Company registration in Bulgaria with White and Partners: Guidance

In recent years, Bulgaria has been taking significant legal and practical measures to position itself as the most attractive investment destination in the region. These actions encompass the introduction of the lowest flat corporate tax rate at 10% and the provision of institutional support for developing new infrastructure near investment locations.

If you are interested in establishing your presence in the Bulgarian market, whether through a branch, subsidiary, holding company, representative office, or any other form, we are here to handle all the necessary formalities, including establishment, incorporation, and more. Our team will also offer comprehensive support and advice throughout the entire process.

To ensure that your foreign operations receive the right support from day one, our services include:

Experienced Multilingual Staff: Our team is proficient in English, Bulgarian, and Russian.
Local Document Processing: We handle all document processing in accordance with local legislation and in the local language.
Registrations with Competent Authorities: We take care of registrations with all relevant authorities, including the Commercial Register and VAT registration.
Bank Account Opening: With a power of attorney, we can open a bank account on your behalf.
Legal Address and Post Handling: We provide a legal address and handle mail handling for your business.
Accredited Accounting Division: Our team of certified accountants and tax advisors offer professional accounting services.
Comprehensive Invoicing and Bookkeeping: We take care of sales and inventory statistics, profit calculations, agent commission processing, and reporting.
Payroll Management: Our services include salary payments, tax withholdings, and paycheck deductions.

Registration in the Commercial Register is the initial step in establishing any type of business entity in Bulgaria. The registration process typically takes 3 to 5 days after submitting the required documents and can be done either by a lawyer or through legitimate proxy.

For changes such as appointing a new manager, altering the legal address, or adjusting the registered capital, registration is also required. Additionally, all companies registered in the Commercial Register must submit their annual financial statements by 30th June of the following year.

The most common types of commercial entities in Bulgaria are limited liability companies (EOOD and OOD) and joint-stock companies (AD) due to their attractive features, such as lower running costs, manageable administrative requirements, and limited shareholders’ liability.

For those dealing with personal data, compliance with GDPR activities is a must.

LIMITED LIABILITY COMPANY (OOD)

The limited liability company (OOD) is the preferred business form in Bulgaria. It requires only 2 BGN (approximately 1 EUR) as starting capital, and its shareholders benefit from limited liability and a straightforward corporate structure. Shares of an OOD are transferable and inheritable, but third-party transfers require approval through a notarized contract.

The OOD company is governed by:

The Shareholders’ General Meeting.
Manager(s) responsible for day-to-day operations and company representation.

Foreigners can also serve as managers of an OOD company. The Commercial Act permits both individuals and legal entities to establish an OOD, and there is no restriction on the number of shareholders. A single shareholder can register the entity as a single-member limited liability company.

The liability of an OOD company is limited to its assets, and shareholders’ liability is restricted to the amount of their contributions to the share capital.

The minimum required capital to establish an OOD is 2 BGN, and it forms the primary financing source for the company, covering incorporation expenses, accounting and administrative support, and ongoing expenses until the company becomes profitable.

Shareholders can be individuals or companies, local or foreign, and transfers of shares between shareholders are unrestricted. However, transfers to third parties involve a more complex procedure.

The governance structure of an OOD includes the shareholders’ general meeting and appointed directors. In the case of an EOOD (single-member OOD), the owner may personally handle company representation or appoint a director.

JOINT-STOCK COMPANY

A joint-stock company requires a minimum capital of 50,000 BGN to be established in Bulgaria. Unlike in an OOD, shares in a joint-stock company can be transferred without restrictions, and shareholders do not have direct ownership over the company.

The joint-stock company is governed by:

A Shareholders’ General Meeting.
A Board of Directors (one-tier management system) or a Supervisory Board and a Management Board (two-tier management system).

Foreigners can be appointed as managers of the company. Once the required documents are submitted, the company must be entered into the commercial register within the first working day following the submission.

ESTABLISHING A BRANCH OR REPRESENTATIVE OFFICE

Foreign investors can also choose to conduct business in Bulgaria through a branch or representative office.

BRANCH

A foreign legal entity authorized to conduct commercial activities under its national law can submit a branch registration application to the Bulgarian Commercial Register. As a part of the mother company, a branch is not a separate legal entity and does not require a distinct governance structure or paid-up capital. All assets and liabilities of the branch belong to the mother company.

