Regulatory Analysis
As we previously reported, the mandatory submission of income and expenses became effective from 1.1.2024 since the data reported to the myDATA platform and the data declared in the VAT returns must match and, ultimately, no modifications in the pre-filled VAT amounts will be permitted by taxpayers. Consequently, the pre-filling of VAT returns with the […]
On 20th February the law introducing mandatory B2B e-invoicing in Belgium was published in the Official Gazette, available here. This means that starting from 1 January 2026, VAT-registered taxpayers established in Belgium will be required to issue and receive structured e-invoices, while non-established foreign taxpayers with a VAT-registration in Belgium will be required to receive […]
The IRS has released its 1099-R form for tax year 2024. Form 1099-R reports payments from pensions and annuities. For 2024, the revised form now notes that parties filing ten or more tax-information records must do so electronically; removes recipient instruction to include for Copy B with their own tax returns; makes reference to form […]
On Friday, February 16th, the Polish Ministry of Finance (MoF) conducted its first two meetings as part of a series of consultations with businesses regarding KSeF, in which Sovos has actively participated. The sessions addressed topics related to the security and performance of the KSeF system, as well as the impact of B2C transactions within […]
The General Directorate of Public Finances (DGFiP) has shared new details on the upcoming French Continuous Transaction Controls (CTC) mandate from the Communauté des Relais meeting on 16 February 2024. The implementation of the French CTC mandate is scheduled for September 2026. From this date, all businesses must be able to receive electronic invoices. Concurrently, […]
The IRS recently updated its continuous use Form 1099-DIV. The 1099-DIV is the IRS’s form for reporting dividends and distributions as income. This year the IRS has updated the form following the same pattern of updates that most of the continuous use format forms have followed. A notice regarding the 10-or-more-form electronic filing requirement has […]
The IRS has released its 2024 General Instructions for Forms W-2 and W-3. Form W-2 is used to report employment income to the IRS and Form W-3 is the employer’s transmittal of wage and tax statements to the IRS. These instructions cover the W-2, W-2c, W-2GU, W-2VI, and W-2AS forms along with form W-3 for […]
Effective March 1, 2024, the Emergency-911 surcharge collected on the sale of wireless telephones or pre-paid telecommunication services will increase to $1.95 per retail transaction. Additional information can be found here.
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 […]