Regulatory Analysis

Get the latest updates in regulatory analysis news

Posted 2 years ago by Lee Pender
Hong Kong Publishes Instructions for Occupational Retirement Schemes (ORS)

In response to the submissions made through the OECD disclosure facility, Hong Kong’s Inland Revenue Department has published guidance for the use of Occupational Retirement Schemes.  In part, the guidance instructs that only those schemes registered under the proper ordinance are considered non-reporting financial institutions. The post Hong Kong Publishes Instructions for Occupational Retirement Schemes […]

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Posted 2 years ago by Lee Pender
Croatia Revises Web Application User Manual for FATCA

The Croatian Tax Administration has issued a revision of its Web Application User Manual to be used in conjunction with FATCA transmittals. The Manual has two substantive updates that should be noted: The Manual now includes a link to access the web application’s production environment for transmitting FATCA XML files to the competent authority. […]

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Posted 2 years ago by Lee Pender
Germany Publishes New CRS Infobrief

The German Tax Office has published a new Infobrief containing information relevant to this year’s CRS filing season. The Infobrief covers a variety of topics, including the following: Opening of CRS production environment: Filers are now able to transmit CRS data as of June 1, 2017. The portal will be open for transmittals through […]

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Posted 2 years ago by Lee Pender
IRS Issues Revised Publication 5118, FATCA Online Registration User Guide

The IRS has published an updated version of its FATCA Online Registration User Guide. The purpose of this publication is to guide Financial Institutions and Direct Reporting Non-Financial Foreign Entities (NFFEs) to register themselves and their branches as a Participating Foreign Financial Institution (PFFI), a Registered Deemed-Complaint FFI (RDCFFI), a Sponsoring Entity, a Direct Reporting […]

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Posted 2 years ago by Lee Pender
Montana Moves Up W-2 and 1099 Due Date to January 31

Montana recently announced in its Employers’ Withholding Tax Guide that they have moved up their reporting due date for forms with Montana state withholding. Forms MW-3, W-2, and 1099s with Montana state withholding are now due by January 31st. Previously, these forms were due on February 28th.  The post Montana Moves Up W-2 and 1099 […]

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Posted 2 years ago by Lee Pender
Guernsey Gives CRS Extension to July 31

Guernsey has announced (Bulletin 2017/4) that it will push back its CRS deadline to July 31.  Please note, the deadline is only expected to be for this year’s reporting.  Moreover, the FATCA deadline (June 30) remains in place. The post Guernsey Gives CRS Extension to July 31 appeared first on Sovos.

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Posted 2 years ago by Lee Pender
Spain Enacts New Mandate Regarding the SII

Spain has issued Ministerial Order HFP/2017, which establishes the technical requirements for the implementation of the Immediate Remittance of Information system, locally known as SII. According to this new order, the effective date of the mandate is July 1, 2017. The order officially describes the information that should be sent to the Spanish tax authorities for […]

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Posted 2 years ago by Tom Hospod
ACA to Remain the Law of the Land as House Fails to Hold Vote

The short-lived American Health Care Act (AHCA) legislation came to an anticlimactic end, as Congress neglected to hold a vote on the bill after failing to gain adequate support. President Trump’s executive order to “ease the burdens” of the ACA still stands, and executive agencies including the IRS and the Department of Health and Human Services […]

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Posted 2 years ago by Lee Pender
India Announces GST Rates on Specific Goods and Services

On May 18, the Indian GST Council met and determined the GST rate applicable to specific goods and services. The rate structure was set previously, containing four slabs (5%, 12%, 18% and 28%) and a zero rate. The new rate schedules were published by the Central Board of Excise and Customs and are available here under “GST Rates.” The […]

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Posted 2 years ago by Lee Pender
Thailand Publishes Seminar on Reporting Information under FATCA

The Thai Revenue Department has released a previously given presentation that provides details on the process of submitting FATCA transmittals in Thailand. The presentation offers instructions on the FATCA IGA generally, sending a report file via IDES, and preparing a report file according to the FATCA XML Schema v2.0. SinceThailand has adopted a Model 1, […]

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Posted 2 years ago by Lee Pender
IRS Releases Draft Instructions for Form 8957, FATCA Registration

The IRS has published the 2017 draft of the Instructions for Form 8957, Foreign Account Tax Compliance Act (FATCA) Registration. The purpose of this publication is to provide guidance to Financial Institutions and Direct Reporting Non-Financial Foreign Entities (NFFEs) in registering themselves and their branches (if applicable) as one of the following: Participating Foreign […]

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Posted 2 years ago by Lee Pender
Italian Lower House Considers Reduced Rate on Childcare Items

The lower house of the Italian parliament, the Chamber of Deputies, is considering Bill No. 4477 which, if enacted, would reduce the VAT rate on certain childcare items to 4%. Specified items include diapers, high chairs and strollers. This measure seeks to reduce the tax burden faced by young families: the bill’s preamble links Italy’s […]

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Posted 2 years ago by Lee Pender
CJEU: Taxpayer May Challenge Gov Document Request

On May 16 the Court of Justice of the European Union ruled against Luxembourgian tax authorities in an appeal from taxpayer Berlioz Investment Fund SA in Case C-682/15. The Luxembourg authorities had demanded certain documents that Berlioz failed to produce in the requested detail, resulting in the imposition of a €250 000 fine. Berlioz appealed […]

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Posted 2 years ago by Lee Pender
Estonia: Draft VAT Law Amendments

The Estonian Ministry of Finance has issued draft amendments to the VAT Act. The amendments affect the treatment of motor vehicles that are used for both business and non-business purposes. The draft law, 17-0510, can be viewed at Estonia’s online database, Eelnõude infosüsteem (EIS). The post Estonia: Draft VAT Law Amendments appeared first on Sovos.

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Posted 2 years ago by Lee Pender
Sweden Permits Input Tax Deduction on Some Restructuring Costs

On May 16, Sweden’s Supreme Administrative Court ruled that a “parent company is allowed to deduct input VAT in respect of consultancy services acquired in connection with the sale of shares in subsidiaries during the restructuring of operations,” on the grounds that “the costs of the services [are] considered to have a direct and immediate link with […]

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Posted 2 years ago by Lee Pender
Potential VAT Changes on Finnish Imports

The Finnish parliament (the Riksdag) is presently considering Bill No. 45/2017, which would change the way VAT is collected on imports into the country. Under section 3.3 of the bill, the responsibility for import VAT collection would shift from the customs authority to the tax administration. Importers would account for import VAT via their tax […]

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Posted 2 years ago by Lee Pender
Pennsylvania Releases Updated Enterprise Registration Form and Instructions

Pennsylvania recently released an updated Form PA-100, the Enterprise Registration Form and Instructions. This form is used by enterprise businesses to register with the state for certain taxes and services administered by the Pennsylvania Department of Revenue and Department of Labor & Industry. For the purposes of this form, “enterprise” does not indicate size of […]

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Posted 2 years ago by Lee Pender
Polish Lower House to Hear VAT Refund Bill

On March 24, 2017, Bill No. 1564, amending Poland’s VAT act, was ordered to be read in Poland’s lower house of parliament. The bill would shorten the government’s deadline to refund overpaid VAT from 60 to 25 days, thus reducing cash-flow burdens on compliant businesses. As written, the bill would take effect on July 1, […]

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