REPRESENTATIVE OFFICE

A foreign person with the right to conduct business under their national law can establish a representative office. The application for registration is submitted to the Bulgarian Chamber of Commerce. A representative office is not a separate legal entity and cannot engage in business activities; its purpose is limited to conducting non-transactional activities like marketing and training.

Our team is always ready to provide high-quality advice and help in solving any tasks you set. Subscribe to our pages on social networks. If you have any questions, want to order services or consultations from us, then follow this link or write to us on WhatsApp/Viber/Telegram +380 98 363 6493 or call us.

Advantages and conditions of doing business in Malta

Malta is a small island nation in the Mediterranean Sea, similar to Cyprus both politically and historically. Both are island nations, once under British rule, and still use English in official business. Both states have also become members of the European Union and the Eurozone, and both are developing as important business and financial centers.

In particular, Malta, being part of the European Union, has become a prominent international business center, attracting large and medium-sized international companies interested in operations within the EU. Its tax system provides a number of advantages for international investors and entrepreneurs:

Income tax imputation: Malta has a 35% income tax. However, the great attraction of this system lies in the imputation of the tax. If a Maltese company receives less than 10% of its profits from activities on the island (that is, it conducts mainly international business), then it can receive a quick refund of 6/7 of the tax paid on the distribution of dividends. This makes it possible to reduce the effective income tax rate to 5%, which is very attractive for businesses within Europe.
No withholding tax on dividends, interest, royalties: Maltese companies can pay dividends and interest abroad without paying taxes in Malta. This makes the taxation system in Malta more flexible and convenient for international transactions.
Absence of foreign exchange risks: Income taxes can be paid and refunded in the currency in which the profit was received, which avoids foreign exchange risks.
Participation Exemption System in Malta: Maltese holding companies that receive equity dividends or capital gains or royalties may apply for a “participation exemption”. As a result of this exemption, dividends and income are fully exempt from taxes, provided that the company is considered a qualified member, meeting certain criteria.
There is no legislation in Malta that regulates transfer pricing. This is a distinctive feature of taxation in Malta, in contrast to the Russian and Ukrainian tax authorities, which are sensitive to such issues. The absence of such legislation is considered an advantage for trading companies, but the arm’s length principle applied in pricing between related companies within the countries of the European Union according to the OECD Transfer Pricing Guidelines must be taken into account.
Malta does not enforce complex CFC (Controlled Foreign Corporation) laws and thin capitalization rules. This opens up wide opportunities for optimizing taxation, including the provision of loans to Maltese companies and the receipt of interest on them. In addition, interest and dividend payments outside of Malta are tax-free. Also, under certain conditions, it is possible to organize a scheme in which dividends are not taxed within Malta.
Malta strictly enforces all European Union Directives such as the EU Interest and Royalty Directive and the EU Parent-Subsidiary Directive. Malta’s tax system complies with EU standards and EU officials have no complaints about its taxation, despite the low tax rates using the tax refund mechanism.
Malta is actively working on signing double tax treaties and has similar arrangements with about 70 jurisdictions. Some countries, including the Russian Federation, have several unratified double tax treaties with Malta that can be used to the advantage of businesses by avoiding the exchange of tax information.
A Maltese company is considered tax resident if it is registered on the island or managed from Malta (has an office in Malta). This provides flexibility in choosing tax residence and may be attractive to those who wish to set up an offshore company that is also tax resident in an EU country.
Malta does not impose taxes on capital and property, which may be attractive to those who are considering obtaining a residence permit on the island through the purchase of real estate. The absence of these taxes makes Malta a peaceful and reasonably managed place for a second home on the Mediterranean coast.

So, Malta is not only a wonderful tourist paradise with a rich history and culture, but also a favorable place for business development and investment. Its rapid development as an important business and financial center in the Mediterranean testifies to the island’s commitment to progress and economic diversification.

If you decide to register a company in Malta – Our team is always ready to provide high-quality advice and help in solving any tasks you set. Subscribe to our pages on social networks. If you have any questions, want to order services or consultations from us, then follow this link or write to us on WhatsApp/Viber/Telegram +380 98 363 6493 or call us.

Estonia: Significant tax changes in 2024 and 2025

Estonia’s new Parliament has recently approved significant amendments to the country’s tax laws, which are set to take effect between 2023 and 2025. The amendments underwent substantial changes during parliamentary discussions, and below is a summary of key changes along with some draft acts still under review.

