Regulatory Analysis


 
Posted January 21, 2022 by Sovos
2021 NAIC Year-End Disclosure Checklist

On January 18, the NAIC released the Annual Statement Disclosure Checklists for year-end 2021 reporting. The NAIC provides four different checklists for different statement types: Health, Life/Fraternal, P&C and Title. To view the checklists, go to the Statutory Accounting Principles Working Group’s webpage. Once the page has loaded, click on the “Documents” tab in the […]

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Posted January 10, 2022 by Enis Gencer
Romania: High-risk products are defined as part of the new e-invoicing framework

We have previously reported that as of 1 July 2022, Romanian taxpayers will be required to use the CTC e-invoicing system e-factura (regardless of whether or not the recipients are registered in the Romanian e-Invoice register), for B2B transactions involving products with high fiscal risks. The National Agency For Fiscal Administration has today issued an […]

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Posted January 7, 2022 by Robert Beck
Wisconsin Releases Update to Publication 117

Wisconsin recently released a new update to Publication 117, the Guide to Wisconsin Wage Statements and Information Returns. Aside from updating the revision date from September to October of 2021, the only notable change to the publication was the removal of Form W-2G from the list of forms that can be filed electronically in the […]

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Posted January 4, 2022 by Enis Gencer
Poland: Clarifying e-invoicing legislation published

The legislation on the use of KSeF, which the Ministry of Finance presented in November as a draft regulation, was published in Poland’s Official Gazette on 30 December. The published regulation includes provisions regarding the following topics: Categories of authorizations Methods of granting, changing, or withdrawing authorizations to use the KSeF Information required to be […]

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Posted December 28, 2021 by Enis Gencer
Romania: Go-live for partial B2B e-invoicing mandate and e-transport system

The Government Emergency Ordinance (GEO) no. 130/2021 was published in Romania’s Official Gazette on 18 December. The legislative act includes significant changes with respect to the fiscal-budgetary measures, including the roll-out date for B2B e-invoicing and the introduction of the e-transport system. According to the GEO 130/2021, in B2B transactions involving products with high fiscal […]

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Posted December 17, 2021 by Coskun Antal
Serbia: Go-live date for e-invoicing likely to be postponed until May 2022

The Serbian Minister of Finance has announced that the Law on Electronic Invoicing will be amended to delay the go-live for mandatory B2G e-invoicing. Both private sector suppliers and public sector buyers are given an additional period until 1 May to prepare before being required to issue and receive B2G e-invoices. These proposed changes are […]

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Posted December 17, 2021 by Gabriel Pezzato
Italy: FatturaPA for cross-border flows postponed

Previously due to replace the Esterometro in January 2022, the FatturaPA for cross-border flows has been postponed until July 2022. The Italian authorities have not published further details, therefore the status quo remains. In practice, this means that: – Esterometro must still be used for reporting outbound and inbound cross-border transactions until 30 June 2022; […]

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Posted December 17, 2021 by Erik Wallin
Massachusetts Codifies Accelerated Payment Safe Harbor

On December 13, 2021, Massachusetts Governor Charlie Baker signed (in part) Bill H.4269 “An Act Relative to Immediate Covid-19 Recovery Needs” into law. This new legislation, in effect, codifies and make permanent the safe harbor rule for advanced payments of sales and use tax, and room occupancy tax that was set to expire January 1, […]

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Posted December 16, 2021 by Filippa Jörnstedt
Chinese e-invoicing pilot extended to Shanghai as of December 2021

The Chinese e-invoicing pilot program, which has gradually been expanded in its new form since January 2021, has now welcomed a new batch of cities into the program. The updated version of the Chinese CTC e-invoicing pilot program, which is intended to allow businesses to issue e-invoices as well as to receive and verify them […]

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Posted December 16, 2021 by Enis Gencer
Turkey: The Turkish Revenue Authority (TRA) published two announcements

TRA published an announcement which provides updates on the UBL-TR Guide and E-Fatura package on 25 November 2021. According to the announcement; A new code (337) was added to the complete list of exemption codes in the UBL-TR guide. A code (650) was removed from the list of codes (page 13) in the UBL-TR guide. […]

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Posted December 16, 2021 by Coskun Antal
Egypt: New phase for e-invoicing published

According to a newly published decree (No: 619-2021), second group of companies registered at the Joint-Stock Department and Investment Department in Cairo are required to join the e-invoice system as of 15 February 2022. This decision was preceded by decree (No:443-2021) in September which obliged the first group of registered companies at the Joint-Stock Department […]

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Posted December 7, 2021 by Robert Pelletier
EU Member States Consider Proposal for Council Directive Regarding Reduced VAT Rates

It is expected that EU finance ministers will adopt a proposed revision to the EU VAT Directive at the upcoming Economic and Financial Affairs Council meeting on 7 December 2021. The amendment would amend the list in Annex III of the VAT Directive of products and services eligible for a reduced VAT rate. The proposal, […]

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Posted December 6, 2021 by Ramón Frias
ARGENTINA: The AFIP informs of the New Simplified Export System for Small Taxpayers

The Argentinean tax administration (AFIP), along with the Customs Administration (DGA) and the Productive Development Ministry, has informed that effective November 1, 2021, the new “Exporta Simple 2.0” Platform is in full production mode. According to the news release from the AFIP, the main changes under this new version of the system are related to […]

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Posted December 6, 2021 by Ramón Frias
URUGUAY: Versions 22.2 of the Technical Standard and 1.41.2 of the XSD are now in Production

The tax administration of Uruguay (DGI) has informed the latest versions of the technical standard, and the XSD of the electronic invoice that previously were in testing status, are now being considered as officially published, meaning that they are now in production mode. The new version can be found here.

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Posted December 6, 2021 by Ramón Frias
COSTA RICA: New Version 4.4 of the Electronic Invoice

The Costa Rican tax administration has released a project of New Version 4.4 of the Electronic Invoice of the Country. This project of a new version would become effective (probably) in January or February 2022 if approved as originally proposed.

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Posted December 6, 2021 by Ramón Frias
COLOMBIA: Implementation of Technical Documentation for the Electronic Invoice for the Healthcare sector postponed

The Ministry of Healthcare of Colombia (MINISTRO DE SALUD Y PROTECCIÓN SOCIAL) has issued a new resolution postponing the effective date for the implementation of the technical documentation related to the electronic invoice for the health care sector. Based on the provisions of Art. 1 Resolution 506/2021 as modified by the provisions of Resolution 1526/2021, […]

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Posted December 6, 2021 by Paul Ogawa
Illinois Releases Illinois W-2 and W-2c Electronic Transmission Program Guide EFW2 and EFW2C Format 2021 Forms W-2 and W-2c filed in 2022.

Illinois recently released an updated transmission guide for 2021 Form W-2 and W-2C filed in 2022. Most changes to the transmission guide are the result of consolidating information from other sources, clarifying information from the previous guide, or updating dates to reflect the new tax year. General Information. • Illinois begins accepting 2021 W-2 and […]

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Posted December 6, 2021 by Ramón Frias
CHILE: New Resolution Establishes New Conditions for Certain Dispatch Guides

The Chilean tax administration has issued a new Resolution 123/2021 establishing new mandatory information for the Dispatch Guides (Chilean equivalent of the Carta Porte) issued by taxpayers carrying out forestry operations intended to trade wood. For this purpose, the dispatch guide will need to include geo-references in decimal grades, information about the place from where […]

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