Regulatory Analysis

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Posted 2 years ago by Charles Riordan
Council Fails to Reach Agreement on European Union VAT Proposals

Two proposals to transform European VAT law have failed to gain approval of the EU’s Economic and Financial Affairs Council (ECOFIN). Both proposals needed unanimous approval of the delegates to become law. ECOFIN began its meeting of June 16 by debating a proposal that would allow Member States to apply reduced VAT rates to electronic […]

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Posted 2 years ago by Paul Ogawa
California Publishes Updated Electronic Funds Transfer Bulk Filer Setup Guide

California recently released an updated version of Publication DE-154, Electronic Funds Transfer Bulk Filer Setup Guide. The purpose of this guide is to provide instruction for payroll agents who use the ACH Debit method to electronically pay the Payroll Tax Deposit using Form DE-88. This publication also provides detailed information on formatting files to submit […]

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Posted 2 years ago by Sovos
Spain Takes Final Steps Towards Real Time Reporting Stating July 1

The Spanish Tax Administration (AEAT) recently released a comprehensive set of files, tools, and documents necessary for the full implementation of the Immediate Information Remittance System (SII Version 1.0). As a final test step before actual go-live, AEAT announced that from June 21 through June 29 taxpayers and solution providers may begin submitting SII reports […]

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Posted 2 years ago by Charles Riordan
European Commission Negotiates VAT Agreement with Norway

After nearly two years of negotiations, representatives from the European Commission and Norway initialed an agreement on VAT cooperation in May of 2017. The agreement will facilitate administrative cooperation between the parties, and will provide a legal framework to combat VAT fraud and assist in the recovery of VAT claims. The initialed agreement will officially […]

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Posted 2 years ago by Charles Riordan
European Parliament Votes to Allow Reduced VAT Rates on E-Publications

By a vote of 590 to 8, with 10 abstentions, the European Parliament has formally agreed to allow Member States the option of applying reduced VAT rates on electronic books, newspapers and periodicals. This proposal, as put forth by the European Commission, is designed to bring the VAT treatment of e-publications in line with the […]

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Posted 2 years ago by Charles Riordan
German Ministry Analyzes Effects of VAT Reduction

According to a report from Reuters, the German Economic Ministry has recently been analyzing a possible reduction in the country’s 19% VAT rate, as part of a larger analysis of German trade surpluses. A ministry spokesperson did not deny the report, but stated that a VAT reduction would have a minimal effect on existing surpluses, and that […]

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Posted 2 years ago by Lee Pender
Italian Tax Authority Cracks Down on VAT Fraud

On June 12 of 2017, the Italian Tax Authorities (ITA) issued Protocol No. 110418, to further implement the principles of EU administrative cooperation and combating fraud in the field of VAT. The purpose of the new rules is not only to identify potential VAT Fraud, but also to empower the ITA to cancel VAT numbers […]

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Posted 2 years ago by Charles Riordan
Proposal for European Prosecutor’s Office Gains Momentum

On June 8, 2017, twenty European Union Member States voted to establish a new European Public Prosecutor’s Office (EPPO), which will be given broad powers to combat cross-border VAT fraud. The EPPO is envisioned as an independent body with the power to investigate fraud in all participating Member States; it will also be able to […]

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Posted 2 years ago by Tom Hospod
House Passes Bill Affecting Advance Premium Tax Credit

Earlier this week, the House of Representatives passed the Verify First Act – which would serve as an amendment to the premium tax credit under the Affordable Care Act (ACA) and to the premium assistance credit under the proposed American Health Care Act (AHCA). The bill provides that an individual is not entitled to advance […]

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Posted 2 years ago by Paul Ogawa
Monaco Releases List of Reportable and Participating Jurisdictions

Monaco recently published a list of reportable and participating jurisdictions on its CRS Frequently Asked Questions page. These lists are current as of April 2017, and should be considered as current until further notice. Please note that reportable jurisdictions are ones which have established exchange of information agreements with Monaco under CRS, while participating […]

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Posted 2 years ago by Paul Ogawa
Turks and Caicos Publishes List of Reportable Jurisdictions for 2017

The Ministry of Finance, Trade, and Investment in Turks & Caicos recently published a list of Reportable Jurisdictions for 2017. These jurisdictions have an existing agreement in place with Turks & Caicos to exchange tax information under CRS. Please note that while this list is currently up to date, it is subject to change […]

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Posted 2 years ago by Lee Pender
Bangladesh to Implement 2012 VAT Law on July 1, 2017

In his June 1, 2017, budget speech, the Bangladeshi Minister of Finance announced the July 1, 2017, implementation of the Value Added Tax and Supplementary Duty Act, 2012. A full copy of Bangladesh’s 2017-2018 Budget Speech may be found here. While the Act was passed in 2012, its implementation has been deferred in order to […]

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Posted 2 years ago by Lee Pender
India Revises GST Rates on Certain Goods

On June 11, India’s GST Council revised GST rates applicable to certain goods. The changes include a  rate reduction from 28% to 18% on specified electronic products, such as computer printers, CCTV, and computer monitors not exceeding 17 inches. The schedule of all the revisions is available here. GST will be fully implemented in India on July 1, 2017.  […]

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Posted 2 years ago by Sovos
Croatian Ministry of Finance Issues Guidance on Place of Supply Rules

The Croatian Tax Administration has recently published its response to a query about place of supply rules and VAT liability on a Dutch taxpayer’s sales. The Dutch taxpayer holds a VAT identification number in Croatia but does not have physical presence within the country. The conclusions made in this guidance by the Tax Administration are […]

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Posted 2 years ago by Tom Hospod
Maine Releases 2018 File Formatting Specifications for Quarterly Withholding Transmittals

Maine Revenue Services has made available the draft versions of the 2018 MEETRS File Formatting Specifications for Electronic Transmittal of Quarterly Income Tax Withholding. There are sets of specifications for both original filings and amended filings – which will become effective the first quarter of 2018. There are certain revisions to the specifications of which […]

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Posted 2 years ago by Paul Ogawa
California Releases Updated Version of Quarterly Contribution Return and Report of Wages (Form DE-9)

California recently released an updated version of Form DE-9, the Quarterly Contribution Return and Report of Wages. This form is issued by the Employment Development Department, and is used by employers in California to report wages and withholdings on a quarterly basis.  This new version makes no changes to the form itself. However, the […]

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Posted 2 years ago by Sovos
Croatia Requests Derogation for Small Business Exemption Threshold

On June 8th, the Republic of Croatia submitted a final proposal to the European Commission, requesting a derogation from the EU VAT Directive regarding threshold amounts for tax application on small enterprises. This derogation would allow Croatia to exempt from VAT taxable persons whose annual turnover is EUR 45 000, effective January 1, 2018.  Under Article […]

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Posted 2 years ago by Tom Hospod
ACA Compliance Validation System Delayed Until May 2017

The Treasury Inspector General for Tax Administration (TIGTA) recently announced the delay of the ACA Compliance Validation (ACV) System, which is now expected to be implemented in May 2017. Employers should be aware that this delay does not impact their reporting obligations and potential liabilities for penalties. The ACV system’s purpose is to determine compliance […]

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