Regulatory Analysis

The Missouri Department of Revenue (DOR) implemented a new integrated tax system for filing the 53-1 (Sales and Use Tax Return form), 53-C (Consumers use Tax Return form) and 53-V (Vendors Use Tax Return form).  The new standards are for use after August 1, 2017.  The system will provide the DOR the ability to scan […]

Kansas has updated Publication KW-100, Kansas Withholding Tax Booklet. There are a number of changes from the previous revision: Kansas passed Senate Bill 30 and amended the income tax rates in Kansas retroactive to January 1, 2017, and further increases them for 2018 and later years. Because the tax rates for Tax Year 2017 changed […]

Maine recently enacted legislation which will require remote sellers to collect and remit sales and use tax on sales into the state of Maine effective October 1, 2017. A person selling tangible personal property, products transferred electronically or services for delivery into Maine will be required to collect sales tax if the person’s sales into Maine in the previous calendar […]

Effective July 1, 2017, the Minister of Finance in Malaysia announced that four groups of supplies will now be exempt from GST. The supplies that no longer apply GST include: The supply of services directly in connection with goods for export, to an overseas customer who belongs in a country other than Malaysia (for tax purposes), and […]

The Australian Parliament recently amended the GST Act of 1999, to add an additional category of drugs and medicine preparations, which are now included in the list of GST-free goods seen in section 38-50(6)(b) of the Australian GST Act. The new section, 38-50(6)(ba), states that a supply of a drug or medicinal preparation is GST-free, if […]

On July 13, 2017, the parliament of the United Kingdom, along with Her Majesty’s Revenue and Customs (HMRC), announced that the roll-out of the ‘Making Tax Digital for Businesses’ will be delayed until April of 2019. This initiative, first decided upon in December of 2015, is an effort by the government of the U.K., to digitize […]

Effective August 1, 2017, the State of Washington will extend its retail sales tax to sales of bottled water. The sales tax expansion is part of a revenue bill (HB 2163) passed to raise funds for the recently enacted state budget. Bottled water was taxable until 2004, and was then tax exempt for the next […]

Singapore recently published an update to their CRS Frequently Asked Questions (FAQs). Last updated in February 2017, the July 2017 update provides clarity and additional guidance in a number of areas that concern Singaporean financial institutions reporting under the Common Reporting Standard. These updates include the following sections. Section B.5, Reserved Investment Power Trusts: […]

With Senators Rand Paul and Susan Collins stating their opposition to the revised Better Care Reconciliation Act (BCRA) last week, Majority Leader Mitch McConnell could not afford to lose any more votes on the procedural vote to bring the bill to the Senate floor. Last night, Senators Mike Lee and Jerry Moran both announced that […]

On Tuesday, the Senate passed a motion to proceed on health care by a vote of 51-50 with Vice President Pence casting the tying vote. This was only a procedural vote and not any sort of repeal or replace vote. As a result of this motion passing, the Senate can begin to debate on the […]

Washington State recently enacted House Bill 2163 in conjuncture with the State’s recently passed budget. Included in this bill are provisions imposing sales tax obligations on internet sales to Washington consumers. Starting on January 1, 2018 remote sellers who make retail sales of $10,000 a year or more into Washington will be required to either […]

The Governor of Puerto Rico has signed into law a bill (PC 1133) that changes the frequency of sales tax remittance. As reported earlier in this forum, the new rule requires most taxpayers to pay sales tax in the same month as it’s collected, in two monthly installments: The first payment is required on the […]

The Secretary of the Treasury for the Commonwealth of Puerto Rico announced that they plan on encouraging the local legislature to adopt significant tax reform measures, including a number of items that will impact sales tax (locally known as IVU). The details of the proposed reforms have not been released but the Secretary has indicated […]

A House Appropriations subcommittee has introduced H.R. 3280 – a draft of which was released during the July 4th Recess. This appropriations bill provides funding for government and financial services – including the IRS – for the upcoming fiscal year. As part of the IRS funding, it includes a provision that could impact the reporting […]

Organizations operating in the Basque region of Spain will soon be required to comply with SII reporting requirements. As reported in this forum, effective July 1 most companies operating in Spain are now required to transmit information to the Spanish Tax Administration (AEAT) regarding purchase and sale transactions within a few days of invoicing. Today, […]

As written, revised Better Care Reconciliation Act will not operate to eliminate either of the reporting requirements on 1094/1095 series forms. The Senate’s second draft of the Better Care Reconciliation Act would maintain employer information reporting obligations under Internal Revenue Code §§ 6055 and 6056. Changes to minimum essential coverage provisions may give rise to a potential modification […]

Along with new deadlines, Mexico tax authority releases additional CRS specifications.   The Mexican Tax Administration Service (SAT) has published additional AEOI material, including a calendar with relevant deadlines and specifications for CRS transmittals. The AEOI Calendar indicates that the FATCA and CRS testing window will now end on July 14, 2017. At that time, the production period […]

Illinois’s Department of Revenue has lately released new tax tables and a new withholding allowance certificate in conjunction with it an increase in the state’s tax rate.  Effective July 1, 2017, the income tax rate in Illinois is 4.95%, increased from 3.75%. Booklet IL-700-T, “Illinois Withholding Tax Tables,” has been updated effective July 1, […]