Regulatory Analysis
The Ministry of Finance of the United Arab Emirates (MoF) has revealed its plans for previously announced E-Billing System, on 14 February 2024. The MoF is initiating a regime that couples CTC Reporting with an e-invoicing mandate. This mandate employs a Decentralized Continuous Transactions Control and Exchange (DCTCE) five corner model. This framework facilitates the […]
The Inland Revenue Board of Malaysia (IRBM) has just released the long-awaited Software Development Kit, which includes relevant technical documentation for the CTC mandate to be implemented, starting in August of 2024. According to the IRBM, the e-Invoice Software Development Kit is a collection of tools, libraries, and resources providing a set of functionalities, Application […]
Pursuant to the Ministerial Decree published in Official Gazette No. 30 on February 6, 2024, the local consumption tax rates for Campione d’Italia (imposta locale sul consumo di Campione d’Italia, ILCCI) are increasing in conjunction with Swiss VAT rate increases for January 1, 2024. The standard ILCCI rate increases to 8.1% (previously 7.7%), and the […]
On February 2nd, the Minister of Finance (MoF) held a meeting with business representatives to discuss next steps regarding implementation of mandatory e-invoicing through KSeF. During the meeting, several key assurances and plans were outlined by the MoF: The implementation of mandatory e-invoicing through KSeF is confirmed An announcement of the new starting date for […]
In New York state, clothing sold for less than $110 is exempt from state sales tax but subject to local sales tax unless the county or city enacts a similar exemption. Putnam County has enacted the exemption for clothing of less than $110 effective March 1, 2024. As a result, the county sales tax will […]
Malaysia is implementing a CTC clearance model starting in August 2024 for large taxpayers undertaking commercial activities in the country. Following recent postponements of the mandate, the pilot phase set to start in January of 2024 has also been postponed and, until recently, no date had been communicated for its launch. The Inland Revenue Board […]
The Government Decree of 197/2022, which regulates extra profit taxation (EPTIPT) in Hungary, has recently been changed. The amendment was issued last Thursday and became effective on January 26, 2024. This amendment affects the declaration and payment of the 2023 EPTIPT, which was due on January 31, 2024. According to the new rules, the amount […]
On 1 February, 2024, the Belgian Parliament approved the law implementing mandatory domestic B2B e-invoicing in the country, starting from 1 January 2026. The adopted bill can be found here. This means that starting from 1 January, 2026 all VAT-registered taxpayers established in Belgium will be required to issue/receive structured electronic invoices. Peppol will be […]
On January 26th, 2024, Latvia’s Ministry of Finance unveiled a 4-year plan aimed at curbing the shadow economy and fostering stable economic development. A key component of this initiative involves the implementation of a Continuous Transaction Controls (CTC) regime for B2B transactions. Scheduled to commence by the end of 2025, the CTC regime is expected […]
The IRS recently released an update to its continuous use instructions for forms 1099-INT and 1099-OID. This instruction booklet covers the instructions for filers of both forms respectively. This instruction booklet is designed in the continuous use format that the IRS has instituted over the past few years. This year the instructions for both forms […]
Call2Recycle has announced a new environmental handling fee for ride-on toys sold with batteries included in the provinces of Manitoba, Prince Edward Island, and Quebec. The fee is $0.45 in Manitoba and Quebec and $0.50 in Prince Edward Island. For more information please see the Fee Schedule, effective February 1, 2024 here.
New York recently updated the NYS-50 (Employer’s Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax). Most notably, the Department of Labor is rolling out a new unemployment insurance system in 2024. The new system will include new self-service features that will enhance the taxpayer experience. To review this publication in its entirety, click here.
Minnesota recently published its 2024 W-4MN (Minnesota Withholding Allowance/Exemption Certificate) and W-4MNP (Minnesota Withholding Certificate for Retirement Account, Pension, or Commercial Annuity Payments). Tax year and dollar amounts have been updated throughout both forms. On the W-4MNP, numerous notes have been added to remind payers not to change the withholding arrangement on distributions unless instructed […]
The IRS recently released an update to Continuous Use Form 1099-OID. This form is used for reporting Original Issue Discount to the IRS. Aside from the revision date of January 2024, changes to the form itself are minimal. The Attention page at the beginning of the online document has been updated with the 10-form threshold […]
The IRS recently released an update to Continuous Use Form 1099-INT. This form is used for reporting Interest Income to the IRS. Similar to other continuous use forms that have been updated recently, the 1099-INT has few changes to the form itself. The Attention page at the beginning of the document has been updated with […]
The IRS recently released its 2024 Form 1042-S which is used for reporting Foreign Persons’ U.S. Source Income Subject to Withholding. For the 2024 form update, aside from the form and revision year update to 2024, the only notable change is that Copy E, the Withholding Agent copy has been removed from the online form. […]
In January 2024, the Arkansas Taxpayer Access Point (TAP) portal began accepting 1099 bulk filing in IRS Publication 1220 format. Previously, Arkansas required 1099 filing by CD or the CFS program. As of today, Arkansas 1099 guidance does not reflect the availability of TAP bulk filing and says filers must use CD or CFS, but an Arkansas agent confirmed 1099 […]
New York recently released the 2024 IT-2104 (Employee’s Withholding Allowance Certificate) and IT-2104-E (Certificate of Exemption from Withholding). A QR code has been added to the bottom of the IT-2104. There is also now a clarification on the IT-2104 that residents of New York City includes residents of the Bronx, Brooklyn, Manhattan, Queens, and Staten […]