Regulatory Analysis
On the afternoon of March 27th, Québec's Minister of Finance, Carlos Leitão, tabled the 2018-2019 budget in front of the Québec National Assembly. A key announcement with respect to Québec Sales Tax (QST) is requiring businesses located outside Québec to register and collect the QST for certain supplies to consumers. The Ministry of Finance has published […]
The Governor of Puerto Rico recently announced a proposal that would overhaul multiple components of the island’s tax system, including sales tax. Specifically, the Governor suggests…. Prepared foods be taxed at a special rate of 7% as opposed to the standard rate of 11.5%. A reduction of the special rate applicable to Business to Business […]
The European Commission recently proposed new rules to ensure the fair taxation of digital business, placing the EU at the forefront in designing tax laws aimed at the modern digital economy. The Commission is seeking to instate an interim tax to generate immediate revenues for Member States from digital activities that are currently taxed ineffectively. […]
The EU VAT Forum (a sub-group of the European Commission) recently released a report on the VAT aspects of E-commerce. The Commission found that one of the biggest challenges facing tax administrations and businesses is how parties access and exchange information in the e-commerce supply chain. Tax Administrations are challenged to devise a way to […]
The IRS has updated Publication 5258. Publication 5258 is the ACA Information Returns Submission Composition and Reference Guide and is used to electronically file Forms 1094 B and C, and Form 1095 B and C with the IRS. Tables 5-4, 5-8, and 5-10 were updated to remove a statement that said “UserID is not […]
Oregon recently published their updated Combined Payroll Tax Report for 2018. This publication primarily serves as an instructional and regulatory guide for employers filing and remitting taxes related to their businesses. There are a number of updates to this publication from previous years, which are as follows: Form OR-WR, Annual Reconciliation, has been updated […]
Arizona recently released an updated Form A1-QRT, Quarterly Withholding Tax Return. This form is used by businesses to report their quarterly withholding amounts and payment deposits. There are a few changes to the latest version of this form, which are as follows: The annual deposit schedule date has been moved up from February 28 […]
The South African Revenue Service (SARS) has announced that the VAT rate increase from 14% to 15% effective April 1, 2018, is still moving forward. Under the South African Value-Added Tax Act 89 of 1991, Section 7(4), the Minister of Finance has the authority to announce in his budget speech a change in rate for […]
The Arizona Department of Revenue posted that Pinal County has requested that the Department begin collecting a transportation excise tax beginning with a reporting period beginning April 1, 2018. This Transportation Excise tax shall be 0.5% and apply to the first $10,000 of gross income from the sale of a single item of tangible personal property. For any amounts […]
The finalized Value Added Tax Regulations for 2018 (herein "VAT Regulations") have been published by the United Kingdom's Parliament. The VAT Regulations clarify the digital record-keeping requirements that have been announced under the Making Tax Digital (MTD) initiative, starting April 1, 2019. Included in the VAT Regulations are definitions for "functionally compatible software" and "API", as well as […]
Proposed Changes to the Spanish Extraordinary Risk Surcharge Regime Two draft Spanish resolutions were recently released proposing significant changes to the filing requirements and reductions in the rates of Extraordinary Risk contributions due to the Consorcio de Compensación de Seguros (CCS). The draft resolutions will be reviewed for approval in the coming months. The changes […]
As a follow up to Information Notice 2017-01 issued in January 2018, the Pennsylvania Department of Revenue recently issued new 1099-MISC Withholding Tax Requirements. These instructions contain reporting and payment instructions for payers responsible for reporting payment data relating to 1099-MISC reporting to the state of Pennsylvania. Beginning on January 1, 2018, anyone making the following […]
Mississippi updated their Withholding Tax FAQs. While there are no substantive changes to the FAQs, the Department of Revenue has now included links to key documents and websites. To read the updated FAQs, please follow the link.
West Virginia's Tax Department published the 2017 version of the Electronic Media Specifications for 1099s and W-2Gs. There are no substantive changes from the 2016 Specifications. To view the specifications in full, please follow the link.
The Oregon Department of Revenue has published its Form OR-WR Oregon Annual Withholding Tax Reconciliation Report, to be used for reporting information related to Tax Year 2018. The return’s due date is 1/31/2019. This form is now used to reconcile both withholding and statewide transit taxes; previous versions of the form were only used for withholding. […]
Saint Tammany Parish in Louisiana has scheduled an election on March 24th to determine the fate of two 0.25% parish-wide sales and use taxes. If either or both taxes are voted down the parish-wide sales tax rate will decrease up to 0.5% effective April 1, 2018. If either or both taxes pass the renewal rate for each […]
On February 28, 2018, the HMRC Commissioners presented the VAT Regulations Amendments for 2018 to the House of Commons. The amendments would become effective on April 1, 2019, and are intended to inform businesses impacted by the Making Tax Digital Initiative of their digital record-keeping requirements. Notably, the Amendments clarify the type of information required […]
The IRS has updated Publication 5258, the AIR Submission Composition and Reference Guide. There are a number of changes from the previous revision: Corrected Text in Section 6.3 New note to indicate that TY2017 AATS begins with either AATS1094B or AATS1094C, and for prior year (TY2015, TY2016) transmissions, the Receipt ID format begins with either […]