Regulatory Analysis
Georgia residents will not be getting a break on their back-to-school shopping next month. Each year, the legislature passes sales tax holidays for back-to-school items and energy efficient appliances; however, the legislature did not pass any holidays for 2017. Therefore, there will be no tax break for back-to-school items in July, and no tax break […]
West Virginia recently enacted legislation which will increase the motor vehicle sales tax from 5% to 6% effective July 1, 2017. Dealers are required to collect and remit this tax to the Division of Motor Vehicles. Revenue generated from this tax increase will be used to fund highway construction projects across the state. The post West Virginia […]
On June 19, 2017, the Indian Central Board of Excise and Customs published Notification 02/2017-Integrated Tax regarding the registration process for non-resident suppliers of online information and database access retrieval (OIDAR) services. The notification is available here. It provides that, pursuant to sub-section (2) of section 14 of the Integrated Goods and Services Tax Act, 2017, non-resident […]
The Spanish tax administration (AEAT) has released a comprehensive set of files, tools, and documents necessary for the definitive implementation of the Immediate Information Remittance system, locally known as SII Version 1.0. As of June 15, all of the documentation, testing and validation files available to taxpayers and software providers were based on pre-releases used for […]
Spain is quickly and steadily marching towards the planned July 1 implementation of the new Supply of Information System (locally known as SII) reporting requirement. Under the law, businesses have four days from the time an invoice is issued or received to notify the Spanish Tax Administration (AEAT) of the transaction. Determining the exact day […]
The Legislative Council of Hong Kong has passed a bill that adds 73 countries to its list of CRS Reportable Jurisdictions, bringing the total number to 75 jurisdictions. In enacting this bill, Hong Kong is committing to automatic exchanges of account information with each of its preexisting tax treaty partners that has signed the Multilateral […]
The Netherlands Competent Authority, through their Community Data Partners website, published a reminder for all FIs submitting FATCA and/or CRS data in 2017. All submissions must be made by August 1, 2017: any initial file deliveries or corrections received after that date may not be considered. To review this published notice, please visit the […]
The Gibraltar Competent Authority has published its list of CRS reportable jurisdictions, as well as some specific guidance related to reporting obligations, due diligence, debt interest, the transition from CDOT, and the XML schema. Gibraltar currently has agreements to exchange information with 20 countries – 13 of which are early adopters and will commence […]
The Croatian Tax Administration has published a final draft of its CRS Schema Guide and Technical Specifications. The specifications for several of the data elements and attributes in the XML have been modified since the prior publication. Additionally, the schema guide now contains a table of validation rules that the XML files must meet in […]
The Romanian Senate has significantly amended a bill proposed by the ruling Social Democratic Party, which was designed to reduce VAT on social housing and agriculture. The bill originally proposed a zero-rate on the construction of buildings used for social purposes, such as housing for the elderly, orphanages, and rehabilitation centers. The Senate’s Budget and […]
The Court of Justice of the European Union (CJEU) has recently published three decisions related to VAT law: In Case C-26/16 (Santogal), a motor vehicle dealership in Portugal sold a new vehicle to an Angolan national allegedly residing in Spain, and claimed a VAT exemption on the sale under Article 138(2) of Council Directive […]
The Queen’s Speech for 2017, delivered before Parliament on June 21, outlined 27 bills that will make up the government’s agenda for the next two years, including eight bills devoted solely to Brexit. A proposed “Customs Bill,” which would seek to ensure that the UK has a standalone customs regime upon leaving the European Union, is […]
The Greek Tax Administration has issued Circular letter No. 1080/2017, confirming that VAT on bad debts is not recoverable in most situations. The tax administration explains that only in very limited cases can VAT corresponding to transactions that have been declared bad debts become deductible, such as when the debtor has been declared in bankruptcy by […]
The Portuguese Tax Authority (Autoridade Tributaria) has issued a new procedure intended to simplify the exemption applicable to purchases made by non-EU travelers visiting Portugal. Diploma-Decree 185/2017 establishes a new electronic system called Simplex +, which is intended to simplify the application of the VAT exemptions for such travelers, reduce their administrative waiting time, and […]
Senate leadership released a discussion draft of the Better Care Reconciliation Act of 2017 – its version of the House’s American Health Care Act (AHCA) intended to repeal and replace the Affordable Care Act. Although this legislation would nullify penalties for the individual and employer mandates, it would not repeal IRS reporting obligations under […]
On July 1, 2017, Colorado’s long anticipated notice and reporting requirements for non-collecting retailers goes into effect. This law requires retailers that do not have sales tax nexus but make $100K or more in annual sales to Colorado customers to report transactions to the state as well as notify purchasers of their use tax obligation. […]
In April of 2017, the Parliament of the Czech Republic passed legislation that made important changes to the Republic’s Value Added Tax (VAT) Law. The act was then published and codified on June 16th, 2017 in the Collection of Laws, as part of publication 170/2017, seen here. Of the changes, the most notable is […]
The Federal Tax Administration has announced the following revisions to the VAT Act, effective January 1, 2018: First, all companies resident in Switzerland and all companies providing services in Switzerland will be liable to collect and remit taxes in Switzerland if their global turnover from non–exempted services exceeds 100,000 CHF. Second, the reduced […]