Regulatory Analysis
The Canada Revenue Agency (CRA) recently released the 2024 NR4 Publication (T4061 Non-Resident Tax Withholding, Remitting, and Reporting). There are several changes of note. When using income code 75 or 76 for First Home Savings Account (FHSA) payments to a beneficiary, report the deceased holder FHSA contract number in the payer or agent identification number […]
The Canada Revenue Agency (CRA) recently released the 2024 T5008 Publication (T4091: Return of Securities Transactions). There is one notable change for filers who use aggregate reporting. Previously, aggregate reporters filed one T5008 slip per payee per calendar year using code ‘1231’ in Box 14 for transactions involving identical securities. For 2024, filers that use […]
Canada Revenue Agency (CRA) recently released the 2024 T5 (Statement of Investment Income). There are several important changes related to the mid-year capital gains inclusion rate increase. For 2024, Box 34 has been added under ‘Other Information’ to report capital gains dividends realized from January 1, 2024 to June 24, 2024 (Period 1). The instructions […]
Canada Revenue Agency (CRA) recently released its 2024 T4A Publication (RC 4157 Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary). There are several updates of note: · The CRA will waive the requirement to file T4A for payers who are individuals and who contract the payee in a […]
Rhode Island has released a second version of its 2024 Withholding Filing Requirements guide. Rhode Island houses its W-2 and 1099 electronic specifications in the guide. There are several changes of note: · The W-2 electronic specifications have been updated. Rhode Island will now require the RW Employee Wage Record. · Electronic 1099 and W-2 […]
The Colorado Department of Revenue published local sales and use tax changes effective January 1, 2025. The following state-administered local jurisdictions will be changing their tax rates: Canon City Holly Superior San Miguel Authority for Regional Transportation Southwest Plaza MDT Ute Pass Regional HSD Further information may be found here.
The Colorado Department of Revenue published local sales and use tax changes effective January 1, 2025. The following self-administered locals will be changing their tax rates: Castle Rock Denver Glenwood Springs Further information may be found here.
The city of Aspen, Colorado changes from self-administered to state-administered for sales tax effective January 1, 2025. the city will continue to self-administer use tax. Further information may be found here.
Lafayette, Colorado approved Ordinance No. 22, Series 2024 which amends the Lafayette Municipal code to exempt sales of bullion beginning January 1, 2025. Further information concerning the ordinance may be found in the City Council Agenda for December 3, 2024 here.
Effective January 1, 2025, by approval of Ordinance No. 22, Series 2024, essential hygiene products such as feminine hygiene and incontinence products will be exempt from sales and use tax in the city of Vail, Colorado. Further information concerning the ordinance may be found here.
In Maine, with the passage of H.P. 1278/L.D. 2000, certain leases or rentals of tangible personal property (TPP) are now subject to the general 5.5% sales tax rate effective January 1, 2025. Previously, lessors paid tax when purchasing TPP for lease or rental but did not charge tax to their lessees. More information may be […]
Effective January 1, 2025, with the passage of H.P. 1278/L.D.2000, rentals of trucks and vans with a gross vehicle weight rating of less than 26,000 pounds for a period of less than one year in Maine are subject to the general 5.5% sales tax rate, regardless of the person from whom the vehicle was rented. […]
The proposed amendments to Romania’s e-invoicing, e-transport, and e-VAT legislation have been officially adopted through Government Emergency Ordinance (GEO) no. 138, published on December 4th. The adopted ordinance largely reflects the provisions outlined in the draft GEO. Key updates include: E-invoicing Simplified invoices are no longer excluded from scope of mandatory e-invoicing and reporting requirements […]
This law in general terms establishes the possibility of exceptionally regularizing tax obligations through forgiveness, and payment facilities for the different taxes. With regard to obligations in terms of electronic invoicing, the only Title that has an impact is TITLE VII of the Consumer Tax Transparency Regime. This Chapter establishes a modification to the VAT […]
Pursuant to amendments published in the Official Gazette of Montenegro No. 94/2024 on September 30, 2024, a new reduced VAT rate category of 15% is introduced and the scope of supplies subject to the 7% reduced rate is adjusted from January 1, 2025. The 7% VAT rate will apply to essential goods, including basic food […]
On 6 December 2024, the Italian Institute for Insurance Supervision (IVASS) published the management charge rate for the year 2025. The rate has been increased from 4.37% to 4.50%. The management charge reduces the taxable basis applied to the Road Accident Victims Fund (RAVF) and Hunting Accident Victims Fund (HAVF) and is published annually at […]
In 2022, a Texas District Court held in Coppell v. Hegar and Round Rock v. Hegar that Texas failed to follow its own requirements in enacting Texas Tax Rule 3.334. In short, the court required the comptroller to re-amend or re-adopt the rule using proper Texas procedures. The Texas Comptroller then fulfilled the procedural requirements […]
Louisiana House Bill 10 of the Louisiana 2024 Third Extraordinary Session includes language to increase the Louisiana state level sales and use tax rate from 4.45% to 5%, effective January 1, 2025. The bill awaits the Governor’s signature. More information can be found here.