Regulatory Analysis
The IRS has released Publication 1187, “Specifications for Electronic Filing of Forms 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding.” The document provides electronic filing specifications and directions for Form 1042-S. The publication has the following the changes to electronic filing direction: The IRS now states that the unique form identifier for a record […]
North Carolina has released its electronic filing specifications for forms NC, NCX, W-2, W-2C, 1042-S and 1099. North Carolina generally follows the federal format for the federal forms with some minor modifications. There are no changes to the modifications for the 2023 tax years for these forms. To review the electronic specifications, follow this link.
Kentucky has released “Specifications for Electronic Submission of Annual Wage and Tax Information via Electronic Media or Web for Year 2023,” which provides electronic filing specifications for W-2 records filed with the state. Other than updates to specific dates to reflect the 2023 tax year, the specifications have not change. Kentucky continues to utilize federal […]
The tax authority through Notice 08-23, establishes the implementation schedule of electronic invoicing for large national taxpayers in the following terms: “To ensure the implementation in a smooth and orderly manner during the period stipulated in the Law, the Large National Taxpayers have been segmented according to the following schedule:” It is important to mention […]
Sultanate of Oman Tax Authority has announced the launch of a VAT e-invoicing system within 2024. The e-invoicing system will be rolled out voluntarily in April 2024 and is scheduled to become mandatory for large entities operating within the country starting in October 2024. While official communication detailing the features of the e-invoicing system is […]
Greece’s Ministry of Finance announced in a press release (“Specification of the economic initiatives presented by the Prime Minister at the Thessaloniki International Fair”) on September 19, 2023, that transport documents used to monitor the movement of goods must be issued electronically and reported to the myDATA platform starting from January 2024. The mandate will […]
The Danish Guarantee Fund (“DGF”) published a new notice on its website on October 2, 2023. The new guidance informs non-life insurance companies, including foreign insurance companies with branches in Denmark and those writing business in Denmark on a Freedom of Services (FoS) basis, that the Danish Financial Supervisory Authority has announced that it will […]
9/29/2023 The Municipality of Skagway passed a resolution declaring the period of October 1, 2023, through March 31, 2024, as a sales tax holiday for local purchases. The sales tax holiday applies to all retail sales that physically occur within the local and is not applicable to remote sellers. The resolution may be found here.
The Malaysia Inland Revenue Board has published updated e-invoicing guidelines, which are now on version 2.0. The update includes details on new topics, namely transactions with buyers, disbursement and reimbursement, API overview, cybersecurity, currency exchange rate, cross-border transactions, self-billing, and others. Additional documentation was also published, namely an e-invoicing Data Catalogue, which provides for the […]
September 13, 2023 The Thailand Department of Revenue recently published P.C.S 32.2023. The memo provides the Thailand Cabinet passed a resolution on September 13, 2023, approving an extension of the reduced 7% VAT rate until September 30, 2024. Further information may be found here.
As the Cypriot Tax Department announced on September 20, 2023, the temporary zero VAT rate that applies to basic food and consumer items such as bread, milk, eggs, baby foods, baby and adult diapers, and female hygiene products has been extended by six months. The temporary zero VAT rate, previously set to expire on October […]
The Council of Ministers, which is the highest executive authority at a federal level, approved today a preliminary draft law that introduces mandatory B2B e-invoicing in the country. The draft introduces changes to the Value Added Tax Code to introduce a requirement for the issuance of structured electronic invoices between taxpayers. The requirement will cover […]
9/28/2023 The City and Borough of Sitka Assembly has approved a resolution providing November 24 and November 25, 2023, as sales tax-free days. This holiday applies to all sales made within the City and Borough, except any sale of fuel, alcoholic beverages, tobacco products, marijuana, and any sale that is part of a continuing obligation […]
On September 25, 2023, the tax authority in Mexico (SAT) published Version 3.0 of the Carta Porte Supplement on its portal with some adjustments. With Version 3.0, among other adjustments, we can see as the most relevant the incorporation of 7 catalogs: RegimenAduanero, RegistroISTMO, SectorCOFEPRIS, FormaFarmaceutica, CondicionesEspeciales, TipoMateria and DocumentoAduanero. For foreign trade operations, fields […]
The Bulgarian Tax Office (“National Revenue Agency” or “NRA”) announced on its website, on September 20, 2023, that payments to the NRA should be paid to new bank accounts. The new bank accounts will be implemented for payments beginning in October 2023. There will be five bank accounts where taxes, social security and health payments, […]
The Romanian Ministry of Finance published draft legislation proposing new budgetary measures among which is the implementation of the highly anticipated electronic invoicing mandate. Even though the draft legislation maintains the January 2024 roll-out date previously approved by the EU Council, it proposes an invoice reporting system to operate in the first 6 months, with […]
Greece’s Ministry of Finance announced in a press release (“Specification of the economic initiatives presented by the Prime Minister at the Thessaloniki International Fair”) on September 19, 2023, that the Ministry and the Greek tax authority, AADE, have started a dialogue with the European Commission to discuss the conditions required for Greece to implement a […]
Following the previously announced delay to the mandatory online submission and direct debit settlement of IPT in France until 2025 at the latest, the General Directorate of Public Finances has now confirmed that this transition will take place with effect from January 1, 2024. This means that IPT liabilities incurred in the January 2024 period […]