Regulatory Analysis
In April, the Slovakian Ministry of Finance (MoF) published the draft National Reform Program (NPR) outlining various reforms to be introduced in the country. One aspect highlighted by the MoF is the push towards e-invoicing, with specific emphasis placed on adopting the eFaktúra system. The Slovakian MoF intends to roll out the e-invoicing system nationwide […]
The Inland Revenue Authority of Singapore (IRAS) has announced the implementation of a phased adoption of InvoiceNow, the national e-invoicing framework based on the Peppol network, for GST registered businesses starting in November 2025. Following the Government’s past announcements, the mandate is expected to cover both B2G and B2B transactions. The mandate will require GST […]
Pursuant to Instruction No. 0339 as published by the Congolese Ministry of Finance, Budget, and Public Portfolio on March 18, 2024, non-resident suppliers of electronic services in the Democratic Republic of the Congo to both registered and non-registered customers are now required to register, collect, and remit VAT. Online marketplaces are also required to charge […]
Colorado imposes a retail delivery fee on all deliveries by motor vehicle in the state with at least one item of tangible personal property subject to state sales or use tax in the order. The fee amount may be adjusted for inflation each year. For the period of July 2024 to June 2025, the total […]
On April 5, 2024, the Polish Ministry of Finance opened a public consultation regarding new schema specifications for JPK_PKPiR, JPK_EWP and JPK_ST, for: PIT taxpayers, and Taxpayers of the lump-sum income tax on certain incomes earned by individuals. These updates are due to the changes to the PIT Act and the Act on Lump-Sum Income […]
The Inland Revenue Board of Malaysia has released new versions of the e-invoice and e-invoice specific guidelines, alongside a new version of the Software Development Kit (SDK). The update to SDK, first launched in February, includes clarifications and new technical information, namely e-signature requirements for the CTC mandate, going live in August of 2024. An […]
Colorado imposes a Daily Vehicle Rental Fee on motor vehicle rentals 30 days or less and certain car sharing rentals. The rate may adjust for inflation each year. For the period of July 2024 to June 2025, the fee amount will increase to $2.23 from $2.13. Further information concerning the fee may be found here.
On April 3rd, the Polish Ministry of Finance (MoF) presented proposed changes to the VAT legislation affecting KSeF, along with draft interface specification v. 1.9 introducing new functionalities. These include the ability to issue invoices in offline modes and integrate PEF with KSeF. The public consultation about both drafts is now open until April 19th. […]
Maryland will waive penalties and interest for late withholding for Maryland businesses from January 1 to May 31, 2024, in the wake the Key Bridge collapse. Provided payments are made by May 31, 2024, any late payments during that period will not be subject to late penalties or interest. The waiver is automatic and applies to […]
The IRS recently released its 2024 Instructions for Form 1099-B, the form for reporting proceeds from broker and barter exchange transactions. The updates to the instructions were primarily editorial in nature, including removing references to the yearly General Instructions for Certain Information Returns and replacing them with references to the “current” year, and replacing some […]
The Saudi Arabian Tax and Customs Authority, ZATCA, announced the tenth wave of Phase 2 of e-invoicing. The tenth wave covers taxpayers with at least SAR 25 million (app. USD 6,6 million) revenue subject to VAT for 2022 or 2023. Taxpayers within this group are expected to integrate as of 1 October 2024. Phase 2 […]
On March 29th, Romania enacted the Emergency Order 30/2024 confirming the extension of the e-reporting grace period until the May 31st, 2024. The original grace-period was set to end on March 31st, and penalties would apply from April 1st, 2024. This much-anticipated postponement aims to allow taxpayers extra time to continue adapting their procedures and […]
Beginning January 1, 2024, Oregon requires individuals to report the hiring of independent contractors. Although the law is effective January 1, 2024, reporting is not required until Oregon releases additional guidance. Oregon plans to release additional guidance in Spring 2024. Until then, Oregon is conducting a soft launch of the independent contractor reporting requirements. Employers and payers who wish to […]
The IRS recently released its 2024 Form 1099-B. The 1099-B is for the reporting of proceeds from broker and broker exchange transactions to the IRS. Brokers or barter exchanges must file Form 1099-B for a variety of transactions including sale of stocks and commodities, receipt of stock or property from a corporation that the broker […]
The French authorities have published a new Decree amending the Decree of 7 October 2022, which includes provisions for Partner Dematerialization Platform (PDP) operators. PDPs are accredited service providers under the French Continuous Transaction Controls (CTC) system set to roll out in September 2026. The new decree, dated 25 March, revises the implementation timeline, and […]
On March 21, 2024, Wisconsin Governor Tony Evers signed Assembly Bill 29 which creates a sales and use tax exemption for precious metal bullion. The bill defines “precious metal bullion” as coins, bars, rounds, or sheets that contain at least 35 percent gold, silver, copper, platinum, or palladium that are either marked with weight, purity, […]
The schemas for the Norwegian Financial SAF-T have been updated to version 1.30 and are accessible here. Effective January 2025, compliance with the new schema version will be mandatory. Until then, entities are permitted to continue using the previous version, 1.2. Since 2020, Norwegian tax regulations mandate that Financial SAF-T files must be readily available […]
Virginia enrolled legislation, HB 1429, allows local governing bodies to exempt “indoor, closed, controlled-environment commercial agriculture facility” farm machinery, farm equipment, and farm implements from sales tax effective July 1, 2024. “Indoor, closed, controlled-environment commercial agricultural facility” is inclusive of greenhouse or vertical farming. For more information, please find the enrolled legislation here.