Regulatory Analysis
On September 18, 2017, the Governor of Puerto Rico declared again a commonwealth-wide state of emergency related Hurricane Maria, which is on track to impact the island. Under existing law, should this “state of emergency” turn into a “disaster declaration” the Puerto Rico Department of Revenue retains the authority to temporarily suspend state and local sales […]
The Australian Treasury has recently introduced the Treasury Laws Amendment (2017 Measures No. 6) Bill 2017, which alters the GST treatment of digital currency. In an effort to promote more international commerce business in Australia, the proposed bill removes the GST obligations from digital currency effectively putting such currency on even footing with any other physical currency in circulation. More […]
The Cayman Islands’ Department for International Tax Cooperation closed its AEOI portal on September 13. The portal was originally scheduled to be closed on August 31 in line with the Department’s deadline for AEOI reporting, but the Department kept the portal open until September 13 to accommodate late filers. The Department stated that it will […]
On September 13, the South Dakota Supreme Court affirmed a lower court decision limiting the ability of the state to tax e-commerce sellers. This decision continues the prohibition against enforcing SB 106 – the South Dakota “economic nexus” law which imposes a sales tax collection and remittance duty on out-of-state sellers based solely on their […]
Ketchikan Gateway Borough, Alaska, has enacted a one-day Sales Tax Holiday effective on October 7, 2017, in the Ketchikan Gateway Borough and the city of Ketchikan. The holiday applies to all sales and rentals of tangible personal property and services normally subject to sales tax except in the following five instances: Rentals with rental periods of […]
The IRS recently published a reminder to foreign financial institutions (FFIs) to renew their FFI agreements. In IR-2017-153, the IRS warns FFIs that if they do not complete their renewal of their FFI agreement by October 24, 2017, they will be treated as having terminated their FFI agreement as of January 1, 2017. This means any […]
The Commonwealth of Massachusetts recently certified several Initiative Petitions filed by the Retailers Association of Massachusetts. The Association will have until December 6, 2017 to collect the requisite amount of signatures for any petition to appear on a ballot. The Initiative Petitions are as follows: Initiative Petition 17-19 – Would reduce the state sales and […]
The Treasury Department of Puerto Rico issued Circular Letter 17-13 announcing the postponement of certain deadlines relating to the payment and filing of taxes – including sales tax. The postponements are intended to give businesses opportunity to recover from Hurricane Irma. By way of a quick summary: Sales tax, income tax and excise tax filings […]
In a posting on their website, the Arizona Department of Revenue announced that Forms A1-R and A1-APR (and any relevant 1099/W-2G/W-2 forms) will be due January 31, 2018 for tax year 2017. This change is effective for tax year 2017 and forward, and brings the filing date in line with the federal standard. While the Arizona DOR […]
On September 4, 2017, the Governor of Puerto Rico declared a commonwealth-wide state of emergency related Hurricane Irma. Under existing law, should this “state of emergency” turn into a “disaster declaration” the Puerto Rico Department of Revenue retains the authority to temporarily suspend state and local sales tax on certain goods and services. While no […]
In a August 30 revision to its AEOI News & Updates, Cayman Islands’ Tax Information Authority announced it will leave its AEOI portal open until 4pm local time, September 13 “to accept late registrations, variations, reporting and filing declarations….” Prior language that the deadline for submission of FATCA and CRS reportings were due August 31 […]
Singapore’s Inland Revenue Authority announced it will be opening registration for CRS on August 31. Reporting Singaporean financial institutions must register between August 31 and March 31, 2018 to ensure they can file CRS reports with the IRA in 2018, the first year Singapore has committed to CRS reporting. Reporting will be due by May […]
Minnesota recently published an updated version of Form ABR, Application for Business Registration. This form is used by active businesses to register with the Minnesota Department of Revenue for a multitude of tax purposes, including withholding tax. There are only minor changes to the form in this most recent update, which include the following: Section […]
California’s Employment Development Department has revised its publication DE 532. This document provides instructions on how to set up an ACH payment to the Department. The publication had previously been titled “Information for your Bank,” and is now titled “Automated Clearing House (ACH) Credit Information Guide.” The revised edition provides more detailed information on arranging […]
On August 11, 2017, the European Commission proposed that Romania be allowed to extend its current derogation on VAT threshold for small business registration until December 31, 2020. Romania currently sets its threshold at EUR 65 000 pursuant to a derogation that expires at the end of 2017. The Commission's proposal would extend this derogation […]
The United Kingdom is contesting a charge that "continuous negligence" by its customs agency has resulted in 1.987 billion Euros in lost duties on Chinese merchandise. The Office de Lutte Anti-Fraude (OLAF) conducted a two-year investigation into the matter, and recommended earlier this year that the UK pay the money into the EU budget itself as […]
On August 8, 2017, the Bundesministerium der Finanzen (BMF) published an up-to-date list of NATO Headquarters to which deliveries are tax exempt under Article 4 paragraph 7 of the German VAT Act.
In its most recent framework for a budget agreement, the Belgian government has proposed giving taxpayers the option to collect VAT on the letting of immovable property, beginning January 1, 2018. This would allow taxpayers to deduct any input VAT incurred on operations such as construction that are directly related to the letting of the […]