Regulatory Analysis
Pursuant to Legislative Decree No. 1623 published in the official Peruvian Gazette on August 4, 2024, non-residents supplying digital services or non-tangible goods to individuals in Peru who do not carry out business activity (B2C) must charge and collect 18% VAT (IGV). Digital services are broadly defined as any service that is made through the […]
The Thailand Department of Revenue announced an extension to the reduced VAT rate of 7% from October 1, 2024 to September 30, 2025 through PR 29/2024 issued on September 17, 2024.
After initial considerations to expand its mandatory e-invoicing system to encompass B2C transactions, announced in late 2023, the Indian government has taken another step in this direction. During its 54th meeting held in September 2024, the GST (Goods and Services Tax) Council recommended a pilot rollout for B2C e-invoicing. The recommendation was raised after the […]
New Jersey recently enacted S-721. This law provides an exemption for the sale of certain investment metal bullion and coins and is effective starting January 1, 2025.
Beginning with tax year 2024 returns filed in 2025, Mississippi lowered its electronic filing threshold for filing 1099 and W-2 to 10 or more returns. Previously, Mississippi applied a 25 or more form electronic filing threshold. Mississippi has not yet updated its guidance to reflect this change. The penalty for failure to file electronically when required […]
The IRS recently updated the Instructions for Forms 1099-R and 5498 to reflect that the 10% tax on early distributions does not apply to distributions for emergency personal expenses, terminally ill individuals, and domestic abuse victims. For Form 1099-R, distribution code 1 should not be used in Box 7 to report these types of early […]
The IRS recently re-released the 2024 5498 (IRA Contribution Information). The instructions for Box 14a and Box 14b were updated to reflect that the 10% tax on early distributions does not apply to distributions for emergency personal expenses, terminally ill individuals, and domestic abuse victims. Repayments made after 60 days for these early distribution types […]
The IRS recently released its 2024 Publication 1220. This publication contains the filing specifications for the FIRE system to file forms of the 1097, 1098, 1099, 3921, 3922, 5498, and W-2G series. This year, most changes to the publication were editorial in nature, including updates to the year of the document throughout and minor changes […]
In August 2024, the Polish Ministry of Finance (MoF) adopted a Regulation adding new elements to the JPK_CIT (SAF-T obligation for corporate income taxpayers) and making it a periodic obligation, with a phased roll-out starting 1 Jan 2025, among other provisions. However, on 10 September, the Polish government published a draft regulation to authorize the […]
Alabama will exempt honeybees from state sales and use tax starting October 1. The exemption will also apply to honeybee “inputs” and “byproducts”. The exemption will not apply to local taxes, and is set to expire on September 30, 2029.
The Greek authorities have published the awaited legislation (A. 1122 and 1123 of 2024) requiring taxpayers to submit domestic and cross-border transport document data to the myDATA platform in real-time and to obtain tax authority approval before the start of transportation. Transmission of transport document data has been possible via myDATA, but timelines have now […]
Alabama will exempt hearing aids from state sales and use tax starting October 1. The exemption will not apply to local taxes, and is set to expire September 30, 2029.
The Saudi Arabian Tax and Customs Authority (ZATCA) announced the 15th wave of Phase 2 of the e-invoicing initiative. The 15th wave includes taxpayers with a revenue of at least SAR 4 million (approximately USD 1.06 million) that were subject to VAT during 2022 or 2023. Taxpayers within this group are expected to integrate with the system as of […]
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 […]