Regulatory Analysis
The Sixth Circuit for the United States recently upheld a dismissal of a suit brought by individuals challenging the legitimacy of FATCA. Plaintiffs argued that FATCA’s enforcement should be enjoined under a variety of reasons, including the requirement that the IGAs be ratified through the US Senate. The Circuit Court upheld the District Court’s dismissal […]
The tax administration of Chile has issued Resolution 61/2017, which introduces significant changes to the VAT compliance obligations of Chilean taxpayers. Effective August 1, 2017, taxpayers will no longer be required to submit their ledgers of sales and purchases to the Chilean tax administration (SII). Instead, the regulation provides for a new ledger of purchases […]
Transactions carried out by taxpayers located in Álava, Guipúzcoa and Vizcaya (commonly known as the Basque Country) plus Navarra should not be reported to the Spanish tax administration (AEAT) as part of the SII, if said taxpayers are considered to be under the tax authority of those regions for VAT purposes. Who is considered to […]
Following a recent trend in the United States, North Carolina has joined Indiana and Ohio in exempting currencies that may be used as investments from sales and use tax. North Carolina House Bill 434 (Ch. SL 2017-181) was signed by Governor Roy Cooper on July 25, 2017. The bill, which is retroactively effective on July […]
The D.C Office of Tax & Revenue (OTR) recently published two updates to instructions for annual withholding forms. These instructions are used to properly fill out and file their respective forms. The first set of updated instructions is for Form FR-900A, the Employer/Payer Withholding Tax Annual Return. Generally, the OTR reminds filers they will be […]
Her Majesty's Revenue and Customs (HMRC) has published the latest version of VAT Notice 700, which is a guide for a variety of topics related to VAT. This latest publication simplifies numerous sections of the notice for easier understanding and clarity, and provides additional guidance on topics such as single and mixed supplies of goods, as well […]
On August 11, the Organisation for Economic Co-operation and Development published comments to its newly-released 2017 Model Tax Convention. The Convention contains a proposed new paragraph stating registration for VAT has no bearing on the question of whether an organisation has a "permanent establishment" within a jurisdiction; this clarification is especially timely now that a number of […]
The British Virgin Islands recently issued a press release extending the reporting deadline for FIs from August 18, 2017 to September 1, 2017. This extension applies to FIs reporting under the CRS and UK CDOT agreements, and is being granted because the BVI Financial Account Reporting System (BVIFARS) is down as a result of a Tropical […]
A provision contained in the FY 2018 Massachusetts Budget looks to set the stage for possible real-time sales tax remittance requirements in the Commonwealth. While nothing is official yet, the Massachusetts legislature believes that it has recognized an opportunity to utilize “third party payment processors” as a means of ensuring proper tax collection and accelerating […]
Puerto Rico has released 2017 versions of Form SC 2720, Form 499R-2/W-2PR, Form 499R-2c/W-2cPR. While there are some slight changes in wording and updated contact information to the newly released forms, the most significant change is the addition of a new Code F to Form 499R-2/W-2PR. Code F is an exemption code that applies to […]
As part of an effort to facilitate a better understanding and increase compliance of taxpayers subject to the Supply of Information System (locally known as SII), which became effective July 1, the Spanish tax administration (AEAT) has updated its content of the Frequently Asked Questions document that explains, using a question and answer format, how […]
In 2016, the European Commission released several proposals for new Directives amending Council Directive 2006/112/EC ("the EU VAT Directive"). The Commission’s first proposal would to introduce an intra-EU VAT threshold and simplified compliance obligations for the Mini-One-Stop Ship (MOSS) scheme for e-services, with the aim of removing VAT barriers to online businesses, particularly start-ups and small-to-medium […]
As part of the implementation of the new Supply of Information System (locally known as SII), the Spanish Tax Administration (AEAT) released an online tool designed to help calculate deadlines for reporting issued and received invoices. On August 9, 2017, the AEAT released an enhancement to that tool that will help calculate deadlines for reporting corrective […]
The California Board of Equalization has been restructured into three separate entities effective July 1, 2017: The State Board of Equalization (the Board), the California Department of Tax and Fee Administration (CDTFA) and the Office of Tax Appeals. CDTFA will be housed within the Government Operations Agency while the Board will be an independent agency […]
The Government of Anguilla recently released the first edition of its CRS guidance notes. As noted in the guidance itself, these notes are meant to provide general instruction and information about CRS that are specific to Anguilla. Moreover, these notes provide helpful information to Anguilla’s Financial Institutions to complete their due diligence and reporting obligations […]
In a last ditch effort to move the needle, Massachusetts Governor Charlie Baker filed legislation that would create a sales tax holiday in the Commonwealth for August 19-20. If passed, the holiday would apply to most any item costing $2,500 or less. Governor Baker has stated "We look forward to working with the Legislature to […]
In the course of testifying at a Senate Appropriations Committee hearing a few days ago, Treasury Secretary Steven Mnuchin hinted the Administration may be close to articulating a position on the application of sales tax to remote/internet commerce. Characterizing the issue as one of collection, Secretary Mnuchin recognized that tax revenue from online purchases is […]
The IRS has released its 2018 Draft Form 1098, Mortgage Interest Statement. There have been a number of changes to the form since its previous revision: “RECIPIENT’S/LENDER’S federal identification number” and “PAYER’S/BORROWER’S taxpayer identification no.” fields have been renamed to “RECIPIENT’S/LENDER’S TIN” and “PAYER’S/BORROWER’S TIN” respectively Wording in Box 7 has been changed: “If address […]