Regulatory Analysis
The IRS recently released an update to Form 941-X and the accompanying instructions. Form 941-X is the form for reporting Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund to the IRS. Generally, the form is updated yearly. This year, the updates to the form are in conjunction with the expiration of the social […]
As part of Senate Bill 362, the “Budget Reconciliation and Financing Act of 2024,” Maryland has, among a variety of changes, increased the sales and use tax rate on the sale of electronic devices, including vaping liquid sold in a container that contains more than 5ml of vaping liquid. Effective July 1, 2024, the sales […]
Minnesota’s new Retail Delivery Fee, the “Road Improvement and Food Delivery Fee,” takes effect July 1, 2024. Retailers will be subject to a $0.50 fee on certain transactions that are $100 or more and involve a “retail delivery” in Minnesota. This includes retail deliveries of taxable tangible goods, as well as retail deliveries of clothing. […]
The North Dakota Office of State Tax Commissioner recently announced local tax changes effective July 1, 2024. Such changes include a sales tax rate increase in the City of Mapleton and removal of the maximum tax cap, as well as a sales tax rate increase in the City of Rolla. More information may be found […]
In Connecticut, a surcharge is assessed by the Public Utilities Regulatory Authority on all phone lines, including prepaid wireless services, in order to fund E911 services. Each fiscal year the amount of the surcharge is reviewed. Pursuant to Public Utilities Regulatory Authority Docket No. 24-10-05, the surcharge has been increased for prepaid wireless services from $0.68 […]
The Colorado Department of Revenue published local sales and use tax changes effective July 1, 2024. Such changes include rate increases for the cities of Dolores, Garden City, Lyons, and South Fork. The city of Deer Trail will begin imposing sales and use tax at a rate of 1.75%. Additionally, the City of Wiley will […]
Following the plans announced earlier this year, Latvian Ministry of Finance (MoF) published the draft amendments to the Accounting Law, aiming to implement mandatory B2B and B2G e-invoicing. Taxpayers registered in Latvia will be obliged to issue e-invoices, following the EN 16931 standard, if the goods or services are supplied to a recipient in the […]
The state of Colorado provides a sales and use tax exemption for period and incontinence products at the state level which may be adopted by state-administered locals. As such, the state-administered local of Eagle County has adopted the exemption under Resolution 2024-023, effective July 1, 2024. The Town of Avon, a self-administered local, has similarly […]
The National Informatics Centre (NIC) launched the E-Way Bill 2 Portal on 1 June 2024. This new portal runs parallel to the main e-way bill portal, ensuring high availability and synchronization of e-way bill details within seconds. Main portal login credentials can be used on the new portal, which also provides web and API modes […]
The new draft regulation amending JPK_VAT with a declaration (VAT return) has been published on 31st May 2024 by the Polish Minister of Finance (MoF). The draft amends the data included in the JPK_V7M and JPK_V7K returns and provides a new timeline, as follows: 1 Feb. 2026 to 1 Jul. 2026- no obligation to include […]
Following the implementation of the project “Modernization of the information system “E- sąskaita”, starting from 1 July 2024, the submission of the invoices to public sector entities and other contracting authorities will be moved from the E-sąskaita system to the General Information System for Account Administration (SABIS). Based on Resolution no. 405, the invoices must […]
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 […]