Changes in VAT Rates:

Standard VAT Rate Increase: The standard VAT rate will rise from 20% to 22% starting from January 1, 2024. However, businesses can continue applying the 20% rate for contracts concluded before May 1, 2023, as long as the contract specifies the use of the lower rate.
VAT on Accommodation Services and Press Publications: Reduced VAT rates for accommodation services and press publications will increase. From January 1, 2025, the reduced rate for accommodation services will be 13%, and the reduced rate for press publications will be 9%.

Changes in Corporate and Individual Income Tax:

Corporate Income Tax: The corporate income tax rate will increase from 20% to 22% in 2025. The preferential tax rate of 14% on regularly distributed dividends and the related 7% withholding tax on dividends paid to individuals will be abolished from 2025.
Individual Income Tax: From 2025, a uniform basic tax exemption of €8,400 per year will apply to all individuals, replacing the current tax exemption structure based on annual income. Certain tax exemptions and deductions, like the deduction for housing loan interest, will also be eliminated.

Clarifications in Implementation:

ATAD2 Directive: Amendments to the Income Tax Act clarify the implementation of the ATAD2 Directive with regard to anti-hybrid mismatch rules, aiming to address specific hybrid mismatch situations.
Collective-Investment Vehicle Hybrid Exemption: A collective-investment vehicle hybrid exemption will be introduced retroactively from January 1, 2023.

Additional Amendments:

Obligations for Payment-Service Providers: Payment-service providers will be required to store and report data on cross-border payments by payees to the tax authority, starting January 1, 2024.
Transposition of EU Directive: Estonia plans to introduce amendments to the VAT Act, allowing UK entrepreneurs to decide whether they wish to use a tax representative when registering for the Import One-Stop Shop.

Changes in Excise Duties and Gambling Tax:

Excise Duties: Excise duties on alcohol and tobacco products will increase by 5% annually from 2024 to 2026.
Gambling Tax: Tax rates on various forms of gambling will increase, with online betting and lotteries seeing a rate increase to 6% in 2024 and 7% in 2026. Lotteries and commercial lotteries will face an increase from 18% to 22% in 2024, and tax rates on gambling tables and slot machines will also see adjustments.

Introducing Car Tax:

The Estonian Government is working towards introducing a car tax in July 2024, aiming to encourage consumers to choose more economical vehicles. The details and specific regulations of the car tax are yet to be finalized.

These amendments are expected to play a crucial role in achieving a balanced state budget and enhancing tax revenues for Estonia in the coming years.

Why can a foreign bank block your account

In today’s financial world, every bank has an obligation to closely monitor the actions of its customers and respond to potentially suspicious transactions. Such measures are taken to combat money laundering and illegal financial transactions. To ensure the safety of your account and avoid trouble, we are proud to present you with a detailed study of the criteria that attract the attention of foreign banks.

Unusual settlements between different types of business that do not correspond to their profile of activity or do not make logical sense, arouse suspicion.
High volumes of transfers, which stand out among similar businesses in the same region, may also attract the attention of the bank.
Frequent and similar non-cash transactions carried out on the same accounts are considered as potentially suspicious.
A sharp increase in activity on a previously underused account is also a criterion that attracts the bank’s attention.
The absence of transactions that match the profile of the client may raise suspicions of money laundering or other illegal transactions.
Replenishment of the account with large amounts, with subsequent transfer to other banks, is one of the operations to which the bank pays special attention.
Frequent exchanges of small bills for large bills or the exchange of cash for other currencies may be considered as potentially suspicious.
Replenishment of an account from abroad, followed by withdrawal of funds without additional transactions, may raise suspicions in the international money circulation.
Avoiding contact with bank managers and ignoring requests for documents can also attract attention and arouse suspicion.
The reluctance to provide reliable information when opening an account and the use of minimal or fictitious data are also considered as suspicious factors.
A large number of individuals making payments to the same account without explanation can be a sign of questionable activity.
The use of the same persons by different companies for cash transactions or currency exchange can also attract the attention of the bank.
The presence of accounts in several banks in one locality for the consolidation of money with subsequent transfer is one of the criteria that attracts the attention of banks.
Purchases of securities that do not match the profile of the customer or unusual cash settlements of securities may also be considered suspicious transactions.
Requesting investment management or administration services without a clear source of funds may raise suspicions of money laundering or the financing of illegal activities.
The use of letters of credit and other trade finance instruments in unusual situations may also draw the bank’s attention.

