The article discusses the impact of the Philippines’ 12% VAT on households and the economy, and examines Senate Bill 1152’s proposal to reduce the rate to 10%. It highlights the fiscal implications, including a projected revenue loss of about P330 billion from 2026 to 2030, and the broader effects on consumer spending and government finances.

Latvia has increased its Intrastat reporting thresholds for 2024, raising the Arrivals threshold to €380,000 and the Dispatches threshold to €220,000. These new thresholds will take effect on 1 January 2026, aligning Latvia with updated EU Intrastat reporting requirements.

The article discusses how indirect tax functions are evolving from compliance to strategic partners, driven by AI, data, and new regulatory demands such as the OECD’s Pillar Two and the EU’s VAT in the Digital Age (ViDA). It highlights the impending mandatory e‑invoicing for Irish businesses in 2028 and the operational challenges companies face in preparing for real‑time reporting and data integration.

Romania has extended its eFactură e‑invoicing regime, delaying full enforcement for SMEs until 1 July 2026 and adding new obligations for non‑resident customers under Emergency Ordinance 89/2025. B2C transactions will be mandatory from 1 January 2025, with simplified invoices required, while penalties for non‑compliance are postponed until 31 March 2025. The country also launched full pre‑clearance submissions in July 2024 and introduced e‑transport reporting in July 2022.

Venezuela’s official gazette published Decree No. 5,207 on Jan. 9, extending the temporary VAT exemption for import and sale of hydrocarbon fuels and additives until Jan. 11, 2027, effective from Jan. 12, 2026. The decree applies to state, state‑owned, mixed‑ownership, and private companies under the Organic Hydrocarbons Law, establishes documentation requirements, outlines customs procedures, and mandates semi‑annual evaluation by SENIAT.