Regulatory Analysis
South Carolina recently updated publication WH-405, its specifications for the state’s batch filing program for quarterly tax returns. This is the first update to the publication since August of 2021. While the specifications themselves remain unchanged, the document contains added information about how to file using the MyDORWAY system rather than the GoAnywhere system which […]
Slovenia has released a draft proposal for the Act on the Exchange of Electronic Invoices and Other Electronic Documents, aiming to implement mandatory Continuous Transaction Controls (CTC) e-invoicing in the B2B sector. Initially, the proposal doesn’t cover B2C transactions, where consumers could choose between e-invoices and paper invoices. In either case, e-invoices will be reported […]
Yesterday, 18 July 2024, the Polish Ministry of Finance (MoF) held a pre-consultation with businesses and other stakeholders regarding potential changes to the upcoming e-invoicing system, KSeF. The main consultations are going to take place from September 2024. The discussions covered 3 topic areas: 1) B2C e-invoices 2) additional postponements and sanctions 3) issuance of […]
Oklahoma recently passed HB 1955 and SB 1283, exempting the state level sales tax on food and food ingredients. While this exemption applies to state level tax, there is no change to local level taxes (i.e., county, city and district level taxes). This change is to take effect on August 29, 2024. For the purpose […]
The Spanish Authorities submitted to the EU Commission a draft Order developing the technical, functional, and content specifications to be adopted by computer or electronic systems and software supporting the invoicing processes of economic operators and professionals, and the standardization of invoicing record formats. This draft Order develops the standards for systems known as SIF […]
Resolution No. NAC-DGERCGC24-00000022, published on June 10, 2024 in the Official Register Supplement No. 575, establishes the possibility of imposing penalties from $460 to $13,800 USD for the non-delivery of sales receipts and the non-transmission of electronic sales receipts to the Internal Revenue Service (SRI). This resolution enters into force from the day of its […]
The Belgian Federal Public Service Finance has published the official guidelines for mandatory B2B e-invoicing, which will take effect on January 1, 2026. Here are some of the key points covered in the guidelines: Format of E-Invoices: The guidelines explain what constitutes a structured invoice and how alternative formats can comply with the EN standard. […]
The Greek Tax Authority’s (AADE) has published an updated version of the Greek technical specifications for the myDATA e-accounting system. This is version 1.0.9 of July 2024 and contains the following changes: New fields, operational error codes, VAT Category values, and classification codes have been added, as follows: Added field POS tid Code under payment […]
The Saudi Arabian Tax and Customs Authority, ZATCA, announced the 13th wave of Phase 2 of e-invoicing. The 13th wave covers taxpayers with at least SAR 7 million (app. USD 1.8 million) revenue subject to VAT for 2022 or 2023. Taxpayers within this group are expected to integrate as of 1 January 2025. Phase 2 of e-invoicing introduces additional requirements for […]
On June 28, 2024, the Romanian government issued a new Government Emergency Order postponing the grace period for the e-transport mandate for international transport of goods until January 2025. The extended grace period, during which no penalties will be imposed, applies only to entities with Authorized Economic Operators status under Article 38 of Regulation (EU) […]
On 28 June 2024, the Finnish Parliament approved the amendments to the Insurance Premium Tax (IPT) according to the government proposal (HE 61/2024). With the change (article 3) in the law, the IPT will rise from 24 percent to 25.5 percent. This change is in line with the Value Added Tax (VAT) rate change. The […]
New Jersey has approved Assembly Bill 4702 which eliminates the sales and use tax exemption for zero emission vehicles in two phases. Specifically, a special reduced rate of 3.3125% applies from October 2024 through June 2025 and starting on July 1, 2025, tax applies at the standard rate of 6.625%. For more information click here.
In a surprise move, New Jersey has approved Assembly Bill 4702, which repeals the annual sales tax holiday established by P.L.2022, c.21. This means that the tax holiday which was slated to take place from August 24 to September 2 which would have enabled a temporary tax exemption for computers, school computer supplies, school supplies, […]
Pursuant to the Council of Ministers Decree KDP 231/2024, the zero VAT rate that temporarily applies to basic food and consumer items such as bread, milk, eggs, baby foods, baby and adult diapers, female hygiene products, coffee, and sugar has been extended until September 30, 2024. The Decree can be found here (in Greek).
Starting July 1, 2024, Wyoming will remove the 200 or more separate transactions threshold for establishing economic nexus. Going forward, the sole criterion to establish economic nexus will be whether sellers receive gross revenue from sales of more than $100,000 into Wyoming for the calendar year or the immediately preceding calendar year. More information can […]
Pursuant to Royal Decree-Law 4/2024 of June 26, 2024, the temporary zero VAT rate on basic food items such as bread, flour, milk, cheese, eggs, fruits, vegetables, legumes, tubers, and cereals is extended until September 30, 2024. Olive oil will also be added to the list of basic items subject to the zero VAT rate […]
Pursuant to the Greek Ministry of Finance announcement on June 20, 2024, the temporary 13% reduced VAT rate in Greece that applied to the supply of coffee, cocoa, tea, chamomile, and similar beverages has been made permanent for such supplies provided as take away or delivery effective from July 1, 2024. The same supplies of […]
On June 27th, a new Joint Order from ANAF and AVR, on the Romanian e-transport system, was published. The new Order clarifies previously unregulated aspects of the broader mandate, applicable to the international transport of goods, as well some features of the domestic high fiscal risk mandate. Key amendments resulting from the new Order are: […]