Regulatory Analysis
Effective July 14, 2025, the German Ministry of Finance (BMF) issued an amendment to the GoBD (German Principles on Bookkeeping), aligning the country’s digital archiving requirements with the upcoming mandatory B2B e-invoicing as of January 1, 2025. The update provides long-awaited clarity for taxpayers and software providers regarding the format, retention, and machine readability requirements […]
The Canary Islands Tax Agency (Agencia Tributaria Canaria) has proposed amendments to expand its SII (Suministro Inmediato de Información) obligation to include multiple taxes beyond IGIC (General Indirect Canary Tax). The proposal is still in draft, nevertheless the technical specifications around it have already been disclosed. All businesses currently using the SII system for IGIC […]
The Turkish Revenue Administration (Gelir İdaresi Başkanlığı) has announced an extension to the implementation deadline for implementing the requirements contained in the “Technical Guide for Invoices Related to Medication and Medical Device Deliveries”. Under the updated timeline: The deadline for implementing the technical requirements has been extended from 30 June 2025 to 1 October 2025 […]
On 17 June 2025, the Lithuanian Parliament adopted Law No. XV-283, introducing a new Security Contribution (SD) on non-life insurance premiums. The measure aims to support the National Defence Fund and is aligned with the EU Solvency II Directive (2009/138/EC). The new SD regime applies to both domestic insurers and foreign insurers operating in Lithuania […]
The Federal Inland Revenue Service (FIRS) has confirmed in a July 2025 notice that its National E-Invoicing Solution, based on the Merchant-Buyer model, will become mandatory for large taxpayers beginning 1 August 2025. This follows a successful pilot phase that began in November 2024. Under the mandate, by the deadline above, all businesses with annual […]
Effective July 10, 2025, Alaska HB 123 became law without the Governor’s signature. The legislation provides for a reduction in the Vehicle Rental Tax rate from 10% to 9% of the total fees and costs charged for the lease or rental of a passenger vehicle not arranged through a vehicle rental platform under AK Statutes 43.52.020.
The Tunisian Ministry of Finance has published General Memorandum No. 10 of 2025, explaining Article 71 of Law No. 48 of 2024 (Finance Law for 2025). The Memorandum outlines new penalties and enforcement measures designed to strengthen compliance with Tunisia’s Continuous Transaction Control (CTC) electronic invoicing system, which was established in 2016 and is managed […]
On July 4th, President Trump signed the “One Big Beautiful Bill,” which dramatically alters Form 1099-K, 1099-MISC and 1099-NEC reporting thresholds, effective for payments made after December 31, 2025. Section 70432 of the “One Big Beautiful Bill” significantly changes Form 1099-K reporting requirements for third-party settlement organizations. Previously, under the American Rescue Plan Act of […]
The Social Security Administration has released its W-2 electronic reporting specifications for tax year 2025. Publications EFW2 and EFW2C provide reporting specifications and directions for filing original and corrected electronic W-2 forms with the federal government, and the specifications for tax year 2025 have been released. Each year, the Social Security Administration adjusts the annual […]
A draft law was recently submitted to Parliament by the Ministry of Finance, proposing amendments that would establish a mandatory e-invoicing regime for business-to-business (B2B) transactions. Scope The draft mandate will introduce the obligation to issue e-invoices for a) B2B transactions within Greece between entities subject to Greek accounting rules and b) exports to third […]
On May 20, 2025, Governor Ferguson signed SSB 5314, comprehensive legislation modifying the state’s capital gains tax under RCW 82.87.020. The bill addresses various aspects of the state’s relatively new capital gains tax. Among its provisions, Section 15 establishes new 1099-B reporting requirements for brokers and barter exchanges, effective January 1, 2026. This marks a […]
Connecticut has temporarily suspended its mandatory withholding requirement for lump sum retirement distributions from July 1, 2025, through December 31, 2026. Under HB 7287, which passed on June 23, withholding on lump sum distributions will be voluntary during this period, consistent with other retirement distributions. The legislation maintains Connecticut’s existing definition of lump sum distributions […]
Georgia recently revised its 2025 Employer’s Withholding Tax Guide, introducing several significant changes to withholding obligations. Key updates include a reduced income tax withholding rate and an extended appeal period. Employers should also review the guide for revised due dates and mailing addresses. Beginning July 1, 2025, employers and the Georgia Lottery Commission must withhold at […]
On 14 July 2025, the Belgian government published a Royal Decree providing essential clarifications on the upcoming B2B e-invoicing mandate. The main clarifications are the following: Mandatory Format The European semantic and syntactic standards must always be complied with. Preference should be given to Peppol BIS in the UBL version (basic standard) and transmited via the Peppol […]
On 8 July, the Council of the European Union adopted the final legal acts paving the way for Bulgaria to join the euro area on 1 January 2026. This decision follows Bulgaria’s successful fulfilment of all economic and legal convergence criteria set out in the Maastricht Treaty. With this decision, Bulgaria is set to become […]
Following the release of the finalized B2B e-invoicing guidelines in October 2024, the German Ministry of Finance (MoF) has published a draft letter introducing several important clarifications and amendments. These updates aim to further define the scope and practical implementation of the e-invoicing mandate which went live back in January 2025. I. Key Clarifications on […]
Greece’s Independent Authority for Public Revenue (AADE) has issued Circular Ε.2030/2025 clarifying the application of Ministerial Decision A.1123/2024 on the e-transport framework. The circular confirms when a e-transport document is required and who must issue it. Key clarifications include: Obligation applies to all entities that move inventory (senders, carriers, and third-party senders) Issuer responsibilities clarified […]
On June 4, 2025, the European Commission and the European Central Bank each published convergence reports approving Bulgaria’s capacity to adopt the euro. This was in response to Bulgaria’s request for a convergence assessment on February 25, 2025. The reports indicate that Bulgaria could adopt the euro as early as January 1, 2026. While this […]