The Portuguese Tax Authority (Autoridade Tributaria) has issued a new procedure intended to simplify the exemption applicable to purchases made by non-EU travelers visiting Portugal. Diploma-Decree 185/2017 establishes a new electronic system called Simplex +, which is intended to simplify the application of the VAT exemptions for such travelers, reduce their administrative waiting time, and […]
The Romanian Senate has significantly amended a bill proposed by the ruling Social Democratic Party, which was designed to reduce VAT on social housing and agriculture. The bill originally proposed a zero-rate on the construction of buildings used for social purposes, such as housing for the elderly, orphanages, and rehabilitation centers. The Senate’s Budget and […]
On May 2, 2017, we held a webinar titled “Mexico SAT Lessons Learned from Complemento de Pagos” and we would like to share with you some of our most frequently asked questions around Mexico’s upcoming mandate. The Complemento de Pagos requirement is newly mandated by the tax authorities in Mexico requiring companies to generate a […]
Senate leadership released a discussion draft of the Better Care Reconciliation Act of 2017 – its version of the House’s American Health Care Act (AHCA) intended to repeal and replace the Affordable Care Act. Although this legislation would nullify penalties for the individual and employer mandates, it would not repeal IRS reporting obligations under IRC […]
On July 1, 2017, Colorado’s long anticipated notice and reporting requirements for non-collecting retailers goes into effect. This law requires retailers that do not have sales tax nexus but make $100K or more in annual sales to Colorado customers to report transactions to the state as well as notify purchasers of their use tax obligation. […]
In April of 2017, the Parliament of the Czech Republic passed legislation that made important changes to the Republic’s Value Added Tax (VAT) Law. The act was then published and codified on June 16th, 2017 in the Collection of Laws, as part of publication 170/2017, seen here. Of the changes, the most notable is the […]
The Federal Tax Administration has announced the following revisions to the VAT Act, effective January 1, 2018: First, all companies resident in Switzerland and all companies providing services in Switzerland will be liable to collect and remit taxes in Switzerland if their global turnover from non–exempted services exceeds 100,000 CHF. Second, the reduced rate (currently […]
We have previously discussed how the Italian government is leveraging tax incentives to help boost e-invoicing adoption between private companies. After all, B2G e-invoicing has been mandatory in Italy for a couple of years now, but that has not led to a particularly impressive increase in the total amount of B2B e-invoices. Tax incentives that […]
Twenty years after IBM Deep Blue beat Garry Kasparov in a series of famous chess games, another computer program, AlphaGo by Google DeepMind, won against Lee Sedol, a top professional player in the very complex ancient game of Go. In 2011, between these two landmarks, we saw IBM’s Watson win against former champions in Jeopardy. […]
Bermuda’s Ministry of Finance has launched its Tax Information Reporting Portal, through which Financial Institutions and filers may enroll in and exchange account information pursuant to the Common Reporting Standard (CRS). The Ministry has also published a User Guide for navigating the Portal. It provides an overview of commonly used functionalities within the Portal such […]
Senate Majority Leader Mitch McConnell has announced that leadership plans to release a “discussion draft” of their version of the AHCA bill on Thursday June 22^nd^, with a vote to be held on a final bill one week later. The Congressional Budget Office is expected to release a report concerning the Senate bill early next […]
Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos Regulatory Analysis team continually monitors new regulations and updates across the globe and publishes them in our Regulatory Feed. Here are some important changes that occurred in recent weeks: OECD Gets First Results from Disclosure […]
Companies should take note of shifting 1099-K thresholds at the state level. The explosive growth of the “sharing economy” — including peer-to-peer business transactions for goods and services — has attracted attention from governments looking for their piece of the market, which is estimated to grow to $335 billion by 2025. These businesses may have […]
Last week, Sovos issued a new report covering The State of Regulatory Compliance, which details the evolution of technology-driven regulatory trends, as well as how businesses can proactively prepare for the new wave of global compliance obligations. Not surprisingly, the report shines a spotlight on Latin American governments who first introduced initiatives giving governments more […]
The German BZSt (Tax Office) has published an Infobrief to address some final matters before the start of this year’s FATCA filing season. The BZSt online portal will be available for FATCA transmittals beginning on June 19. Both mass data interface (ELMA) and manual data entry will be operational from this date forward. However, the […]
Sovos, a leading provider of tax compliance and reporting software, announced today that it has appointed Peter Russell-Smith to the newly created role of Managing Director, EMEA. In his role, Russell-Smith will lead Sovos operations across the region, where the introduction of transaction-level reporting and tax transparency mandates have sparked a new wave of demand for […]
California recently released an updated version of Publication DE-154, Electronic Funds Transfer Bulk Filer Setup Guide. The purpose of this guide is to provide instruction for payroll agents who use the ACH Debit method to electronically pay the Payroll Tax Deposit using Form DE-88. This publication also provides detailed information on formatting files to submit […]
Two proposals to transform European VAT law have failed to gain approval of the EU’s Economic and Financial Affairs Council (ECOFIN). Both proposals needed unanimous approval of the delegates to become law. ECOFIN began its meeting of June 16 by debating a proposal that would allow Member States to apply reduced VAT rates to electronic publications. […]