Regulatory Analysis
The City of Mekoryuk has completed the process to join the Alaska Remote Sellers Sales Tax Commission (ARSSTC). Sellers must begin collection on 10/1/2024 and forms for filing will be updated to include Mekoryuk on 11/1/2024.
The Polish Ministry of Finance (MoF) has updated its FAQs regarding the KSeF e-invoicing system. The main changes are: The new schema FA(3) will be published for public consultation in Autumn 2024; earlier plans indicated September 2024. Changes in the new schema cover the presentation of the payment deadline, adding a new role as an […]
On August 16, 2024, the Polish Ministry of Finance (MoF) adopted the final version of the Regulation amending JPK_CIT, which introduces additional data to be reported on the accounting records. The updated JPK_CIT will consist of two schemas: JPK_KR_PD and JPK_ST_KR. The Act is currently awaiting publication in the official journal and is set to […]
Through resolution NAC-DGERCGC24-00000028, the SRI establishes the conditions, procedures and percentages of income tax withholding in the commercialization of concentrates and/or metal elements, as well as in the production and commercialization of mineral substances that come from a mining concession. The withholding percentages for marketers may be 2%, 4% and 10% and for concessionaires 1%, […]
The Taiwanese Congress has updated the “Value-Added and Non-Value-Added Business Tax Act” (BTA) to revise the procedures for electronic invoices. These amendments require taxpayers to transmit electronic government uniform invoices (e-GUIs) and all necessary related information to the Ministry of Finance’s (MoF) Integrated Service Platform for storage and verification. The transmission deadlines are 7 days […]
Maine recently released its 2024 Electronic File Specifications for Form W-2. The specifications allow business filers to format their W-2 bulk files for upload and filing with Maine Revenue Services (MRS) on the new Maine Tax Portal (MTP). There were several non-substantive updates to the document including some rearranging of sections and editorial changes and […]
Illinois Governor J.B. Pritzker signed House Bill 3144. In this legislation, Illinois eliminated its 1% grocery tax. However, despite eliminating the tax at the state level, Illinois will allow local authorities to impose their own grocery taxes. These changes will take effect January 1, 2026.
Alabama recently expanded the types of overtime that qualify for an exemption from personal income taxes and withholding. From January 1, 2024 to September 30, 2024, overtime compensation is exempt from Alabama income tax and withholding if it is paid to full-time hourly employees for working more than 40 hours in a week. Beginning October 1, 2024 […]
The IRS recently released its 2024 Publication 1141, the General Rules and Specifications for Substitute Forms W-2 and W-3. Publication 1141 is generally released on an annual basis and gives the requirements of the IRS and the SSA regarding preparation and use of substitute forms for Form W-2 and W-3. Only a few changes were […]
The IRS recently released the 2024 Publication 1179 (General Rules and Specifications for Substitute Forms 1096, 1098, 1099, 5498, and Certain Other Information Returns). Filers should note that the IRS is removing filer copies and instructions from information returns, as evidenced by many 2024 versions of the 1099 series forms. Additionally, the IRS added an […]
New York State recently announced several upcoming changes to their withholding tax reporting coming in March of 2025. In an effort to reduce errors and increase compliance for employer reporting of employee information, the NYS Tax Department has instituted a streamlining program for withholding tax and wage reporting for forms and web file applications. The […]
On August 7, 2024, the tax authority published the updated instructions for completing the CFDI, now incorporating the Carta Porte supplement version 3.1 across the Motor Transport, Rail, Maritime and Air modalities. The FAQ section of the document was also updated.
Starting September 1, 2024, Minnesota will impose a prepaid wireless 988 fee of $0.12 per transaction for prepaid wireless telecommunication services. This fee will be collected along with the previously established E911 and Telecommunications Access Minnesota (TAM) fees, for a combined $0.95 per transaction for prepaid wireless telecommunication services.
Pursuant to bill HE 61/2024, the standard VAT rate in Finland increases from 24% to 25.5% effective from September 1, 2024.
On 29 June 2024, the Danish Guarantee Fund (DGF) issued an order on its website for Greenland about contributions to the Guarantee Fund for non-life insurance companies. The order applies to certain life insurance companies as well, however does not apply to non-life insurance companies that only underwrite motor liability insurance in Greenland on a […]
The Zambian Revenue Authority (ZRA) granted taxpayers a three-month grace period to comply with the e-invoicing obligation through the Smart Invoice System (SIS). Taxpayers were previously required to comply as of July 1, 2024; however, now taxpayers have time until September 30, 2024. The Smart Invoicing System leverages technology to monitor real-time transactions, aiming to […]
The tax authority updated the billing amounts that require detailed information about the receipt recipient when the recipient is the final consumer. This measure is intended to strengthen the control regime for issuing receipts. The data must be specified when the invoiced amount is equal to or greater than $344.488 ARG (approximately $370.00 USD) and […]
Pursuant to Decree 72/2024/ND-CP as published on June 30, 2024, supplies of goods and services subject to the standard 10% VAT rate will continue to apply the temporary 8% standard VAT rate until December 31, 2024. The 2% VAT rate reduction, which was previously set to expire on June 30, 2024, has been extended by […]