Lovat Newsletter – November 2024

Lovat Newsletter – November 2024

Upcoming GPSR deadline: Is your product ready for the EU?

The General Product Safety Regulation (GPSR) introduces stricter requirements for product safety in the EU from December 2024. Businesses must comply with updated standards, including safety assessments, labeling, and traceability. Non-compliance risks market bans.

Act now to ensure readiness and avoid penalties.

For questions, contact our expert Bogdan at b.leshchenko@vatcompliance.co Learn more about preparation and requirements here.


Legislative updates

Starting January 1, 2025, electronic invoicing (e-invoicing) becomes mandatory for business-to-business (B2B) transactions in Germany. You can easily comply with this regulation using the Lovat platform, which supports the creation and submission of invoices in the required structured format. This will help ensure your business remains compliant with the new rules.

Learn more about e-invoicing here


Software updates

  • Automatic Standard Rate Recalculation for VAT Returns

VAT returns just got easier! When you add or edit transactions in your declarations, the system now automatically recalculates the standard rate amounts, saving you time and minimizing errors.

  • Magento support update

We’ve updated our platform to support Magento version 2.4.7 and above, with the departure ZIP code field now supporting alphanumeric formats.

 

 

  • New Zalando integration

Easily integrate Zalando transactions for streamlined tax compliance.

 

 

  • EPR module updates

Enhanced declarations are now available for:

    • Spain: EEE
    • Poland: Packaging
    • Czech Republic: EEE
    • Slovakia: Packaging, Non-Packaging, and EEE
  • Documents Invoice Enhancements

Convert invoices into transactions directly, simplifying invoice management.

  • Service code adjustments

New reduced rates for USA digital transactions help you stay compliant with diverse tax regulations.


New blog posts

  • Differences between sales tax and VAT

Confused about the differences between sales tax and VAT? Our latest blog breaks down the key distinctions, including how they’re calculated, applied, and collected in different jurisdictions.

Read the full article to gain a clear understanding of these two tax systems and how they impact your business: Differences Between Sales Tax and VAT

  • Navigating clothing sales tax in the U.S.

Some U.S. states tax clothing while others offer full or partial exemptions. Discover registration essentials, price thresholds, and special taxes for luxury items on our blog: Clothing Sales Taxation in the U.S.

  • Reclaiming import VAT in the EU

If you’re importing goods into the EU, you may be eligible to reclaim Import VAT by including your VAT registration number on import declarations. Learn how in our guide: Requirements for VAT Declaration


Company news

  • Expansion in Singapore: E-Invoices launched

We’re excited to announce the successful launch of our e-invoicing solution in Singapore! As part of the Techscaler program, we presented our platform to the APAC market, connecting with local investors and partners. With over 1,000 businesses worldwide already using Lovat, we’re ready to support Singaporean companies with seamless tax compliance.

  • Joining the OpenPeppol network

Lovat is now a proud member of OpenPeppol! This global membership allows us to provide Peppol e-invoicing solutions, simplifying cross-border invoicing for our clients worldwide.


Coming soon: Guide to E-Invoicing obligations

Get ready! In our next newsletter, we’ll release a comprehensive guide, “Getting Ready for E-Invoicing Obligations”. Learn how to meet the latest e-invoicing requirements and keep your business compliant

Stay tuned for expert tips and actionable insights in the next edition!


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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November 25, 2024 1957
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