Regulatory Analysis
Pursuant to amendments published in the Official Gazette of Montenegro No. 94/2024 on September 30, 2024, a new reduced VAT rate category of 15% is introduced and the scope of supplies subject to the 7% reduced rate is adjusted from January 1, 2025. The 7% VAT rate will apply to essential goods, including basic food […]
On 6 December 2024, the Italian Institute for Insurance Supervision (IVASS) published the management charge rate for the year 2025. The rate has been increased from 4.37% to 4.50%. The management charge reduces the taxable basis applied to the Road Accident Victims Fund (RAVF) and Hunting Accident Victims Fund (HAVF) and is published annually at […]
In 2022, a Texas District Court held in Coppell v. Hegar and Round Rock v. Hegar that Texas failed to follow its own requirements in enacting Texas Tax Rule 3.334. In short, the court required the comptroller to re-amend or re-adopt the rule using proper Texas procedures. The Texas Comptroller then fulfilled the procedural requirements […]
Louisiana House Bill 10 of the Louisiana 2024 Third Extraordinary Session includes language to increase the Louisiana state level sales and use tax rate from 4.45% to 5%, effective January 1, 2025. The bill awaits the Governor’s signature. More information can be found here.
From July 2025, Estonian taxpayers will be required to issue e-invoices upon the buyer’s request, with the aim of stimulating wider e-invoicing adoption in the country. While this measure can lead to an increase in e-invoicing, the government aims to achieve additional broader goals, such as enhancing transparency, reducing fraud, and improving VAT collection. In […]
The Saudi Arabian Tax and Customs Authority (ZATCA) announced the 18th wave of Phase 2 of the e-invoicing initiative. The 18th wave includes taxpayers with a revenue of at least SAR 2 million (approximately USD 532 200, 00) that were subject to VAT during 2022 or 2023. Taxpayers within this group are expected to integrate with the system as of […]
On December 2nd, a Draft Government Emergency Ordinance was published, proposing amendments to Romania’s e-invoicing, e-transport and e-VAT mandates. E-invoicing Simplified invoices are set to come under the scope of mandatory e-invoicing and reporting requirements from January 2025. For mandatory B2B e-invoicing between established taxpayers, it is clarified that transactions with a place of supply […]
On November 26, 2024, the IRS released Notice 2024-85 (Revised Timeline Regarding Implementation of Amended Section 6050W(e)). The notice announces transitional relief for Third-Party Settlement Organization (TPSOs) from the 1099-K reporting threshold for tax year 2024 and 2025. For tax year 2024, the IRS will implement a $5,000 reporting threshold for TPSOs, without regard to […]
Arkansas recently published its 2024 Specifications for Filing Forms W-2/1099 Electronically. The publication’s revision date is November 8, 2024. The document details the state-specific additions to the Social Security Administration’s EFW2 format and the IRS Publication 1220 format. There were several editorial changes but no substantive changes to the specifications themselves, Despite this, some important […]
Starting January 1, California will increase its 911 surcharge rate from $0.30 to $0.41. More information can be found here.
The Greek Tax Authority (Independent Authority for Public Revenue, IAPR) has announced the postponement of the obligation to transmit transport document data to the myDATA platform in real time. This was set to become mandatory from 1 Dec 2024 for the first impacted groups. The newly announced deadlines are as follows: Phase 1 Features and […]
On November 8, 2024, the new regulation was published, which repeals the previous Regulation (Executive Decree 1° 41820-H of June 19, 2019). Among the most important changes are: Create an additional receipt (Electronic Payment Receipt), which will serve to support partial payments. If the issuer or receiver of the electronic receipt does not confirm it […]
Michigan PA 14 and 15 in 2023 created a tax exemption on certain firearm safety items from May 2024 through December 31, 2024. Michigan recently published a notice confirming the end of this tax exemption. Beginning January 1, 2025, all firearm safety items will be subject to the standard tax rate in Michigan.
The Polish Minister of Finance (MoF) has proposed a Draft regulation to exempt taxpayers under the Corporate Income Act from the obligation to submit data from the register of fixed and intangible assets, also known as JPK_ST_KR. It was expected that the MoF would enact regulations impacting the such obligation, as we previously informed here. […]
The General Resolution MH–DGT-RES-0027-2024 on the technical provisions of electronic receipts for tax purposes was published and among other changes, It establishes the dates of implementation of the Version 4.4 and its annexes. VERSION 4.4. Effective as of June 1, 2025, as of that date Version 4.3 is repealed, which may only be used to […]
West Virginia recently released its 2024 W-2 Specifications. There are several changes of note. First, a new instruction has been added for software companies and payroll service providers to submit a Letter of Intent to file withholding and payroll information returns electronically. The letter of intent can be accessed by emailing taxloi@wv.gov and must be […]
West Virginia recently released its 2024 1099 Specifications. There are several changes of note. First, a new instruction has been added for software companies and payroll service providers to submit a Letter of Intent to file withholding and payroll information returns electronically. The letter of intent can be accessed by emailing taxloi@wv.gov and must be […]
The Canadian Government has announced its intention to implement a two-month tax holiday from the Good and Service Tax and Harmonized Sales Tax (GTS/HST). The proposed holiday will apply to both the 5% GST applicable across Canada and the HST in the provinces of Ontario, Prince Edward Island, Nova Scotia, New Brunswick, and Newfoundland and […]