The UK tax authorities, HMRC, are advancing its generative AI chatbot, GOV.UK Chat, to support users in accessing information on business rules and support, including taxation. Initially tested by 1,000 users,
Annual guidance from Ministry of Finance on technical Value Added Tax issues The Federal Ministry of Finance has published the annual VAT book, this one covering 2023. There is a separate Finance Ministry 2024/25 VAT Issues publication of the most important VAT regulations and regulations Topics
