Regulatory Analysis

Posted March 15, 2024 by Dilara İnal
Namibia: Budget Statement Paves the Way for e-Invoicing Implementation

Namibia is preparing to implement a VAT electronic invoicing system, aligning with global trends. As part of the 2024-2025 budget statement, the Ministry of Finance and Public Enterprises, in collaboration with the Namibian Revenue Agency (NamRA), announced plans to explore a VAT e-invoicing system that will connect business cash registers with the Integrated Tax Administration […]

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Posted March 15, 2024 by Robert Pelletier
Poland: 5% VAT Rate on Basic Food Products from April 1, 2024

The Polish Ministry of Finance announced on March 12, 2024 that the temporary zero VAT rate on basic food will not be extended after March 31, 2024. The previous 5% VAT rate will apply to basic food products such as milk, eggs, vegetables, cereals, meat, and fish products from April 1, 2024. The Ministry of […]

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Posted March 14, 2024 by Robert Beck
IRS Releases 2024 Form 1098-E

The IRS recently released its 2024 update to Form 1098-E, the form used to report student loan interest to the IRS. Year to year, this form changes very little generally. This year, the changes follow much the same pattern that most updates for 2024 have seen. For the copies of the Form itself, the only […]

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Posted March 14, 2024 by Radhika Akhil
Nebraska Approves New Good Life Districts

In 2023, Nebraska Governor Pillen approved the Good Life Transformational Project Act (LB 727), which allowed local jurisdictions to apply to become a “good life district” (GLD). If approved by the Department of Economic Development, any transactions occurring in such districts would be subject to a reduced sales tax rate of 2.75%. During communications with […]

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Posted March 14, 2024 by Paul Ogawa
IRS Releases New Application for Extension of Time to Furnish Recipient Statements

The IRS recently published Form 15397, Application for Extension of Time to Furnish Recipient Statements. This is the first iteration of the form and is meant to replace the previous procedure for requesting an extension of time to furnish recipient statements. That process is detailed in the General Instructions for Certain Information Returns and involves […]

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Posted March 14, 2024 by Robert Beck
IRS Releases Updated Form 1099-K

The IRS recently released an updated version of Form 1099-K, the form used to report payment card and third-party network transactions, and its accompanying instructions. Changes to the form itself were minimal, falling in line with changes made to several other forms in the 1099 series. These include adding a notice about the 10 form […]

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Posted March 11, 2024 by Edit Buliczka
Austria: New IPT Settlement Form Published

The Austrian Tax Office recently released a new report form (Form6) for settlement of Insurance Premium Tax (IPT). This new template complies with both changes in the IPT regulation of last July and the Decree of the Ministry of Finance issued in December 2023. In summary, the modification to Section 7 of the IPT law […]

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Posted March 11, 2024 by Dilara İnal
Kenya: E-invoicing Grace Period Provided for Non-VAT Registered Taxpayers

The Kenya Revenue Authority (KRA) announced that non-VAT registered taxpayers have a grace period to onboard to the authority’s platform for e-invoicing until March 31, 2024. This extension is designed to facilitate necessary adjustments in systems and business operations. During the grace period no penalties will be imposed on businesses for not issuing electronic invoices. […]

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Posted March 11, 2024 by Marta Sowińska
Bulgaria: SAF-T implementation

Bulgaria is expected to implement an obligation for taxpayers to submit Standard Audit File for Tax (SAF-T) files periodically to the country’s tax authorities. The exact timeline for implementation remains undefined, as the project is still under development and the legislation hasn’t been adopted yet. It is anticipated that the SAF-T obligation will be introduced […]

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Posted March 7, 2024 by Robert Beck
IRS Releases 2024 Form 941 With Schedules B, R, and Accompanying Instructions

The IRS recently released its 2024 Form 941, Schedule B, and Schedule R along with the accompanying instructions. Several changes have been made to the 941 and to Schedule R, while Schedule B remained largely unchanged for 2024. Many of the changes found throughout the form, schedules, and instructions this year are related to the […]

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Posted March 7, 2024 by Oliver Mavor-Parker
California to Exempt Breast Pumps and Related Items

Effective April 1, 2024, California will exempt breast pumps and certain related items. More information can be found in AB 1203.

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Posted March 7, 2024 by Robert Pelletier
Cote d’Ivoire (Ivory Coast): Expansion of Non-resident E-service Provider VAT Obligations

Pursuant to Explanatory Note No. 03949 published on October 9, 2023, non-resident suppliers providing digital services to taxable persons in Cote d’Ivoire must collect and remit VAT. This change expands the prior B2C cross-border e-services VAT collection obligations enacted in January 2022 to include both B2C and B2B customers. Online marketplaces are also required to […]

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Posted March 6, 2024 by Dilara İnal
India: Enhanced e-Invoice Portal Launched

The Goods and Services Tax Network (GSTN) has announced updated to its e-invoicing initiative, accompanied by the launch of an enhanced e-invoicing portal. The new features included in the revamped e-invoice portal include: PAN-based search: Users can check the e-invoice enablement status of entities by using their Permanent Account Number. Automatic e-invoice exemption list: A […]

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Posted March 6, 2024 by Robert Pelletier
Malaysia: Services Tax Rate Increase to 8% from March 1, 2024

Pursuant to the Service Tax (Rate of Tax) (Amendment) Order 2024, effective 1 March 2024, the service tax rate is increased from 6% to 8% on all taxable services except for food and beverage preparation, telecommunications, parking provision services, and logistics, which will remain at the 6% rate. The order can be found here (in […]

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Posted March 4, 2024 by Dilara İnal
Zambia: E-Invoicing Obligation Commences July 1, 2024

The Zambian Revenue Authority (ZRA) announced that as of July 1, 2024, all VAT registered taxpayers are mandated to issue e-invoices through the Smart Invoice software solution implemented by ZRA. This announcement follows Zambia’s initiation of e-invoicing plans in 2023. Taxpayers will only be eligible to claim input VAT or deductions based on invoices generated […]

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Posted March 4, 2024 by Edit Buliczka
Belgium: Deadline to declare IPT on Broker Fees Set for June 20

The scope of Insurance Premium Tax (“IPT”) has been extended to brokers and intermediaries by the Act from 28 December 2023. As a result, beginning in 2024, income, such as commissions, received by an intermediary in connection with the provision of insurance services, will be liable for IPT when provided under a contract separate to […]

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Posted February 29, 2024 by Jesse Rooney
IRS Waives Electronic Filing Requirement for Form 1042

Under the recently published Notice 2024-26, “Administrative Exemption from Requirement to Electronically File Form 1042”, the IRS has effectively waived the electronic filing requirement via administrative exemption for Form 1042 for calendar year 2024, and for withholding agents that are foreign persons continuing into calendar year 2025.   Notice 2024-26 cites a number of reasons for […]

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Posted February 29, 2024 by Jesse Rooney
IRS Releases 2024 1099-R and 5498 Instructions

The IRS has released its 2024 instructions for form 1099-R and 5498.  The revised instructions incorporate a variety of changes, including the following. The age for required minimum distributions (RMDs) has raised to 73 for tax year 2024 and the automatic rollover amount has increased from $5,000 to $7,000..  Thie is incorporated in the instructions. Direction […]

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