Regulatory Analysis

Posted January 11, 2024 by Jesse Rooney
Vermont Releases 2023 W-2 and 1099 Specifications

Vermont recently released it’s Electronic Filing Specifications for EFW-2 and 1099 filing with the state. Except for some editorial changes, there were no changes to either set of specifications. Vermont follows the IRS Publication 1220 format for 1099 filing and generally follows the SSA’s EFW-2 specifications for filing of W-2s. To view the W-2 specifications, […]

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Posted January 11, 2024 by Jesse Rooney
Idaho Releases W-2 and 1099 E-Filing Direction

Idaho has released its electronic W-2 and 1099 filing specifications. There are no changes to the electronic specifications themselves. There are some filing direction changes.  Firstly, Idaho has adopted the federal e-filing threshold: if a party is reporting 10 or more information returns, it must file those returns (W-2s and 1099s) electronically.  Second, Idaho now […]

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Posted January 11, 2024 by Jesse Rooney
Arkansas Releases 2023 W-2 and 1099 Electronic Reporting Specifications

Arkansas has released its electronic filing specifications for W-2 and 1099 forms submitted to the state for tax year 2023. There are no changes to the electronic specifications themselves. There are some important changes to filing direction.  First, Arkansas has lowered it electronic filing threshold for form W-2 from 250 to 125, meaning those filing […]

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Posted January 9, 2024 by Edit Buliczka
France: Guarantee Fund Contributions for Victims of Terrorism has been increased

On 28 December, a new ministerial decree was published in the French Official Journal. The new decree increases the amount of the contribution to the Guarantee Fund for victims of acts of terrorism and other offences from EUR 5.90 to EUR 6.50. The new rate takes effect on 1 July 2024 for insurance contracts maturing […]

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Posted January 8, 2024 by Robert Pelletier
Malaysia: Sales Tax on Low Value Goods from January 1, 2024

The Royal Malaysian Customs Department announced that cross-border sales of goods valued at MYR500 or less are subject to 10% sales tax when sold to businesses and consumers in Malaysia effective January 1, 2024. The low value goods regulations can be found here.

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Posted January 8, 2024 by Robert Pelletier
Vietnam: Extension of Temporary 8% Standard VAT Rate Reduction until June 30, 2024

Pursuant to Decree 94/2023/ND-CP as published on December 28, 2023, supplies of goods and services subject to the standard 10% VAT rate will continue to apply the temporary 8% standard VAT rate until June 30, 2024. The 2% VAT rate reduction, which was previously set to expire on December 31, 2023, has been extended by […]

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Posted January 8, 2024 by Charles Riordan
Czech Republic: VAT Law Changes

Government Bill 488, now published in the Official Gazette of the Czech Republic, makes several changes to the country’s VAT Act, the most significant of which are as follows: The country’s two reduced rates of 15% and 10% are replaced by a single reduced rate of 12%; Books, including electronically supplied books, are exempt with […]

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Posted January 8, 2024 by Charles Riordan
Luxembourg: 2024 Rate Changes

On January 1, 2024, Luxembourg’s temporary 1% decrease in several of its VAT rates will expire. Luxembourg’s VAT rates will return to what they had been prior to January 1, 2023, as follows: 17% standard rate (was 16% for calendar year 2023) 14% reduced rate (was 13% for calendar year 2023) 8% (was 7% for […]

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Posted January 8, 2024 by Robert Pelletier
Germany: Temporary Reduced Rate for Restaurant and Catering Services Expires December 31, 2023

Pursuant to Federal Gazette No. 39/2022 published on October 29, 2022, the temporary 7% reduced VAT rate applied to restaurant and catering services, excluding the sale of beverages, in Germany expired on December 31, 2023. These services have been subject to the standard 19% tax rate since January 1, 2024. The law can be found […]

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Posted January 8, 2024 by Robert Pelletier
Greece: Temporary Reduced VAT Rates on Various Goods and Services From January 1, 2024

Pursuant to Law 5073/2023 as published in the Official Gazette on December 11, 2023, the temporary 13% reduced VAT rate in Greece that applied the provision of services in cafes, restaurants, and pastry shops, as well as the 6% rate on protective face masks and gloves due to Covid-19, has expired. Since January 1, 2024 […]

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Posted January 8, 2024 by Robert Pelletier
Spain: Temporary Zero VAT Rate on Basic Foods Extended Until June 30, 2024

As announced by the Spanish Ministry of Finance on December 27, 2023, the temporary zero VAT rate on basic food items such as bread, flour, milk, cheese, eggs, fruits, vegetables, legumes, tubers, and cereals has been extended until June 30, 2024. These measures seek to continue making consumer shopping baskets cheaper through the first half […]

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Posted January 8, 2024 by Dilara İnal
India: E-waybill issuance without e-invoice details blocked

National Informatics Centre (NIC) announced on 5 January 2023, e-waybill generation will not be allowed without e-invoice details starting from 1 March 2024. In India, it is mandatory for taxpayers exceeding a certain threshold to generate electronic invoices for B2B and B2G transactions. Suppliers falling within the mandatory scope of e-invoicing must generate e-waybills relating […]

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Posted January 5, 2024 by Robert Pelletier
Antigua and Barbuda: Standard Sales Tax Rate Increase from January 1, 2024

Pursuant to the Antigua and Barbuda Inland Revenue Department announcement on December 22, 2023, the ABST (sales tax) rate increased from 15% to 17% effective January 1, 2024. The announcement can be found here.

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Posted January 5, 2024 by Robert Pelletier
Italy: Reduced VAT Rates on Feminine Hygiene Products and Childcare Products from January 1, 2024

Italy officially published the Budget Law for 2024 in the Official Gazette No. 303 of December 30, 2023. The VAT rates applied to supplies of feminine hygiene products and childcare products, such as baby diapers, will increase from 5% to the 10% reduced VAT rate from January 1, 2024. Law No. 213 containing these measures […]

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Posted January 5, 2024 by Sovos
Rhode Island Increases Mattress Recycling Fee

Effective January 1, 2024, the mattress recycling fee collected on the sale of all mattresses and foundations sold to Rhode Island residents will increase to $20.50 per unit sold. Additional information can be found here.

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Posted January 5, 2024 by Bradley Feimer
Carbondale & Edgewater, Colorado Change to State-Administered for Sales Tax

The cities of Carbondale and Edgewater, Colorado changed from self-administered to state-administered for sales tax effective January 1, 2024. Each local will continue to self-administer use tax. Further information may be found here.

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Posted January 5, 2024 by Andrés Landerretche
Mexico: Deadline extension for Carta Porte supplement version 2.0

The tax authority, through the Miscellaneous Tax Resolution for 2024, in its transitory provisions, established that taxpayers obliged to issue CFDIs to which the Carta Porte supplement is incorporated, may continue to issue them in its version 2.0, published on February 24, 2023 on the SAT Portal, until March 31, 2024.

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Posted January 5, 2024 by Andrés Landerretche
Peru: GRE Grace Period Extended

On December 24, SUNAT resolution 000042/2023 was published, extending the grace period for the non-application of penalties for infractions related to Electronic Transportation Guide (GRE) The resolution indicates that the subjects required to issue the GRE as of 1 January 2024 require an adaptation period and it is advisable to extend the deadline for compliance. […]

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