Regulatory Analysis

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Posted 2 years ago by Sovos
Maine Publishes Updated Instructions for “Employers Return of Maine Income Tax Withholding”

Maine recently published updated instructions for Form 941-ME, the “Employer’s Return of Maine Income Tax Withholding.” Generally, Form 941-ME is used to report employee or payee income tax withholding to the Maine Revenue Service. The 2017 version of these instructions include a few changes, mostly related to amended returns. • Amended Returns: This section was […]

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Posted 2 years ago by Sovos
Arizona Releases Updated A1-QRT: Quarterly Withholding Tax Return

Arizona has released its 2017 Quarterly Withholding Tax Return, the A1-QRT. This form is the quarterly reconciliation and reporting form used for withholding payments made over the course of a quarter. The form has undergone extensive formatting changes, but relatively few material changes. The form now requests more detail related to business closures and […]

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Posted 2 years ago by Sovos
Utah Increases the Prepaid Wireless 911 Service Change to 2.45%

Utah has recently enacted legislation which will increase the Prepaid Wireless 911 Service Charge from 1.90% to 2.45% effective July 1, 2017. The legislation also further increases the Prepaid Wireless 911 Service Charge to 3.30% on January 1, 2018. Sellers are required to collect the Prepaid Wireless 911 Service Charge on all sales of prepaid […]

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Posted 2 years ago by Sovos
British Virgin Islands Extends CRS Deadlines and Reminds Financial Institutions of Reporting Obligations

The BVI International Tax Authority has relaxed the statutory deadlines for both UK CDOT and CRS – extending them to June 30, 2017 for enrollment and to July 31, 2017 for submissions. The ITA will inform BVI FIs directly once the portal is open to accept UK and CRS enrollments and filings. In addition, UK […]

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Posted 2 years ago by Sovos
Luxembourg Releases Reportable Jurisdictions

Luxembourg has published their list of Reportable Jurisdictions in the Journal Officiel. The list is a requirement from the Common Reporting Standard, and should be use by Reporting Financial Institutions if they have Reportable Accounts. It’s Luxembourg’s first publication of such a list. Otherwise, an FI may submit a Nil but it is not required […]

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Posted 2 years ago by Sovos
OECD Releases Second Edition of CRS Guidance

The OECD has recently put out a new edition of the Standard for Automatic Exchange of Financial Account Information. This text is sometimes referred to as the “purple book.” The OECD explains that the update was made to give more clarity to the process of submitting corrected returns. In that vein, the OECD updated the […]

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Posted 2 years ago by Sovos
Australia Updates FATCA and CRS Pages, Adds FATCA Reporting Explanation

The Australian Taxation Office has made some revisions to the ATO FATCA and CRS websites. Additionally, the ATO has created a new FATCA Reporting page that provides essential information regarding the transmittal of FATCA returns. The reporting page confirms that Australia will continue to use the IRS XML Schema, and permit but not require […]

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Posted 2 years ago by Sovos
Arizona Electronic Filing Requirement Signed into Law

The Arizona Governor signed into law House Bill 2280 which ultimately requires electronic filing and payment of most business taxes. The Arizona Department of Revenue favors e-filing as simpler, more secure and faster than traditional paper returns. While many taxpayers already file Arizona’s Transaction Privilege Tax (TPT) return electronically, the requirement to e-file for TPT […]

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Posted 2 years ago by Sovos
Utah Exempting Car Wash Services Beginning July 1, 2017

The Utah Governor recently signed Senate Bill 16 into law. The law creates a new sales tax exemption for the service of cleaning or washing the exterior of a vehicle, beginning on July 1, 2017. However, an important exception exists. If the service includes any charges related to cleaning the interior of the vehicle, then […]

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Posted 2 years ago by Sovos
Immediate and Substantial Sales Tax Changes in Saskatchewan

On March 22, 2017, Saskatchewan, Canada announced its annual budget. The changes made to their sales tax were massive and virtually immediate. The most notable was a standard rate increase (effective at midnight that night) from 5.0% to 6.0%. Further, effective April 1 Saskatchewan’s exemptions for children’s clothing, real property services and certain food items […]

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Posted 2 years ago by Sovos
GST Bills Pass in India’s Lower House

The four bills that would implement the long-awaited Goods and Services Tax (GST) in India have taken their first step towards enactment, passing India’s lower house of parliament (the Lok Sabha) on March 29, 2017. The State of Jammu and Kashmir is notably excluded from the scope of one of the bills, the Integrated Goods […]

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Posted 2 years ago by Sovos
Tax Reform Proposals in Brazil – The Presidential Plan

The Brazilian government is considering several proposals to reform their indirect tax system, widely considered to be one of the most complex in the world. One of those proposals, offered by the Brazilian President, suggests a significant tax overhaul to take place over multiple stages. Stage 1, slated for June, would involve a simplification of […]

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Posted 2 years ago by Sovos
Tax Reform Proposals in Brazil – The VAT Alternative

The Brazilian government is considering several proposals to reform their indirect tax system, widely considered to be one of the most complex in the world. One such proposal is being crafted by the Special Commission on Tax Reform within the Chamber of Representatives. The Commission is proposing the introduction of a value added tax to […]

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Posted 2 years ago by Sovos
“Brexit” Officially Invoked

The United Kingdom took the long-anticipated first formal step towards officially leaving the European Union when on March 29, the UK Envoy to the EU hand delivered the “Article 50 Letter” to the EU Council President. As of today, the clock begins ticking on a 2 year window in which the UK can negotiate its […]

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