To avoid problems associated with account blocking due to suspicions of illegal transactions, we recommend contacting professionals from White and Partners. Our team will help you prepare all the necessary documents for opening an account in foreign banks, where you can safely conduct business and carry out personal financial transactions. Do not delay, contact us right now and get access to profitable and safe banking services!

Costa Rica Tax Authority Announces Implementation of 13% VAT for Registered Tourism Service Providers

The Costa Rica Tax Authority recently released an important notice on the Ministry of Finance website, aiming to remind taxpayers engaged in providing tourism services and duly registered with the Costa Rican Tourism Institute (ICT) of the upcoming changes. Effective from 1st July 2023, these taxpayers will be required to apply a 13% Value Added Tax (VAT) to their services.

The introduction of this new VAT charge comes as a result of the termination, on 30th June 2023, of the differentiated tax treatment previously granted to tourism services offered by taxpayers who were duly registered with the ICT.

The inclusion of VAT on tourism services was initially established by Law No. 9882, specifically under Transitory Disposition IX of Law No. 9635, along with Transitory Disposition IX of the Regulations to the VAT Law.

By providing this notice, the Costa Rica Tax Authority seeks to ensure that taxpayers in the tourism sector are aware of their tax obligations and are prepared for the implementation of the 13% VAT on their services. The proper application of this tax will contribute to the government’s revenue and facilitate the country’s overall economic development.

It is essential for all eligible tourism service providers to take the necessary measures to adjust their invoicing and financial systems accordingly, ensuring compliance with the updated tax regulations. By doing so, they will avoid potential penalties or legal issues that may arise from non-compliance.

The Costa Rica Tax Authority remains committed to assisting taxpayers in understanding and adhering to the country’s tax laws. Further information and guidance on the implementation of the 13% VAT for registered tourism service providers can be obtained through the Ministry of Finance and the Costa Rican Tourism Institute (ICT).

Benefits of taxation and doing business in Estonia: Flexibility, international trade and stability

Estonia is a unique country with a special taxation system that allows companies to defer income tax for long periods without falling under the definition of offshore jurisdiction. This system was introduced after the separation of Estonia from the USSR and its transformation into an independent and independent state. At that time, business activity in the country was on the verge of decline, and an income tax law was passed to revive the economy, which is still in force. According to this law, the profits of Estonian companies are taxed only at the time of their distribution, allowing companies to reinvest profits in their activities without having to pay tax. Let’s look at the reasons and advantages of such a tax system in Estonia.

The Estonian taxation system has several key advantages. First, until the distribution of dividends, the company’s profits are not taxed. This allows companies to reinvest their funds in activities, keep profits in bank accounts or provide them in the form of loans. Taxation occurs only at the moment when profits are withdrawn from the business. This flexibility allows companies to effectively manage their financial flows and invest in their growth and development.

Secondly, Estonia is a full member of the Schengen area and the European Customs Union, which creates favorable conditions for international trade. With a VAT number, companies can purchase goods from EU suppliers with a zero VAT rate and transport them freely to any EU country. This facilitates trade and reduces bureaucratic hurdles, facilitating the development of international business in Estonia.

The third advantage is related to the Estonian banking system. The country has reliable and stable banks owned by northern financial groups. Banks offer convenient Internet portals and fast payment systems that process euro payments within the EU in a short time and at low fees. Bank accounts in Estonia are multi-currency, which eliminates currency risks and simplifies financial transactions for companies operating internationally.

Estonia continues to attract the attention of entrepreneurs and investors with its unique taxation system. Income tax deferral allows companies to effectively manage their finances and invest in their growth. With full membership in the European Customs Union and favorable banking conditions, Estonia becomes an attractive place for business development and international trade. The tax system, combined with other advantages, makes Estonia one of the most competitive and promising regions for entrepreneurs and companies.

Key Amendments to Singapore’s Companies Act 1967: Enhancing Shareholder Protection and Modernizing Meeting Practices

Singapore’s Companies, Business Trusts, and Other Bodies (Miscellaneous Amendments) Act 2023 (the 2023 Act) took effect on July 1, 2023, bringing about significant changes to the Companies Act 1967 (the 1967 Act). The amendments introduced by the 2023 Act encompass four main areas of modification.

