In the iconic 1997 movie Wag the Dog, Hollywood producer Stanley Motss — played by Dustin Hoffman — has the same reaction to every problem he faces. “This is nothing!” he says repeatedly in his quest to get an unpopular president reelected. His overconfidence, however, ends up having serious consequences as the movie’s dark plot […]
No one really knows what percentage of today’s invoices are noncompliant with VAT law. Given the complexity and rate of change in VAT law, there is an almost unlimited set of possible nonconformities on the scale between outright fraud and clerical errors. One big problem is that it is often very difficult to gather all […]
El 31 de mayo de 2017 la SEFAZ (Secretaría de Hacienda brasileña), organismo vinculado al Ministerio de Hacienda y principal autoridad tributaria en Brasil −presente en cada estado del país−, publicó una nueva Nota Técnica sobre la Nota Fiscal Eletrônica (Factura Electrónica en Brasil, NFe por su sigla en portugués) 4.0, comunicando que el plazo […]
The Congressional Budget Office has handed down its report on last week’s discussion draft of the Senate’s Better Care Reconciliation Act of 2017. By the CBO’s estimate, the Senate bill would result in an additional 22 million Americans being uninsured over the next 10 years – on top of the current estimated 28 million who […]
Spain is quickly and steadily marching towards the planned July 1 implementation of the new Supply of Information System (locally known as SII) reporting requirement. Under the law, businesses have four days from the time an invoice is issued or received to notify the Spanish Tax Administration (AEAT) of the transaction. Determining the exact day […]
The Spanish tax administration (AEAT) has released a comprehensive set of files, tools, and documents necessary for the definitive implementation of the Immediate Information Remittance system, locally known as SII Version 1.0. As of June 15, all of the documentation, testing and validation files available to taxpayers and software providers were based on pre-releases used for […]
West Virginia recently enacted legislation which will increase the motor vehicle sales tax from 5% to 6% effective July 1, 2017. Dealers are required to collect and remit this tax to the Division of Motor Vehicles. Revenue generated from this tax increase will be used to fund highway construction projects across the state.
On June 19, 2017, the Indian Central Board of Excise and Customs published Notification 02/2017-Integrated Tax regarding the registration process for non-resident suppliers of online information and database access retrieval (OIDAR) services. The notification is available here. It provides that, pursuant to sub-section (2) of section 14 of the Integrated Goods and Services Tax Act, 2017, non-resident […]
Georgia residents will not be getting a break on their back-to-school shopping next month. Each year, the legislature passes sales tax holidays for back-to-school items and energy efficient appliances; however, the legislature did not pass any holidays for 2017. Therefore, there will be no tax break for back-to-school items in July, and no tax break […]
The Legislative Council of Hong Kong has passed a bill that adds 73 countries to its list of CRS Reportable Jurisdictions, bringing the total number to 75 jurisdictions. In enacting this bill, Hong Kong is committing to automatic exchanges of account information with each of its preexisting tax treaty partners that has signed the Multilateral […]
The Netherlands Competent Authority, through their Community Data Partners website, published a reminder for all FIs submitting FATCA and/or CRS data in 2017. All submissions must be made by August 1, 2017: any initial file deliveries or corrections received after that date may not be considered. To review this published notice, please visit the Community […]
The Gibraltar Competent Authority has published its list of CRS reportable jurisdictions, as well as some specific guidance related to reporting obligations, due diligence, debt interest, the transition from CDOT, and the XML schema. Gibraltar currently has agreements to exchange information with 20 countries – 13 of which are early adopters and will commence automatic […]
The Croatian Tax Administration has published a final draft of its CRS Schema Guide and Technical Specifications. The specifications for several of the data elements and attributes in the XML have been modified since the prior publication. Additionally, the schema guide now contains a table of validation rules that the XML files must meet in […]
Regulatory and legislative updates to 1099 form requirements that took place in recent weeks. Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. The Sovos Regulatory Analysis team continually monitors and documents each of these updates in our Regulatory Feed. Here are several recently updated […]
The Court of Justice of the European Union (CJEU) has recently published three decisions related to VAT law: In Case C-26/16 (Santogal), a motor vehicle dealership in Portugal sold a new vehicle to an Angolan national allegedly residing in Spain, and claimed a VAT exemption on the sale under Article 138(2) of Council Directive 2006/112/EC […]
On June 19, 2017, the Indian Central Board of Excise and Customs published Notification 02/2017-Integrated Tax regarding the registration process for non-resident suppliers of online information and database access retrieval (OIDAR) services. The notification is available here. It provides that, pursuant to sub-section (2) of section 14 of the Integrated Goods and Services Tax Act, […]
The Queen’s Speech for 2017, delivered before Parliament on June 21, outlined 27 bills that will make up the government’s agenda for the next two years, including eight bills devoted solely to Brexit. A proposed “Customs Bill,” which would seek to ensure that the UK has a standalone customs regime upon leaving the European Union, […]
The Greek Tax Administration has issued Circular letter No. 1080/2017, confirming that VAT on bad debts is not recoverable in most situations. The tax administration explains that only in very limited cases can VAT corresponding to transactions that have been declared bad debts become deductible, such as when the debtor has been declared in bankruptcy by […]