Regulatory Analysis

Posted March 28, 2024 by Alexander Dunn
Wisconsin Exempts Precious Metal Bullion

On March 21, 2024, Wisconsin Governor Tony Evers signed Assembly Bill 29 which creates a sales and use tax exemption for precious metal bullion. The bill defines “precious metal bullion” as coins, bars, rounds, or sheets that contain at least 35 percent gold, silver, copper, platinum, or palladium that are either marked with weight, purity, […]

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Posted March 28, 2024 by Inês Carvalho
Norway: New Financial SAF-T schema (version 1.3)

The schemas for the Norwegian Financial SAF-T have been updated to version 1.30 and are accessible here. Effective January 2025, compliance with the new schema version will be mandatory. Until then, entities are permitted to continue using the previous version, 1.2. Since 2020, Norwegian tax regulations mandate that Financial SAF-T files must be readily available […]

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Posted March 28, 2024 by Bradley Feimer
Virginia Enrolled Bill HB 1429 Allows Localities to Exempt Indoor Farm Machinery and Farm Implements from Sales Tax

Virginia enrolled legislation, HB 1429, allows local governing bodies to exempt “indoor, closed, controlled-environment commercial agriculture facility” farm machinery, farm equipment, and farm implements from sales tax effective July 1, 2024. “Indoor, closed, controlled-environment commercial agricultural facility” is inclusive of greenhouse or vertical farming. For more information, please find the enrolled legislation here.

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Posted March 27, 2024 by Edit Buliczka
Hungary: IPT rate change

The Hungarian Government recently announced a new Government Decree (No. 52/2024), which alters the existing IPT regulations. The rules outlined in this decree have not been integrated into the IPT law (No. 102/2012), and apply from the April 2024 period which is due to be settled by 20th May 2024. According to the new rules, […]

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Posted March 22, 2024 by Marta Sowińska
Poland: KSeF- New Changes Proposed During Public Consultation

On March 21st, the Polish Minister of Finance (MoF) held an in-person meeting to summarize the results of the public consultation that took place between February and March. The MoF has announced the following updates: Timeline: While a new timeline has not yet been defined, the MoF clarified that all taxpayers, regardless of VAT status, […]

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Posted March 22, 2024 by Inês Carvalho
Romania: Draft Legislation Published on the Expansion of e-Reporting Grace Period

Following speculation on a possible expansion of the grace period of the Romanian e-invoicing mandate, the Romanian Ministry of Finance published today, 22nd March 2024, a Draft Government Emergency Order confirming their intention to defer the grace period. The Emergency Order proposes that the deadline for the application of penalties for non-compliance with electronic reporting […]

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Posted March 22, 2024 by Dilara İnal
Germany: Parliament Approves B2B e-Invoicing Mandate Starting in 2025

The German parliament passed The Growth Opportunities Act (Wachstumschancengesetz – the Act) today, concerning various tax matters, including a nationwide B2B electronic invoicing mandate. Originally the Act was set for a vote at the end of 2023 with January 2024 as enforcement date. However, the lack of consensus by the parliament in various provisions of […]

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Posted March 22, 2024 by Paul Ogawa
IRS Publishes Updated Form for Extension of Time to Furnish Recipient Statements

The IRS recently published an updated version of Form 15397, Application for Extension of Time to Furnish Recipient Statements. This form replaces the previous process for requesting an extension of time to furnish recipient statements as outlined in the General Instructions for Certain Information Returns, and was recently introduced with little fanfare for tax year […]

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Posted March 20, 2024 by Marta Sowińska
Poland: SAF-Ts Updates (JPK_KR/JPK_CIT)

On March 18th, 2024, the Polish Ministry of Finance published a second draft act regarding JPK_KR, that requires additional data to be reported on the accounting records. The draft act impacts the content of JPK_KR (aka JPK_CIT), and is aimed to enter into force from 1 January 2025. The Ministry decided to split JPK_KR into two […]

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Posted March 20, 2024 by Dan Barros
Indiana Removes 200 Transaction Threshold for Establishing Economic Nexus

Indiana Governor Eric Holcomb signed SB 228, effective retroactively starting January 1, 2024, to remove the 200 or more separate transactions threshold for establishing economic nexus within the state. Retail merchants receiving gross revenue from sales of more than $100,000 into Indiana within the current calendar year or the preceding calendar year threshold remains. More […]

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Posted March 20, 2024 by Robert Pelletier
Ecuador: VAT Rate Increase to 15% From April 1, 2024

Pursuant to Executive Decree No. 198 as issued by the President on March 15, 2024, the standard VAT rate in Ecuador is increased to 15% effective April 1, 2024. A copy of Executive Decree No. 198 can be found here (in Spanish).

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Posted March 15, 2024 by Dilara İnal
Namibia: Budget Statement Paves the Way for e-Invoicing Implementation

Namibia is preparing to implement a VAT electronic invoicing system, aligning with global trends. As part of the 2024-2025 budget statement, the Ministry of Finance and Public Enterprises, in collaboration with the Namibian Revenue Agency (NamRA), announced plans to explore a VAT e-invoicing system that will connect business cash registers with the Integrated Tax Administration […]

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Posted March 15, 2024 by Robert Pelletier
Poland: 5% VAT Rate on Basic Food Products from April 1, 2024

The Polish Ministry of Finance announced on March 12, 2024 that the temporary zero VAT rate on basic food will not be extended after March 31, 2024. The previous 5% VAT rate will apply to basic food products such as milk, eggs, vegetables, cereals, meat, and fish products from April 1, 2024. The Ministry of […]

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Posted March 14, 2024 by Robert Beck
IRS Releases 2024 Form 1098-E

The IRS recently released its 2024 update to Form 1098-E, the form used to report student loan interest to the IRS. Year to year, this form changes very little generally. This year, the changes follow much the same pattern that most updates for 2024 have seen. For the copies of the Form itself, the only […]

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Posted March 14, 2024 by Radhika Akhil
Nebraska Approves New Good Life Districts

In 2023, Nebraska Governor Pillen approved the Good Life Transformational Project Act (LB 727), which allowed local jurisdictions to apply to become a “good life district” (GLD). If approved by the Department of Economic Development, any transactions occurring in such districts would be subject to a reduced sales tax rate of 2.75%. During communications with […]

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Posted March 14, 2024 by Paul Ogawa
IRS Releases New Application for Extension of Time to Furnish Recipient Statements

The IRS recently published Form 15397, Application for Extension of Time to Furnish Recipient Statements. This is the first iteration of the form and is meant to replace the previous procedure for requesting an extension of time to furnish recipient statements. That process is detailed in the General Instructions for Certain Information Returns and involves […]

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Posted March 14, 2024 by Robert Beck
IRS Releases Updated Form 1099-K

The IRS recently released an updated version of Form 1099-K, the form used to report payment card and third-party network transactions, and its accompanying instructions. Changes to the form itself were minimal, falling in line with changes made to several other forms in the 1099 series. These include adding a notice about the 10 form […]

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Posted March 11, 2024 by Edit Buliczka
Austria: New IPT Settlement Form Published

The Austrian Tax Office recently released a new report form (Form6) for settlement of Insurance Premium Tax (IPT). This new template complies with both changes in the IPT regulation of last July and the Decree of the Ministry of Finance issued in December 2023. In summary, the modification to Section 7 of the IPT law […]

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