Regulatory Analysis
The Resolution of the Deputy National Superintendence of Internal Taxes No. 000046-2024-SUNAT/700000 was published in the Official Gazette on December 31, 2024. The resolution extends the discretionary power to sanction the transportation of goods and/or passengers, as well as the remittance of goods with documents that do not meet the requirements and characteristics to be […]
On December 19, the SII issued Exempt Resolution 121 through which it reiterates the requirements for supermarkets and restaurants in terms of invoicing as of March 1, 2025: They must issue sales and service receipts for all transactions carried out with end consumers. The issuance of invoices by supermarkets is restricted to when the goods […]
Superintendence Resolution No. 000293-2024/SUNAT postpones from January 2025 to July 2025 the opportunity from which certain subjects who are required to keep the Sales and Income Register and the Purchase Register through the Integrated Electronic Records System (SIRE) must keep the Sales and Income Register and the Purchase Register through the Integrated Electronic Records System […]
The standard VAT rate in Israel is increasing from 17% to 18% from January 1, 2025. This measure was introduced in early 2024 and was confirmed by the Israeli Tax Authority on December 5, 2024. The announcement can be found here (in Hebrew).
The Finnish Government approved an increase in the reduced VAT rate from 10% to 14% from January 1, 2025. Goods and services currently subject to the 10% reduced VAT rate will be subject to the 14% rate, excluding supplies of newspapers, magazines, and broadcasting services that will remain at the 10% rate. Children’s diapers and […]
Through General Resolution 5614/2024, the Customs Control and Collection Agency (ARCA) regulated the tax transparency regime established through Law 27743, which will come into force on January 1st, 2025. The regulation establishes all receipts must have a line detailing the amount corresponding to the value added tax and, when issued by a large company, they […]
Louisiana has passed HB8 and HB10. Key changes in HB8 are an expansion of the types of digital products subject to sales and use tax, and elimination of the 1% rate reduction for certain prepaid wireless products. HB10 most notably increases the state sales and use tax rate to 5.0%, as mentioned in our prior […]
Beginning January 1, 2025, Illinois will require retailers with a physical presence in Illinois to collect destination-based retailers’ occupation tax on sales from out-of-state locations to Illinois customers. Previously, these retailers were obligated to collect only Illinois use tax on these sales. More information can be found here.
Pursuant to P.A. 103-592, beginning January 1, 2025, rentals or leases of tangible personal property are subject to Illinois’ Sales and Use Tax laws. This change does not apply to motor vehicles, watercraft, or aircraft that are required to be titled or registered with an agency of the State of Illinois. More information can be […]
Beginning January 1, 2025, mattress retailers must collect a $22.50 stewardship assessment on each mattress or box spring sold to customers in Oregon. The stewardship assessment will be used to fund a statewide mattress recycling program. More information on the assessment can be found here. Activity
The Polish Minister of Finance (MoF) has officially postponed the obligation to submit the JPK_ST_KR (known as the Polish Standard Audit File – SAF-T). This exemption applies to the tax year starting after 31 December 2024 and ending before 1 January 2026. The JPK_ST_KR is a file containing data from the register of fixed and […]
Effective January 1, 2025, the mattress recycling fee collected on the sale of all mattresses and foundations sold to Connecticut residents will increase to $16.00 per unit sold. Additional information can be found here.
The Colorado Department of Revenue published local sales and use tax changes effective January 1, 2025. Such changes include rate increases for specific state and self administered locals. Elimination of of the state exemption for certain medium and heavy-duty vehicles, engines, or motors. As well as, certain locals adjusting to state or self administration for […]
Effective January 1, 2025, Monument, Colorado has approved Ordinance No. 22-2024,providing for self-administered collection for sales and use tax, as well as adopting certain exemptions. Previously, the home-rule local tax collection was administered by the state with limited optional exemptions adopted. Further information may be found here.
The Canada Revenue Agency (CRA) recently released the 2024 NR4 Publication (T4061 Non-Resident Tax Withholding, Remitting, and Reporting). There are several changes of note. When using income code 75 or 76 for First Home Savings Account (FHSA) payments to a beneficiary, report the deceased holder FHSA contract number in the payer or agent identification number […]
The Canada Revenue Agency (CRA) recently released the 2024 T5008 Publication (T4091: Return of Securities Transactions). There is one notable change for filers who use aggregate reporting. Previously, aggregate reporters filed one T5008 slip per payee per calendar year using code ‘1231’ in Box 14 for transactions involving identical securities. For 2024, filers that use […]
Canada Revenue Agency (CRA) recently released the 2024 T5 (Statement of Investment Income). There are several important changes related to the mid-year capital gains inclusion rate increase. For 2024, Box 34 has been added under ‘Other Information’ to report capital gains dividends realized from January 1, 2024 to June 24, 2024 (Period 1). The instructions […]
Canada Revenue Agency (CRA) recently released its 2024 T4A Publication (RC 4157 Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary). There are several updates of note: · The CRA will waive the requirement to file T4A for payers who are individuals and who contract the payee in a […]