Regulatory Analysis
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 […]
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 […]
The Kenya Revenue Authority (KRA) announced that non-VAT registered taxpayers have a grace period to onboard to the authority’s platform for e-invoicing until March 31, 2024. This extension is designed to facilitate necessary adjustments in systems and business operations. During the grace period no penalties will be imposed on businesses for not issuing electronic invoices. […]
Bulgaria is expected to implement an obligation for taxpayers to submit Standard Audit File for Tax (SAF-T) files periodically to the country’s tax authorities. The exact timeline for implementation remains undefined, as the project is still under development and the legislation hasn’t been adopted yet. It is anticipated that the SAF-T obligation will be introduced […]
The IRS recently released its 2024 Form 941, Schedule B, and Schedule R along with the accompanying instructions. Several changes have been made to the 941 and to Schedule R, while Schedule B remained largely unchanged for 2024. Many of the changes found throughout the form, schedules, and instructions this year are related to the […]
Effective April 1, 2024, California will exempt breast pumps and certain related items. More information can be found in AB 1203.
Pursuant to Explanatory Note No. 03949 published on October 9, 2023, non-resident suppliers providing digital services to taxable persons in Cote d’Ivoire must collect and remit VAT. This change expands the prior B2C cross-border e-services VAT collection obligations enacted in January 2022 to include both B2C and B2B customers. Online marketplaces are also required to […]
The Goods and Services Tax Network (GSTN) has announced updated to its e-invoicing initiative, accompanied by the launch of an enhanced e-invoicing portal. The new features included in the revamped e-invoice portal include: PAN-based search: Users can check the e-invoice enablement status of entities by using their Permanent Account Number. Automatic e-invoice exemption list: A […]
Pursuant to the Service Tax (Rate of Tax) (Amendment) Order 2024, effective 1 March 2024, the service tax rate is increased from 6% to 8% on all taxable services except for food and beverage preparation, telecommunications, parking provision services, and logistics, which will remain at the 6% rate. The order can be found here (in […]
The Zambian Revenue Authority (ZRA) announced that as of July 1, 2024, all VAT registered taxpayers are mandated to issue e-invoices through the Smart Invoice software solution implemented by ZRA. This announcement follows Zambia’s initiation of e-invoicing plans in 2023. Taxpayers will only be eligible to claim input VAT or deductions based on invoices generated […]
The scope of Insurance Premium Tax (“IPT”) has been extended to brokers and intermediaries by the Act from 28 December 2023. As a result, beginning in 2024, income, such as commissions, received by an intermediary in connection with the provision of insurance services, will be liable for IPT when provided under a contract separate to […]
Under the recently published Notice 2024-26, “Administrative Exemption from Requirement to Electronically File Form 1042”, the IRS has effectively waived the electronic filing requirement via administrative exemption for Form 1042 for calendar year 2024, and for withholding agents that are foreign persons continuing into calendar year 2025. Notice 2024-26 cites a number of reasons for […]
The IRS has released its 2024 instructions for form 1099-R and 5498. The revised instructions incorporate a variety of changes, including the following. The age for required minimum distributions (RMDs) has raised to 73 for tax year 2024 and the automatic rollover amount has increased from $5,000 to $7,000.. Thie is incorporated in the instructions. Direction […]
Alongside the developments of the CTC e-invoice reporting mandate in Malaysia, the Malaysia Digital Economy Corporation (MDEC) has become the Peppol Authority in the country. MDEC is implementing the Peppol framework in Malaysia and it will be available for the exchange of e-invoices, complementing the e-invoice reporting mandate, which will not handle the delivery of […]
The recent Order from 30 January 2024 has amended the rate and the calculation basis for the insurer’s part of the contribution that is payable to the National Guarantee Fund. More specifically, it has changed the contribution payable by the insurers on premium amounts covering civil liability risks resulting from accidents caused by motorised land […]
On 26 February 2024, Israeli Tax Authority (ITA) announced an additional extension until May 5, 2024, for the implementation of Israel’s invoice clearance model. The new Israeli invoicing model envisages a clearance system for invoices, under which businesses engaged in B2B transactions that exceed a specific threshold will be required to obtain an allocation number. […]
As we previously reported, the mandatory submission of income and expenses became effective from 1.1.2024 since the data reported to the myDATA platform and the data declared in the VAT returns must match and, ultimately, no modifications in the pre-filled VAT amounts will be permitted by taxpayers. Consequently, the pre-filling of VAT returns with the […]
On 20th February the law introducing mandatory B2B e-invoicing in Belgium was published in the Official Gazette, available here. This means that starting from 1 January 2026, VAT-registered taxpayers established in Belgium will be required to issue and receive structured e-invoices, while non-established foreign taxpayers with a VAT-registration in Belgium will be required to receive […]