Regulatory Analysis

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Posted 2 years ago by Tom Hospod
Senate Drafts ACA Replacement Bill, Does Not Repeal Employer Reporting

Senate leadership released a discussion draft of the Better Care Reconciliation Act of 2017 – its version of the House’s American Health Care Act (AHCA) intended to repeal and replace the Affordable Care Act. Although this legislation would nullify penalties for the individual and employer mandates, it would not repeal IRS reporting obligations under […]

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Posted 2 years ago by Sovos
Colorado Issues Emergency Draft Rules on July 1 Use Tax Notice and Reporting Requirement

On July 1, 2017, Colorado’s long anticipated notice and reporting requirements for non-collecting retailers goes into effect. This law requires retailers that do not have sales tax nexus but make $100K or more in annual sales to Colorado customers to report transactions to the state as well as notify purchasers of their use tax obligation. […]

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Posted 2 years ago by Sovos
Czech Republic 2017 Changes to the VAT Law

In April of 2017, the Parliament of the Czech Republic passed legislation that made important changes to the Republic’s Value Added Tax (VAT) Law. The act was then published and codified on June 16th, 2017 in the Collection of Laws, as part of publication 170/2017, seen here. Of the changes, the most notable is […]

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Posted 2 years ago by Andrew Decker
Switzerland Confirms Revisions to VAT Act

The Federal Tax Administration has announced the following revisions to the VAT Act, effective January 1, 2018: First, all companies resident in Switzerland and all companies providing services in Switzerland will be liable to collect and remit taxes in Switzerland if their global turnover from non–exempted services exceeds 100,000 CHF. Second, the reduced […]

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Posted 2 years ago by Tom Hospod
Senate Leadership Aims for AHCA Vote Next Week; Working Group Expresses Unease

Senate Majority Leader Mitch McConnell has announced that leadership plans to release a “discussion draft” of their version of the AHCA bill on Thursday June 22^nd^, with a vote to be held on a final bill one week later. The Congressional Budget Office is expected to release a report concerning the Senate bill early next […]

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Posted 2 years ago by Tom Hospod
Bermuda Launches Tax Information Reporting Portal with Guidance and Enrollment Deadline

Bermuda’s Ministry of Finance has launched its Tax Information Reporting Portal, through which Financial Institutions and filers may enroll in and exchange account information pursuant to the Common Reporting Standard (CRS). The Ministry has also published a User Guide for navigating the Portal. It provides an overview of commonly used functionalities within the Portal […]

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Posted 2 years ago by Tom Hospod
Germany Publishes FATCA Infobrief for Start of Filing Season

The German BZSt (Tax Office) has published an Infobrief to address some final matters before the start of this year’s FATCA filing season. The BZSt online portal will be available for FATCA transmittals beginning on June 19. Both mass data interface (ELMA) and manual data entry will be operational from this date forward. However, […]

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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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