Regulatory Analysis
Maine recently released its 2021 specifications for electronic transmission of quarterly and amended quarterly withholding. There were a few notable changes to the specifications. The most important of these have been detailed below. Specifications for Electronic Transmittal of Income Tax Withholding • (T) Record o Locations 123-136 Field – Added “Overpayment to be refunded. Line […]
After months of talks, on 24 December 2020, the EU and UK were finally able to agree a new working trade agreement known as the EU-UK Trade and Cooperation Agreement (TCA). The new Trade and Cooperation Agreement came into effect on 1 January 2021 and will be applied on a provisional basis until 28 February […]
The Austrian government has introduced a new bill to extend tax measures to support taxpayers during the Covid-19 pandemic. The VAT measures include the following: The temporary application of a reduced VAT rate of 5% in the gastronomy, culture and publishing sectors extended until 31 December 2021 Introduction of a VAT exemption for COVID-19 in […]
The Bulgarian government have introduced new legislation that requires UK and other non-EU businesses to now appoint a fiscal representative who will have joint and several liability over their VAT compliance and VAT debts. Under the new provisions, UK and other non-EU businesses registered for VAT in Bulgaria will have to appoint a fiscal representative […]
Effective from July 2021, the contribution to the Danish Storm Flood Damage Levy will be reduced from DKK 60 to DKK 40. The scheme has reached its target balance of DKK 500m therefore the temporary increase of DKK 20 which was introduced in 2014 has been removed. The scheme compensates policyholders, who have an insurance […]
On December 31, 2020, Mexico published a new decree by which it expands a number of fiscal benefits to 22 municipalities located in the southern states of Quintana Roo, Tabasco, Campeche and Chiapas. Among the main benefits extended to those locations is the reduction of the standard VAT rate to 8% to all sales and […]
On December 8, 2020. The Puerto Rico Secretary of Hacienda signed Regulation 2020-9237 expanding sales tax collection requirements to include Remote Sellers and Marketplace Facilitators effective 1/1/21. Businesses that have at least $100,000 in gross sales or 200 individual sales transactions during any preceding 12-month period have an obligation to collect and remit sales tax. […]
On January 11, 2021, the temporary reduced VAT rate of 5% as applied to hotel accommodation, catering and passenger transport services in Cyprus was reverted back to a rate of 9%. Cyprus had temporarily reduced the VAT rate for such services in response to economic hardships brought on by the pandemic.
Portugal postponed the obligation to include a QR code in invoices until 2022. Previously expected to enter into force on 1 January 2021, the obligation is suspended, but still voluntary, during 2021. The decision was taken in the 2021 Budget Law published on 31 December. With this decision, Portugal delayed both the QR Code and […]
Delaware’s Division of Revenue recently updated it’s W-2 and 1099 FAQ which covers a variety of topics and questions about filing forms W-2 and 1099 series forms with Delaware. A few notable changes were found and are detailed below. • Form 4804 is no longer required for 1099 submissions to the state that do not […]
Ohio recently posted its 2020-2021 payment schedule for withholding tax due dates. This document covers the entirety of tax year 2021. The dates for 2021 payments have been shifted to account for weekends and holiday closures. To view the complete schedule, click here.
The IRS recently released its 2020 Publication 5258, the Affordable Care Act (ACA) Information Returns (AIR) Submission Composition and Reference Guide. This guide is for processing of ACA related forms during processing year 2021. There were some notable changes to the document which have been detailed below. In addition to these changes, several changes were […]
The Idaho State Tax Commission recently published updated e-Filing guides for information returns, specifically W-2 and 1099 reports. These publications contain instructions, guidance, and specifications for filing these information return types electronically with the state. There are several updates to these publications, which are as follows: 1099 e-Filing Guide: Instructions for 1099s with Idaho Withholding […]
New Jersey recently released the 2020 version of NJ-EFW2, the Specifications for Reporting W-2 Information Via Electronic Filing. Several minor grammatical and formatting changes were made but no changes were made to the specifications themselves. To view the full specifications, please click here.
The Arizona Department of Revenue recently published information creating a new filing requirement for Form 1099-S. This filing requirement is new for tax year 2020 and requires Form 1099-S to be filed if certain criteria are met: specifically, if the form must be filed federally AND if the address or legal description of the property […]
Afghanistan has delayed plans to implement Value Added Tax to 21 December 2021. A 10% VAT is expected to replace the country’s current business receipt tax (BRT). The Afghanistan Revenue Department is also contemplating amendments to the proposed VAT system so to create a simplified tax scheme for those businesses below the VAT threshold. Once […]
Effective January 1, 2021, Austria is ending its temporary VAT rate reduction on journals and magazines. The VAT rate on restaurant food, publications, and several other industries was reduced to 5% for the period from July 1, 2020 to December 31, 2020. Recently, Austria has approved legislation to extend that VAT rate reduction until January […]
The Chilean tax administration recently released Resolution 167/2020, which mandates financial entities to submit a quarterly report that provides information about payments made by their clients to foreign suppliers of digital services, when such suppliers are paid via credit or debit cards, or similar electronic means managed by banks or financial entities.