Massachusetts Governor Charlie Baker recently announced that the 2020 Sales Tax Holiday will take place on August 29 and 30. By way of a quick recap, the holiday exemption applies to most retail items with a sales price up to $2,500 purchased for personal consumption. Further details regarding the sales tax holiday can be found here.
The Colombian tax administration (DIAN) has announced that the VAT Holiday established by the Law 2010/2019 and the Legislative Decree 682/2020 will be held on the following three days: June 19, July 3, and July 19 of 2020. Participation in the VAT Holiday is not mandatory. Businesses opting to participate in the VAT Holiday should […]
The IAPR and the Ministry of Finance have signed the long-awaited bill, which once turned into law will enforce the myDATA system within Greece. According to the IAPR’s announcement, the bill will specify: the scope of application, any exceptions, the data to be submitted, the time, methods of transmission and the specific obligations of businesses. […]
UK HM Revenue & Customs has announced that the application of VAT by reverse charge on the provision of construction services in the UK will be delayed from 1 October 2020 to 1 March 2021 (the originally planned commencement date was 1 October 2019). The revised reverse charge rules will impact any businesses that supply […]
Germany’s Federal Ministry of Finance has announced that VAT rates will be temporarily reduced from 1 July 2020 through 31 December 2020 to stimulate the economy in response to the coronavirus pandemic. The standard rate is to be lowered from 19% to 16%, and the reduced rate is to be lowered from 7% to 5%. […]
The Czech Ministry of Finance has announced the removal of the concession whereby the import into Czech from outside the EU of small consignments valued at less than 22 euros were exempted from import VAT. This equalizes the VAT treatment with goods arriving from EU countries. This change will coincide with the adoption of the […]
Through Notice 2020-35, the IRS further extended the due date for Form 5498 series records including Form 5498 (IRA Contribution Information), 5498-ESA (Coverdell ESA Contribution Information) and 5498-SA (HAS, Archer MSA, or Medicare Advantage MSA Information). The due date for filing these forms with the IRS and furnishing these forms to recipients has been extended to […]
The tax administration of Paraguay (Secretaria de Estado de Tributacion or SET) has announced that the country will be delaying for six months the application of VAT on digital services supplied by foreign non-established providers. According to the recent tax reform, a new withholding system would start to apply on July 1, 2020 to all […]
In conjunction with its revised 1,100 bn budget projection for the period 2021-2027, the European Commission has published its Next Generation EU strategy for alleviating the social and economic impact of the Covid-19 pandemic, to be financed by up to 750bn euros of borrowing. The intention is that this borrowing will be paid back in […]
The Colombian tax administration (DIAN) has released Resolution 00042/2020, intended to establish new deadlines for complying with Colombia’s electronic invoicing mandate, and to consolidate in a single provision multiple regulations in matters of electronic invoicing. An important feature of this new resolution is that it also includes Technical Annex 1.7-2020, required to implement the mandate. […]
On 28 May 2020, the Polish Ministry of Finance announced that compulsory filing by all taxpayers of the new combined JPK_VAT uniform control file and VAT return structure has been deferred to 1 October 2020 due to compliance challenges arising from coronavirus, according to a Gazeta Prawna report. It was previously deferred to 1 July as […]
The Resolution N° 101800000026 establishing the electronic invoicing system (SFE) in Bolivia has been repealed, as the relevant authorities have recognized that taxable persons will not be able to adapt to the new rules and conditions set in the Resolution this year as envisaged. The Government has not yet announced a new date for the […]
In recent days, the South Dakota and Texas Departments of Revenue announced that internet access charges would become exempt from sales tax effective July 1, 2020. While states are struggling with massive budget shortfalls as a result of the COVID-19 pandemic, this particular exemption is compelled by an earlier change to the US Internet Tax […]
The SSA recently released its 2020 W-2C Specifications. There were no changes to the specifications though there were updates to the total amounts applicable to Social Security Wage Base, Social Security Withheld, and the Maximum Social Security Wage base for 2020. To view the full specifications release, click here.
The SSA recently released its 2020 W-2 Specifications. There were no changes to the specifications though there were updates to the total amounts applicable to Social Security Wage Base, Social Security Withheld, and the Maximum Social Security Wage base for 2020. To view the full specifications release, click here.
Louisiana announced that remote sellers selling into the state are required to register with the Louisiana Sales and Use tax Commission for Remote Sellers by July 31, 2020 or 30 calendar days after meeting Louisiana’s economic nexus threshold standards. Remote sellers will begin collecting state and local sales and use tax at standard rates once […]
A new JSON e-Invoice schema (v1.02) has been released by the Indian Tax Authority. The update includes only minor changes and no new fields. While version 1.02 is now available for testing, version 1.01 will continue as is for some time prior to being phased out.
The Maryland legislature recently passed the Budget Reconciliation and Financing Act of 2020 (SB 192) which in part significantly changes the information return reporting obligations of third-party settlement organizations (TPSOs). SB 192 requires TPSOs who must issue Form 1099-K to report payments made to their payees if the amount of the reportable payment meets or […]