Regulatory Analysis
On June 12, 2025, the IRS released Notice 2025-33, which modifies Notice 2024-56 and extends certain transitional relief to brokers of digital asset sales. Most notably, no backup withholding will be required on digital asset transactions in 2025 or 2026. Other relief is related to tax year 2027 reporting, is narrower, and applies only to […]
The Greek Ministry of Finance and the Independent Authority for Public Revenue (AADE) announced a (second) postponement of the mandatory B2G e-invoicing obligation for certain public sector transactions from June 2025 to 1 September 2025. This affects suppliers invoicing the government for expenditures that are not governed by public procurement legislation. The postponement is intended to […]
The IRS officially announced intentions to fully retire its Filing Information Returns Electronically (FIRE) system during December 2026. Effective for tax year 2026 forms filed in 2027, electronic information return filing will transition to the Information Returns Intake System (IRIS). There is still no timeline for the retirement of the Affordable Care Act Information Return […]
The Colorado Department of Revenue recently released the July 2025 local sales tax changes. Among the changes were new state-administered districts to supplement funding for related fire and ambulance services in the districts through the levy of sales tax. The following Fire Protection Districts were added: Berthoud FPD Cortez FPD Eagle River FPD Frederick-Firestone FPD […]
The Latvian Parliament (Saeima) officially adopted amendments to the Law on Accounting, confirming the postponement of the mandatory B2B e-invoicing go-live date by two years — from 1 January 2026 to 1 January 2028. The obligation to submit structured e-invoice data to the State Revenue Service (VID) is also postponed to 2028. Notably, businesses will […]
In Connecticut, a surcharge is assessed by the Public Utilities Regulatory Authority on all phone lines, including prepaid wireless services, in order to fund E911 services. Each fiscal year the amount of the surcharge is reviewed. Pursuant to Public Utilities Regulatory Authority Docket No. 25-01-05, the surcharge has been decreased for prepaid wireless services from $0.73 […]
Alabama’s 2025 legislative session ended without extending the overtime exemption from income tax. The overtime exemption expires on June 30, 2025. Overtime compensation paid on or after July 1, 2025 will be subject to Alabama income tax. The Alabama Department of Revenue released a Notice on June 4, 2025, detailing the expiration’s impact on employers. […]
The Inland Revenue Board of Malaysia (IRBM) has released updated e-Invoice Guidelines, revising the implementation timeline and introducing more granular turnover-based categories. Updated Implementation Schedule: The phased rollout is based on annual turnover thresholds, with delayed start dates for smaller businesses: No Change: Over RM100 million (~€20 million): Implementation began August 1, 2024. RM25 million […]
In Minnesota, the Prepaid Wireless E911, TAM and 988 fees are increasing from a combined fee amount of $0.95 to $0.96 effective July 1, 2025. The fee is comprised of 3 parts as follows: E911 Fee – $0.80 TAM Fee – $0.04 988 Fee – $0.12
Earlier this year Mississippi passed HB1 which reduces the state sales and use tax rate on groceries for human consumption from 7% to 5% starting on July 1, 2025. Per the bill, the term “groceries” refers to food or drink for human consumption that is eligible to be purchased with food stamps. Items purchased with […]
On March 25, 2025, Governor Spencer Cox signed Utah House Bill 60 (HB 60) into law, significantly expanding the state’s 1099-K reporting requirements. HB 60 adds sections 59-1-1801 and 59-1-1802 to the Utah Code, mandating that payment settlement entities file Form 1099-K with the Utah State Tax Commission when two criteria are met: (1) the […]
On May 20, 2025, Maryland House Bill 352 was signed into law, enacting a 3% tax on certain data and information technology services and repealing the exemption for specific custom computer software. These changes are effective July 1, 2025. Further information may be found here.
Washington’s governor recently signed three pieces of legislation which will have a major impact on retail sales tax in the state. Senate Bill 5794 would repeal the exemption from sales tax (as well as business and occupation taxes) of sales of precious metal bullion and monetized bullion effective January 1, 2026. Senate Bill 5801 makes […]
Papua New Guinea’s Internal Revenue Commission recently announced that specific goods deemed “essential” will be zero-rated for GST effective June 1, 2025 through June 30, 2026. Registered suppliers and retailers are required to adjust their pricing to reflect a new zero-rate on the following essential goods: Baby diapers Tinned fish and meat Cooking oil Coffee […]
Effective June 1, 2025, Republic Act No. 12023 amends the Philippine Tax Code so that nonresident digital service providers (DSP) will be liable for 12% VAT on digital services consumed in the Philippines. The law defines digital services broadly and may include any service that is supplied over the internet or other electronic network including […]
In Maryland, the purchase price of precious metal bullion or coins were exempt from sales tax if the taxable amount exceeded $1,000. On May 20, 2025, House Bill 352 was signed into law. The legislation provides, effective July 1, 2025, that for the exemption to apply, precious metals bullion or coins must also be purchased […]
The Ohio Department of Taxation recently announced the 2025 dates for Ohio’s All-Inclusive Sales Tax Holiday. The holiday period for the 2025 season will occur August 1-14, 2025. Further information concerning the holiday may be found here.
During its mid-year policy review discussions, the Finnish government proposed decreasing the reduced rate VAT from 14% to 13.5%, effective January 1, 2026. Items currently subject to the reduced rate include groceries, pharmaceuticals, and passenger transport services, among others. The Ministry of Finance’s press release announcing the proposal can be found here (in Finnish).