Regulatory Analysis
The Saudi Arabian Tax and Customs Authority (ZATCA) announced the 18th wave of Phase 2 of the e-invoicing initiative. The 18th wave includes taxpayers with a revenue of at least SAR 2 million (approximately USD 532 200, 00) that were subject to VAT during 2022 or 2023. Taxpayers within this group are expected to integrate with the system as of […]
On December 2nd, a Draft Government Emergency Ordinance was published, proposing amendments to Romania’s e-invoicing, e-transport and e-VAT mandates. E-invoicing Simplified invoices are set to come under the scope of mandatory e-invoicing and reporting requirements from January 2025. For mandatory B2B e-invoicing between established taxpayers, it is clarified that transactions with a place of supply […]
On November 26, 2024, the IRS released Notice 2024-85 (Revised Timeline Regarding Implementation of Amended Section 6050W(e)). The notice announces transitional relief for Third-Party Settlement Organization (TPSOs) from the 1099-K reporting threshold for tax year 2024 and 2025. For tax year 2024, the IRS will implement a $5,000 reporting threshold for TPSOs, without regard to […]
Arkansas recently published its 2024 Specifications for Filing Forms W-2/1099 Electronically. The publication’s revision date is November 8, 2024. The document details the state-specific additions to the Social Security Administration’s EFW2 format and the IRS Publication 1220 format. There were several editorial changes but no substantive changes to the specifications themselves, Despite this, some important […]
Starting January 1, California will increase its 911 surcharge rate from $0.30 to $0.41. More information can be found here.
The Greek Tax Authority (Independent Authority for Public Revenue, IAPR) has announced the postponement of the obligation to transmit transport document data to the myDATA platform in real time. This was set to become mandatory from 1 Dec 2024 for the first impacted groups. The newly announced deadlines are as follows: Phase 1 Features and […]
On November 8, 2024, the new regulation was published, which repeals the previous Regulation (Executive Decree 1° 41820-H of June 19, 2019). Among the most important changes are: Create an additional receipt (Electronic Payment Receipt), which will serve to support partial payments. If the issuer or receiver of the electronic receipt does not confirm it […]
Michigan PA 14 and 15 in 2023 created a tax exemption on certain firearm safety items from May 2024 through December 31, 2024. Michigan recently published a notice confirming the end of this tax exemption. Beginning January 1, 2025, all firearm safety items will be subject to the standard tax rate in Michigan.
The Polish Minister of Finance (MoF) has proposed a Draft regulation to exempt taxpayers under the Corporate Income Act from the obligation to submit data from the register of fixed and intangible assets, also known as JPK_ST_KR. It was expected that the MoF would enact regulations impacting the such obligation, as we previously informed here. […]
The General Resolution MH–DGT-RES-0027-2024 on the technical provisions of electronic receipts for tax purposes was published and among other changes, It establishes the dates of implementation of the Version 4.4 and its annexes. VERSION 4.4. Effective as of June 1, 2025, as of that date Version 4.3 is repealed, which may only be used to […]
West Virginia recently released its 2024 W-2 Specifications. There are several changes of note. First, a new instruction has been added for software companies and payroll service providers to submit a Letter of Intent to file withholding and payroll information returns electronically. The letter of intent can be accessed by emailing taxloi@wv.gov and must be […]
West Virginia recently released its 2024 1099 Specifications. There are several changes of note. First, a new instruction has been added for software companies and payroll service providers to submit a Letter of Intent to file withholding and payroll information returns electronically. The letter of intent can be accessed by emailing taxloi@wv.gov and must be […]
The Canadian Government has announced its intention to implement a two-month tax holiday from the Good and Service Tax and Harmonized Sales Tax (GTS/HST). The proposed holiday will apply to both the 5% GST applicable across Canada and the HST in the provinces of Ontario, Prince Edward Island, Nova Scotia, New Brunswick, and Newfoundland and […]
Maryland recently released the 2024 Maryland Employer Reporting of 1099 Instructions and Specifications. There are significant changes to the 1099 filing process, which can be attributed to the transition to ‘Maryland Tax Connect’ (MTC). MTC has replaced SFTP for filing most 1099 forms. Forms 1099-K and 1099-S must still be filed through SFTP. Filers of […]
The State Taxation Administration (STA) in China recently decided to officially promote the optional adoption of digital electronic invoices throughout the country. The announcement, effective from 1 December 2024, confirms that digital invoices will have the same legal effect as paper invoices and will have the following categories: VAT special invoices. Ordinary invoices. Air transport […]
Starting January 1, 2025, new regulations will mandate electronic invoicing for electricity and natural gas supplies to non-private individuals. This obligation is outlined in Government Decree no. 273/2007. The framework does not require e-invoices to be issued in any specific format, nor does it require a specific method for the exchange of the electronic invoice. […]
The Hungarian Government issued a new government decree (no 356/2024) on 21st November 2024, which amends the extra profit tax regulations including the rules for insurance premium tax (EPTIPT). The new decree extends the extra profit tax on insurance premiums for another year. The updated termination date is 31st December 2025. Not only the applicable rates, […]
Singapore has concluded negotiations for a Digital Trade Agreement with the European Union in July 2024. The aim is to streamline digital trade by fostering cross-border data flows and regulatory cooperation. Therefore, there is a focus on e-invoicing, and both parties are committed to supporting cross-border interoperability of e-invoicing standards. This aim is already aligned with the use of Peppol […]