Regulatory Analysis
The IRS recently released its 2024 Instructions for Form 1099-B, the form for reporting proceeds from broker and barter exchange transactions. The updates to the instructions were primarily editorial in nature, including removing references to the yearly General Instructions for Certain Information Returns and replacing them with references to the “current” year, and replacing some […]
The Saudi Arabian Tax and Customs Authority, ZATCA, announced the tenth wave of Phase 2 of e-invoicing. The tenth wave covers taxpayers with at least SAR 25 million (app. USD 6,6 million) revenue subject to VAT for 2022 or 2023. Taxpayers within this group are expected to integrate as of 1 October 2024. Phase 2 […]
On March 29th, Romania enacted the Emergency Order 30/2024 confirming the extension of the e-reporting grace period until the May 31st, 2024. The original grace-period was set to end on March 31st, and penalties would apply from April 1st, 2024. This much-anticipated postponement aims to allow taxpayers extra time to continue adapting their procedures and […]
Beginning January 1, 2024, Oregon requires individuals to report the hiring of independent contractors. Although the law is effective January 1, 2024, reporting is not required until Oregon releases additional guidance. Oregon plans to release additional guidance in Spring 2024. Until then, Oregon is conducting a soft launch of the independent contractor reporting requirements. Employers and payers who wish to […]
The IRS recently released its 2024 Form 1099-B. The 1099-B is for the reporting of proceeds from broker and broker exchange transactions to the IRS. Brokers or barter exchanges must file Form 1099-B for a variety of transactions including sale of stocks and commodities, receipt of stock or property from a corporation that the broker […]
The French authorities have published a new Decree amending the Decree of 7 October 2022, which includes provisions for Partner Dematerialization Platform (PDP) operators. PDPs are accredited service providers under the French Continuous Transaction Controls (CTC) system set to roll out in September 2026. The new decree, dated 25 March, revises the implementation timeline, and […]
On March 21, 2024, Wisconsin Governor Tony Evers signed Assembly Bill 29 which creates a sales and use tax exemption for precious metal bullion. The bill defines “precious metal bullion” as coins, bars, rounds, or sheets that contain at least 35 percent gold, silver, copper, platinum, or palladium that are either marked with weight, purity, […]
The schemas for the Norwegian Financial SAF-T have been updated to version 1.30 and are accessible here. Effective January 2025, compliance with the new schema version will be mandatory. Until then, entities are permitted to continue using the previous version, 1.2. Since 2020, Norwegian tax regulations mandate that Financial SAF-T files must be readily available […]
Virginia enrolled legislation, HB 1429, allows local governing bodies to exempt “indoor, closed, controlled-environment commercial agriculture facility” farm machinery, farm equipment, and farm implements from sales tax effective July 1, 2024. “Indoor, closed, controlled-environment commercial agricultural facility” is inclusive of greenhouse or vertical farming. For more information, please find the enrolled legislation here.
The Hungarian Government recently announced a new Government Decree (No. 52/2024), which alters the existing IPT regulations. The rules outlined in this decree have not been integrated into the IPT law (No. 102/2012), and apply from the April 2024 period which is due to be settled by 20th May 2024. According to the new rules, […]
On March 21st, the Polish Minister of Finance (MoF) held an in-person meeting to summarize the results of the public consultation that took place between February and March. The MoF has announced the following updates: Timeline: While a new timeline has not yet been defined, the MoF clarified that all taxpayers, regardless of VAT status, […]
Following speculation on a possible expansion of the grace period of the Romanian e-invoicing mandate, the Romanian Ministry of Finance published today, 22nd March 2024, a Draft Government Emergency Order confirming their intention to defer the grace period. The Emergency Order proposes that the deadline for the application of penalties for non-compliance with electronic reporting […]
The German parliament passed The Growth Opportunities Act (Wachstumschancengesetz – the Act) today, concerning various tax matters, including a nationwide B2B electronic invoicing mandate. Originally the Act was set for a vote at the end of 2023 with January 2024 as enforcement date. However, the lack of consensus by the parliament in various provisions of […]
The IRS recently published an updated version of Form 15397, Application for Extension of Time to Furnish Recipient Statements. This form replaces the previous process for requesting an extension of time to furnish recipient statements as outlined in the General Instructions for Certain Information Returns, and was recently introduced with little fanfare for tax year […]
On March 18th, 2024, the Polish Ministry of Finance published a second draft act regarding JPK_KR, that requires additional data to be reported on the accounting records. The draft act impacts the content of JPK_KR (aka JPK_CIT), and is aimed to enter into force from 1 January 2025. The Ministry decided to split JPK_KR into two […]
Indiana Governor Eric Holcomb signed SB 228, effective retroactively starting January 1, 2024, to remove the 200 or more separate transactions threshold for establishing economic nexus within the state. Retail merchants receiving gross revenue from sales of more than $100,000 into Indiana within the current calendar year or the preceding calendar year threshold remains. More […]
Pursuant to Executive Decree No. 198 as issued by the President on March 15, 2024, the standard VAT rate in Ecuador is increased to 15% effective April 1, 2024. A copy of Executive Decree No. 198 can be found here (in Spanish).
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 […]