Two-step sales tax (gross receipts tax) rate reduction with growing dependency of energy taxes The US state of New Mexico has reduced its sales tax (termed gross receipts tax) rate
Threshold on electronic reporting of e-invoices cut to KRW 100m from 1 July 2023 South Korea’s near real-time e-invoicing regime will be made mandatory for a larger group of companies
18% VAT and 2% income tax on electronic services extended to foreign providers from July 2022 Tanzania has this month, July 2022, extended VAT charging obligations to providers and facilitating
Increase in resident VAT registration threshold for intra-community acquisitions of goods Lithuania is to increase the VAT registration threshold for resident businesses who are only acquiring goods from other member
11.9% inflation prompts Brazil to limit ICMS (VAT) on range of supplies to 18%; states to challenge as unconstitutional Brazil has limited states freedom (Complementary Law 194/2022) to charge ICMS
Belgian 6% and 12% reduced VAT rates to be consolidated into new 9% rate The Belgian Finance Ministry has announced plans to combine the existing 6% and 12% reduced VAT
Bhutan Integrated Taxation System (BITS) platform delayed indefinitely Following the last-minute delayed rollout of a new Goods and Sales Tax to replace Sales Tax on 1 July 2022, the government
Eurozone energy inflation 42% June 2022 (39% May); temporary VAT subsidies for domestic power, foods and other basics A fast-growing queue of European countries are emerging to cut their already
Foreign providers of electronic services given VAT registration threshold Kenya has introduced a VAT registration threshold for non-resident providers of digital services to Kenyan consumers. This is KES 5 million
For resident taxpayers, only state or VERI*FACTU approved invoicing software may be used to prepare and submit invoices from July 2024 Spain is to formalise from 1 July 2024 the
Umsatzsteuererklärung annual declaration for 2021 period extension The annual German VAT return which provides final summaries of a year’s VAT information is generally due by 31 July. This means 2021’s
Doubling of annual threshold for VAT compliance from 1 January 2023 The Bulgarian parliament has agreed to double the annual VAT registration threshold from 1 January 2023. It will rise
9.6% June inflation prompts powers to further cut VAT The Cypriot parliament has voted through powers to enable VAT to be cut on petrol products, domestic electricity and fuel until
EU VAT Directive amendments for Single VAT registration, digital reporting requirements (e-invoicing) and digital platforms VAT role due November The European Commission has confirmed that details of major reforms to
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