Regulatory Analysis
The Ohio Department of Taxation announced the state will have an expanded sales tax holiday from July 30 through August 8, 2024. During the holiday period, all goods that are $500 or less except for certain watercraft, motor vehicles, alcoholic beverages, tobacco, vapor products, or any item that contains marijuana will be exempt from sales […]
The deadline for declaring the Insurance Premium Tax (“IPT”) on earnings such as commissions received by an intermediary in connection with the provision of insurance services, has once again been extended. The new deadline has been established for 20th October 2024. The previously released return template has been also revised in order to incorporate the […]
Minnesota decreased their E-911/Telecommunications Access fee from $0.84 to $0.83, effective July 1, 2024. For more information please refer to the Minnesota Prepaid Wireless E911 and TAM Fees Sales Tax Fact Sheet 179.
The Saudi Arabian Tax and Customs Authority, ZATCA, announced the twelfth wave of Phase 2 of e-invoicing. The twelfth wave covers taxpayers with at least SAR 10 million (app. USD 2.6 million) revenue subject to VAT for 2022 or 2023. Taxpayers within this group are expected to integrate as of 1 December 2024. Phase 2 of e-invoicing introduces additional requirements for […]
On May 22, 2024, the Turkish Revenue Administration (TRA) announced new mandatory fields for e-Archive reports. Effective July 1, 2024, the signature time, shipment information, and tax rate fields must be included in e-Archive Invoices and several other e-documents. Consequently, the e-Archive Package and Technical Guideline have been updated to reflect these changes. Additionally, the […]
The Communiqué Amending the General Communiqué on Electronic Ledgers (Serial No: 1) was published in the Official Gazette on May 21, 2024. Among other amendments, the deadline for ledger submissions has been changed. Previously, submissions had to be completed by the end of the third month following the relevant month for monthly submissions, and this […]
On May 13, 2024, South Carolina Governor McMaster signed into law House Bill 3563. This legislation created a sales tax exemption for feminine hygiene products, to take effect upon signing. Feminine hygiene products are defined as tampons, sanitary napkins, and other similar personal care items for use in connection with the menstrual cycle. The complete […]
Virginia’s Governor recently signed House Bill 25 into law. The legislation extends the provisions for the annual tax-free weekend to another five years to July 1, 2030. Further information may be found here.
Colorado recently enacted SB 25 which revises separate statutes governing local sales and use tax administration by the state into a single statute. Among the unification adjustments, the legislation requires local governments which make changes to their sales and use taxes to provide the Colorado Department of Revenue (DOR) written notice ahead of the change. […]
The Saudi Arabian Tax and Customs Authority, ZATCA, announced the eleventh wave of Phase 2 of e-invoicing. The eleventh wave covers taxpayers with at least SAR 15 million (app. USD 4 million) revenue subject to VAT for 2022 or 2023. Taxpayers within this group are expected to integrate as of 1 November 2024. Phase 2 of e-invoicing introduces additional requirements for […]
The Estonian Ministry of Finance has proposed amendments to the Accounting Act, planned to become effective on January 1, 2025, pending approval by the Parliament. This amendment seeks to encourage usage of e-invoicing across Estonia by adopting a uniform European e-invoicing standard, thereby facilitating the streamlined exchange of e-invoices. Starting January 2025, all entities registered […]
Pursuant to the Council of Ministers Decree ΚΔΠ 138/2024, the temporary zero VAT rate that applies to basic food and consumer items such as bread, milk, eggs, baby foods, coffee, sugar, baby and adult diapers, female hygiene products, and certain meats and vegetables is extended until June 30, 2024. This announcement was published on the […]
Pursuant to Laos Presidential Decree No. 003/PS signed on March 19, 2024, the standard VAT rate in Laos is increased from 7% to 10%. This Decree was published in the Lao Official Gazette on March 26, 2024. The Decree, as published in the Official Gazette, can be found here (in Lao).
The IRS recently released a draft version of the long and highly anticipated Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The form will be used for reporting proceeds from (and in some cases, basis for) digital asset dispositions to the IRS and recipients. The form treats digital assets such as cryptocurrency, similarly to stocks, […]
On January 1, 2024, Oregon law began requiring reporting of newly hired or reengaged independent contractors. From January to March 2024, the Oregon Child Support Program rolled out a ‘Soft Launch’ of the reporting requirements. In April 2024, the Oregon Child Support Program ended the soft launch and officially began requiring employers and payers who engage or reengage independent contractors […]
The IRS recently updated the Instructions for Form 1098-Q. The updated instructions include a note to use them with the December 2019 revision of the form. There have been several significant updates. First, the dollar limitation on premiums increased to $200,000 and is no longer limited to 25% of the individual’s retirement account balance. The dollar […]
The IRS recently released its 2024 Instructions for Forms 1099-SA and 5498-SA. These instructions cover reporting of distributions from an HSA, Archer MSA, or Medicare Advantage MSA, and HSA, Archer MSA, or Medicare Advantage MSA Information. Both forms and the instructions are part of the IRS Continuous Use set, which means that these forms and […]
On April 26, 2024, the Polish Ministry of Finance announced the new official implementation date for mandatory e-invoicing via KSeF during a press conference. The new timeline is as follows: 1 February 2026 – for taxpayers whose turnover exceeds PLN 200 million (approx. EUR 46 million) in the preceding year. 1 April 2026 – for all […]