Regulatory Analysis
The Mauritius Revenue Authority has announced an extension of the deadline for Financial Institutions to report under FATCA. The original deadline of July 31 was extended to allow FIs until August 31, 2017 to submit FATCA transmittals to the MRA. The facility for FATCA reporting for the 2016 tax year is available on the MRA’s website, and will […]
The Inland Revenue Authority of Singapore recently published two updates to their FATCA page. The first update is a reminder that the filing deadline for reporting Singapore FIs passed on May 31, 2017 for the 2016 reporting year. All FIs who have not done so must report 2016 information immediately, and due to the delay […]
Online sellers should take immediate notice. House Bill 49 has been passed by the Ohio legislature, signed by the governor, and is set to take effect on January 1, 2018. Hidden within its depths, the language of the bill creates a rule that imposes a tax collection and remittance obligation (nexus) on sellers who use software or […]
Arizona’s Department of Revenue has recently released a revision to its Joint Tax Application, the JT-1. The Application is used to license a new business or record a change in ownership of a business within the state. The updated Application now has instructions for determining frequency of filing for use in Section C, Box 4 […]
The Court of Justice of the European Union (CJEU) has issued recent opinions in two cases involving VAT: In Case C-633/15 (London Borough of Eating), the CJEU held that the UK could not apply a condition to an exemption for services related to sporting facilities only on non-profit organizations governed by public law, without also applying the […]
The European Commission has published its 2017 report on Taxation Trends in the European Union, which is now available online. The Commission notes that consumption taxes grew slightly as a share of total tax revenue in 2015, and that VAT typically composes between two-thirds and three-quarters of the implicit tax rate on consumption. This figure will […]
Two major announcements on a modernized system of VAT have been made in the past month, as part of an ongoing discussion among European Union leaders. First, the Estonian Presidency of the Council of the European Union stated its intention to launch negotiations on a definitive cross-border system of VAT, based on the principle of taxation in […]
Earlier this week after approving the Motion to Proceed, the Senate took up two different ACA repeal bills. Both the Better Care Reconciliation Act and the House’s “repeal and delay” bills were defeated after failing to gain enough support from Republicans. Nine Republican Senators voted against the “repeal and replace,” while seven voted against “repeal […]
The United Kingdom has announced plans to eliminate its “use and enjoyment” provision for VAT on business-to-consumer (B2C) telecommunications services used outside of the European Union. Schedule 4A of the VAT Act of 1994 currently treats telecommunication services used outside of an EU member state as taking place where consumed, even if the service would […]
France has updated its technical guidance, Transfert d’Informations to version 1.3. The new version contains some schema changes including the addition of the Address Type attribute that was previously not required, even though it is required under the OECD’s schema. Reporting French Financial Institutions, who have Reportable Accounts, should give close attention to the new guidance to […]
Idahoans will still need to pay taxes on groceries following a recent decision by the state’s Supreme Court. The Idaho Legislature had passed a bill (House Bill 67) exempting groceries from sales tax, this bill was subsequently vetoed by the Governor. The Legislature mounted a legal challenge to the validity of the veto, stating it […]
Bahrain has recently published the Competent Authority Arrangement between itself and the United States for the purposes of FATCA reporting. The agreement is required by the Inter-Governmental Agreement between the two states to facilitate FATCA reporting. The post Bahrain Published Competent Authority Arrangement appeared first on Sovos.
The Cayman Islands’ Department for International Tax Cooperation has recently announced a “final extension” for reporting under the FATCA and CRS regimes in a “AEOI News & Updates” release. Reporting under both systems will now be due August 31, 2017. Reporting entities must register with the Department by July 31, 2017 to ensure they meet […]
On July 12, 2017, the Tribunal Administratif de Paris struck down a bill of more than 1 billion euros assessed by the French government against Google for back taxes, including VAT. The Tribunal found in particular that Google did not have sufficient human and technical resources in France to subject the company to VAT; instead, the […]
The Federal Ministry of Finance has released guidance related to a VAT exemption on storage fees for frozen reproductive material. When frozen gametes are stored for therapeutic purposes – such as contributing to a pregnancy as part of fertility treatment – the storage fee is properly VAT exempt. Absent a direct therapeutic purpose, however, storage fees for […]
The Italian Tax Authorities issued Resolution No. 87/E on July 5, 2017, confirming that a taxable person may amend a previously filed communication even after the 15th day following the day on which the deadline expires. The communication must include sales invoices issued and purchase invoices recorded in the VAT ledger during the period of […]
The Financial Administration of the Czech Republic recently published amended filing instructions for the “Kontrolní hlášení”, or the “Check Report” form, which is a required filing for all taxable persons under the Czech VAT Act. Among the changes to the instructions is, first, a new requirement for contract companies (partnership-structured entities) to now file by individual partner instead […]
Earlier this month, bill number 34755, which would modify the treatment of vouchers under the Dutch VAT Act, was introduced to the Dutch Parliament. The proposed law would differentiate between single use vouchers, defined as vouchers where the place of supply and amount of VAT on the supply are known at the time of the voucher’s issuance, […]