Season’s Greetings and a Happy New Year! 🎄

As we wrap up 2024, we want to thank you for being part of the Lovat community. Wishing you a joyful holiday season and a successful year ahead!

Key deadlines in 2025

E-Invoicing updates

• Germany: Starting January 1, 2025, B2B transactions must comply with the EN 16931 e-invoicing format.
• Spain: SMEs and freelancers must adopt e-invoicing by January 1, 2025, using formats like XML CII, UBL, EDIFACT, and Facturae.
• Estonia: By July 1, 2025, recipients can opt for electronic invoices only. Formats include EN16931 UBL-BIS 3.0 and eXML 1.2.
• Singapore: The voluntary phase for e-invoicing begins in May 2025, enabling GST-registered businesses to send invoices directly to IRAS.
• UK: The government will publish a consultation on e-invoicing in early 2025, marking a shift toward a fully digital VAT system.

DAC7 reporting

• Canada: From January 31, 2025, digital platform operators must collect and share detailed user data.
• Singapore, UK, Australia, New Zealand: Mandatory DAC7 registration begins January 31, 2025. Prepare now for enhanced reporting requirements.

VAT Rate Increases

• Estonia: Standard VAT rate increases to 24% (July 2025).
• Slovakia: VAT rates rise to 23% and 19% (January 2025).
• Israel: VAT will increase to 18% in 2025.
• Indonesia: VAT will increase to 12% starting January 1, 2025.

EPR updates

• California: Register with the CAA Program by April 1, 2025 and report packaging data by August 2025.
• Colorado: Only registered producers can sell in-state starting July 2025.
• Oregon: Producers must comply with the Recycling Modernization Act and join a Producer Responsibility Organization (PRO) in 2025.
• UK: The Plastic Packaging Tax (PPT) will increase to £223.69 per tonne from April 1, 2025, affecting packaging with less than 30% recycled content.
• Spain: Starting January 1, 2025, companies in Spain must manage all packaging introduced to the market under Royal Decree 1055/2022. Ecoembes has launched a new program to facilitate compliance.

Download Our Guides

Get ready for 2025 with these essential resources:

• General Product Safety Regulation (GPSR): Ensure your products meet EU safety and compliance requirements. Download the GPSR Guide
• Extended Producer Responsibility (EPR): Stay compliant with packaging and waste management laws worldwide. Download the EPR Guide

New Blog Posts

• Tanzania’s Digital Services Tax (DST): Explore the impact of Tanzania’s DST on businesses in the digital market.

• General Sales Tax Requirements in the U.S.: Navigate U.S. state-specific GST registration, collection, and remittance rules.

• Differences Between Sales Tax and VAT: Break down the key differences, applications, and impacts for businesses.
• 7 Things About the EU VAT Scheme for Small Businesses: Learn about the benefits and key features of the EU VAT scheme designed specifically for small businesses.

Company News

Lovat Joins Peppol Certified Service Provider List

We’re thrilled to announce that Lovat is now a certified Peppol Service Provider! This means businesses can register on our portal to send and receive e-invoices via the Peppol network, simplifying cross-border invoicing.

Happy Holidays from Lovat! 🎁

We want to express our gratitude for choosing Lovat as your tax compliance partner. We wish you a joyful holiday season filled with peace, love, and prosperity. Here’s to a successful 2025 together!

See you in the new year! 🎉

We are here to support your compliance journey. If you have questions or need assistance, feel free to reach out to our dedicated team. Contact us

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