Regulatory Analysis
After nearly two years of negotiations, representatives from the European Commission and Norway initialed an agreement on VAT cooperation in May of 2017. The agreement will facilitate administrative cooperation between the parties, and will provide a legal framework to combat VAT fraud and assist in the recovery of VAT claims. The initialed agreement will officially […]
By a vote of 590 to 8, with 10 abstentions, the European Parliament has formally agreed to allow Member States the option of applying reduced VAT rates on electronic books, newspapers and periodicals. This proposal, as put forth by the European Commission, is designed to bring the VAT treatment of e-publications in line with the […]
According to a report from Reuters, the German Economic Ministry has recently been analyzing a possible reduction in the country’s 19% VAT rate, as part of a larger analysis of German trade surpluses. A ministry spokesperson did not deny the report, but stated that a VAT reduction would have a minimal effect on existing surpluses, and that […]
On June 12 of 2017, the Italian Tax Authorities (ITA) issued Protocol No. 110418, to further implement the principles of EU administrative cooperation and combating fraud in the field of VAT. The purpose of the new rules is not only to identify potential VAT Fraud, but also to empower the ITA to cancel VAT numbers […]
On June 8, 2017, twenty European Union Member States voted to establish a new European Public Prosecutor’s Office (EPPO), which will be given broad powers to combat cross-border VAT fraud. The EPPO is envisioned as an independent body with the power to investigate fraud in all participating Member States; it will also be able to […]
Earlier this week, the House of Representatives passed the Verify First Act – which would serve as an amendment to the premium tax credit under the Affordable Care Act (ACA) and to the premium assistance credit under the proposed American Health Care Act (AHCA). The bill provides that an individual is not entitled to advance […]
Monaco recently published a list of reportable and participating jurisdictions on its CRS Frequently Asked Questions page. These lists are current as of April 2017, and should be considered as current until further notice. Please note that reportable jurisdictions are ones which have established exchange of information agreements with Monaco under CRS, while participating […]
The Ministry of Finance, Trade, and Investment in Turks & Caicos recently published a list of Reportable Jurisdictions for 2017. These jurisdictions have an existing agreement in place with Turks & Caicos to exchange tax information under CRS. Please note that while this list is currently up to date, it is subject to change […]
In his June 1, 2017, budget speech, the Bangladeshi Minister of Finance announced the July 1, 2017, implementation of the Value Added Tax and Supplementary Duty Act, 2012. A full copy of Bangladesh’s 2017-2018 Budget Speech may be found here. While the Act was passed in 2012, its implementation has been deferred in order to […]
On June 11, India’s GST Council revised GST rates applicable to certain goods. The changes include a rate reduction from 28% to 18% on specified electronic products, such as computer printers, CCTV, and computer monitors not exceeding 17 inches. The schedule of all the revisions is available here. GST will be fully implemented in India on July 1, 2017. […]
The Croatian Tax Administration has recently published its response to a query about place of supply rules and VAT liability on a Dutch taxpayer’s sales. The Dutch taxpayer holds a VAT identification number in Croatia but does not have physical presence within the country. The conclusions made in this guidance by the Tax Administration are […]
Maine Revenue Services has made available the draft versions of the 2018 MEETRS File Formatting Specifications for Electronic Transmittal of Quarterly Income Tax Withholding. There are sets of specifications for both original filings and amended filings – which will become effective the first quarter of 2018. There are certain revisions to the specifications of which […]
California recently released an updated version of Form DE-9, the Quarterly Contribution Return and Report of Wages. This form is issued by the Employment Development Department, and is used by employers in California to report wages and withholdings on a quarterly basis. This new version makes no changes to the form itself. However, the […]
On June 8th, the Republic of Croatia submitted a final proposal to the European Commission, requesting a derogation from the EU VAT Directive regarding threshold amounts for tax application on small enterprises. This derogation would allow Croatia to exempt from VAT taxable persons whose annual turnover is EUR 45 000, effective January 1, 2018. Under Article […]
The Treasury Inspector General for Tax Administration (TIGTA) recently announced the delay of the ACA Compliance Validation (ACV) System, which is now expected to be implemented in May 2017. Employers should be aware that this delay does not impact their reporting obligations and potential liabilities for penalties. The ACV system’s purpose is to determine compliance […]
The amended American Health Care Act (AHCA) passed by the House expanded upon the prior version, but made certain adjustments providing individual states more flexibility in shaping and regulating their own insurance markets. The new bill also appropriates $8 billion over five years to subsidize coverage for pre-existing conditions in an attempt to offset the fiscal impacts of permitting […]
If the American Health Care Act (AHCA) becomes law, the IRS would expect employers to report as they did under the ACA. The IRS would also continue to enforce penalties for late, missing, inaccurate and incomplete information returns. Even with the bill’s nullification of Employer Mandate penalties, reporting would remain mandatory in its current […]
Congressman Tom MacArthur has authored an amendment to the American Health Care Act (AHCA) that would provide greater flexibility to states by allowing them to request waivers from any of three key AHCA provisions: The 5:1 Age Rating Ratio: The age rating ratio, which is already being increased from 3:1 to 5:1, will be […]