Firstly, alterations have been made to the compulsory share acquisition framework. Previously, the 1967 Act allowed an offeror to compulsorily acquire all shares of a company if they achieved a 90 percent acceptance threshold for the relevant scheme. However, shares held by a nominee or a related corporation of the offeror were not considered when calculating this acceptance threshold. Nonetheless, offerors could exploit this exemption by including such shares in special-purpose vehicles established for the purpose of takeovers.

The 2023 Act broadens the exclusions in computing the acceptance threshold. Now, shares held by close relatives, corporate entities controlled by the offeror, the ultimate controller, or entities controlled by the ultimate controller are also excluded. These amendments are aimed at safeguarding minority shareholders.

Secondly, the 2023 Act introduces amendments relating to punitive measures for non-compliant directors, which encompass disqualification and penalties. The disqualification period for first-time disqualified directors has been reduced from five years to three years, while repeat offenders will be subject to the previous five-year period.

Penalties for non-compliance with accounting standards in the preparation and reporting of financial statements have also been revised. The maximum penalty, in cases where there is no intention to defraud, has been increased to SGD250,000. In instances where an intention to defraud has been proven, the maximum penalty will be SGD250,000 and/or three years’ imprisonment.

The fourth key amendment brought about by the 2023 Act introduces measures allowing companies to conduct meetings in a physical, hybrid, or fully virtual manner. Correspondingly, amendments have been made to the Business Trusts Act 2004, the Variable Capital Companies Act 2018, and the Singapore Labour Foundation Act 1977 to accommodate these changes.

Italy introduces a new tax on undistributed profits for subsidiary companies.

Italy has implemented new tax measures affecting subsidiary companies benefiting from a special tax regime. The Ministry of Economy and Finance issued a directive on June 26, 2023, regarding the introduction of a replacement tax on undistributed profits.

This new tax was introduced in accordance with Law No. 197 of December 29, 2022, which is included in the 2023 state budget.

The replacement tax applies to profits that do not qualify for exemption and can be declared in the tax return for the year 2022.

The tax rate for qualified undistributed profits is 9% (and 30% for individuals). However, for parent companies, the rate is reduced by 3 percentage points to 6%.

To benefit from the incentives, companies must repatriate the profits before the deadline for paying the remaining income tax balance for the tax period following December 31, 2022. Additionally, the received profits must be reserved in a special equity reserve for a minimum of two years.

The implementation directive provides additional information on definitions, eligible individuals for option grants, profits/reserves eligible for option grants, the use of options, determination and payment of the replacement tax, and other relevant matters.

Ease of Doing Business in the World: Doing Business Ranking Analysis

The Doing Business Ranking is an annual report produced by the International Finance Corps of the World Bank. It provides a comparative assessment of the business environment and conditions for doing business in various countries around the world.

The purpose of the Doing Business ranking is to measure and evaluate the regulatory environment that affects business activities. It is based on specific indicators such as business registration procedures, obtaining building permits, obtaining loans, protecting property rights, the tax system and other factors that affect the process of doing business.

The Doing Business ranking provides useful information for governments, the business community, researchers and international investors. It allows countries to compare their performance with other countries and identify areas for improvement in order to create a more attractive and competitive business environment.

The Doing Business rating is based on objective data collected and verified by independent experts. However, it does not cover all aspects of the business environment and does not take into account the social and cultural factors that may also influence the conduct of business.

In addition, it is important to note that since 2020, the World Bank has decided to suspend the publication of the Doing Business rating in order to conduct an independent audit and improve the data collection methodology. Therefore, the latest Doing Business ranking available is the 2019 ranking.

In this article, we’ll take a look at the top 15 Doing Business countries and their approach to making it easy to do business.

Main part:

