Regulatory Analysis
New York recently updated the webpage it maintains for upcoming changes to its withholding requirements. By March 2025, New York intends to significantly overhaul its withholding and wage reporting requirements. The following updates were observed: For NYS quarterly reporting, Publication 72.5 has not yet been released but is expected to be released soon. This publication […]
South Carolina recently released Information Letter 2024-16 (Tax Legislative Update for 2024). The letter includes legislative updates to South Carolina’s income tax withholding rates, effective July 2, 2024, and beyond. Under the new legislation, income tax must be withheld at the maximum individual tax rate – instead of 7%- for the following types of income: […]
New York recently updated Publication 66 (Electronic Reporting of Form NYS-1 Information). This change is part of an overhaul of New York’s withholding reporting processes. There are significant changes to the guide. References to Publication 83 have been replaced with references to Publication 63 throughout the guide. The address for mailing NYS-1-V (Payment Voucher for […]
The VAT in the Digital Age Package (ViDA) has been adopted by the EU 27 months after it was initially proposed by the Commission in late 2022. The package includes a directive, regulation, and implementing regulation, focusing on three key areas: digitalizing VAT reporting by 2030, requiring online platforms to collect VAT on short-term accommodation […]
The Philippines Bureau of Internal Revenue (BIR) has published Revenue Regulations 11-2025, which implement changes to existing e-invoicing and CTC e-reporting obligations. The officially published regulation includes a few changes compared to its draft version. The amendments made in the official version include: Broader Taxpayer Scope: Taxpayers classified as Large Taxpayers under Republic Act No. […]
On 11 February 2025, the Financial Administration of the Republic of Slovenia (FURS) published a new draft law regarding the introduction of mandatory B2B e-invoicing. This new draft proposes changes to the previously issued proposal announced by the Slovenian government in 2024, which aimed to introduce both mandatory B2B e-invoicing and CTC e-reporting starting in […]
On February 17, 2025, the Federal Inland Revenue Service (FIRS) announced plans to launch an e-invoicing pilot in the second half of this year, starting with selected large taxpayers. The announcement was made during a stakeholder engagement meeting attended by large taxpayers from businesses across various sectors. In September 2024, FIRS announced its plans to introduce mandatory […]
In December 2024, the Ministry of Economy and Finance (MEF) announced the launch of Cambodia’s centralized CTC e-Invoicing System, allowing taxpayers to join voluntarily. In January 2025, the MEF began Stage 1 of the system’s mandatory roll-out, starting with a B2G obligation. It applies to the central budget units of the Ministry of Economy and […]
Bosnia and Herzegovina has opened Public Hearing on the Draft Law on Fiscalisation of Transactions from January 1, 2025 to March 1, 2025. In late 2024 Bosnia and Herzegovina published a draft Law introducing mandatory B2B, B2G, and B2C e-invoicing and real-time reporting requirements aiming to combat tax fraud. The objective of the public consultation is […]
The Inland Revenue Board of Malaysia (IRBM) has recently updated their guidelines to include a postponement of the CTC mandate for certain small taxpayers. Previously, all taxpayers were set to be in scope by 1 July 2025. However, two new taxpayer groups have now been introduced: Taxpayers with an annual turnover or revenue of more […]
In late 2024, the Philippine government enacted the CREATE MORE Act, introducing several amendments to the Tax Code, including changes to e-invoicing and to the CTC e-reporting system. The Act removed the five-year deadline for the government to implement e-invoicing and CTC e-reporting – originally set by the TRAIN Law – and introduced tax deduction […]
In their 2024/25 Budget, the Botswana Minister of Finance had shared its plans to implement mandatory phased e-invoicing to enhance VAT collection efficiency. However, no specific roll-out dates were established. In the latest update from the 2025 Budget Speech, the Minister of Finance announced the development of the Electronic VAT Invoicing Solution. This project aims […]
Effective January 1, 2025, West Virginia requires income tax withholding from gambling winnings at a rate of 4.82%. The same rate applies for backup withholding from gambling winnings. This is a reduction from the previously announced 2025 withholding rate of 4.92%. For 2024, West Virginia required withholding from gambling winnings at a rate of 5.12%. […]
The IRS recently released the 2025 General Instructions for Certain Information Returns (Forms 1096, 1097, 1098, 1099, 3921, 3922, 5498, and W-2G). There are notable changes throughout: Filing and furnishing due dates have been updated throughout the guide to reflect holidays and weekends in 2026. Form 1099-DA (Digital Asset Proceeds from Broker Transactions) has been […]
Following the postponement of the 2025 budget bill from December 2024, on 15 February 2025, the Act on Finance for 2025 has been published in the French National Gazette. For insurance Premium Tax (IPT) there are two notable measurements in this Act: 1.) Higher rate for fire insurance premium A 12% rate is introduced for […]
On January 31, resolution No. 000003-2025-SUNAT/700000 was published. With this resolution, the application of the discretionary power regulated in the Resolution of the Deputy National Superintendence of Internal Taxes No. 000039-2023-SUNAT/700000 is extended until the period June 2025 so that, with respect to the periods January, February, March, April, May and June 2025, inductive actions continue to […]
The United Kingdom’s HM Revenue & Customs (HMRC) and the Department for Business & Trade have launched their highly anticipated public consultation on promoting electronic invoicing across UK businesses and the public sector. This consultation marks a significant move toward modernizing business practices and enhancing digital transformation in the country’s economy. The purpose of this […]
The European Parliament has approved the VAT in the Digital Age (ViDA) proposal, bringing it one step closer to official adoption. The proposal will now head to the Council of the EU for final approval, marking a key step in the effort to modernize VAT systems throughout the European Union. ViDA is a tax reform […]