New Zealand: New Zealand is at the top of the Doing Business rankings. This country is famous for its transparent business registration system, property rights protection and efficient taxation system.
Singapore: Singapore is known for its efficient business registration system and minimal bureaucracy. Here, entrepreneurs can quickly launch their business and enjoy a stable legal system.
Hong Kong: Hong Kong is famous for its open economy and low tax rates. Here, entrepreneurs can quickly register their companies and be in the business center of Asia.
Denmark: Denmark deserves high rankings due to its simple registration procedures, robust enforcement and efficient taxation systems.
Korea: Korea is known for its innovative features and convenience for entrepreneurs. Here, the state provides broad support for business development.
Georgia: Georgia has made significant improvements to its business environment, including simplifying registration procedures, reducing the tax burden, and fighting corruption.
USA: The USA offers a wide range of opportunities for entrepreneurs and access to large markets. This country is famous for its innovative industries and a developed system of legal regulation of business.
Great Britain: Great Britain has a developed financial system, convenient infrastructure and an open market. Entrepreneurs have ample opportunities to develop their business here.
Norway: Norway is known for its stable economy and support for entrepreneurship. This country offers convenient conditions for registering and doing business.
Switzerland: Switzerland is one of the world’s leading financial centers. Here entrepreneurs enjoy stability, low taxes and high levels of innovation.
Sweden: Sweden has a friendly business environment and a strong economy. Here entrepreneurs have access to a variety of financial instruments and support for innovation.
North Macedonia: North Macedonia has made significant improvements to its business environment, including reduced time and procedures for business registration and improved legal regulation.
Estonia: Estonia is known for its digital transformation and e-government services. Here, entrepreneurs can quickly and efficiently conduct business online.
Finland: Finland offers a stable and progressive business environment. Here entrepreneurs enjoy low taxes, strong infrastructure and high levels of innovation.
Australia: Australia is one of the largest economies in the world. Here, entrepreneurs are in a stable business environment with a developed system of legal regulation.

Conclusion: The Doing Business Ranking provides valuable insight into the ease of doing business around the world. The top 15 countries in this ranking demonstrate the high level of development of their business environment, offering entrepreneurs simple registration procedures, protection of property rights, low tax rates and a strong legal system. These countries seek to create an enabling environment for entrepreneurship by attracting investment and promoting economic growth. Ease of doing business plays an important role in attracting international investors and creating a favorable climate for innovation and the development of new businesses.

Advancing the Digital Single Market: E-Invoicing in the European Union

E-invoicing, the digital exchange of invoices between businesses and organizations, offers a more efficient and secure alternative to traditional paper-based methods. Within the European Union (EU), e-invoicing has emerged as a leading practice. In 2014, the European Commission introduced the eInvoicing Directive, mandating that all public administrations in the EU receive and process electronic invoices.

The eInvoicing Directive forms an integral part of the EU’s Digital Single Market (DSM) strategy, which aims to establish a unified digital marketplace facilitating the seamless movement of goods and services across borders. E-invoicing plays a crucial role in driving the DSM forward, as it enhances cost reduction, operational efficiency, and trade expansion.

The implementation of the eInvoicing Directive has been successful across all EU Member States, albeit with slight variations in approach. Some countries have opted for mandatory compliance, while others have taken a voluntary route.

Notwithstanding these variances, the eInvoicing Directive has delivered positive outcomes for the EU economy. According to a study conducted by the European Commission, e-invoicing has the potential to save businesses within the EU up to €20 billion annually.

However, the eInvoicing Directive represents just one aspect of the EU’s broader efforts to advance the DSM. As the digital economy continues to flourish, e-invoicing is poised to assume an even greater significance.

The advantages of e-invoicing for the EU are as follows:

Reduced Costs: E-invoicing significantly reduces expenses for businesses and public administrations by eliminating the need for printing, postage, and manual data entry.
Enhanced Efficiency: E-invoicing streamlines the invoice processing workflow through automation. This frees up valuable staff time, enabling them to focus on customer service or sales-related activities.
Improved Compliance: E-invoicing promotes adherence to tax regulations by ensuring the timely issuance and receipt of invoices.
Increased Trade: E-invoicing facilitates cross-border trade, making it simpler for businesses to engage in transactions with one another across national boundaries.

The future of e-invoicing in the EU appears promising. While the eInvoicing Directive represents a significant stride forward, further actions are underway to promote e-invoicing adoption throughout the EU. The European Commission is actively working towards the development of a standardized framework for e-invoicing, simplifying the exchange of invoices across borders.

With the potential to save time and money for businesses, enhance tax compliance, and stimulate trade, e-invoicing holds substantial promise for the EU’s future.

European countries with e-invoicing mandate or plans for one:

Albania	Active
Belgium	Rollout 2024-2025
Croatia	Evaluating
Denmark	Rollout 2024-2025
France	Rollout 2024-2025
Germany	Rollout 2024-2025
Italy	Active
Latvia	Evaluating
Poland	Rollout 2024-2025
Romania	Evaluating
Slovakia	Evaluating
Slovenia	Evaluating
Spain	Rollout 2024-2025
Sweden	Evaluating
Turkey	Active