Regulatory Analysis
Important steps have recently been taken towards the long awaited adoption of VAT in Oman, making it the fourth Gulf State to introduce VAT as part of Gulf Union agreement. The Sultan of Oman has issued a Royal Decree (Decree) in relation to VAT implementation. According to the Decree, a 5% VAT rate will be […]
The Internal Revenue Service has provided guidance on whether forgiven Payroll Protection Program (PPP) loans require the issuance of a 1099-C, stating that Form 1099-C should not be filed where loans are forgiven under the CARES Act. The Payroll Protection Program issued forgivable loans to employers to encourage employee retention during 2020; these PPP loans […]
The Indiana Department of Revenue has published their updated W-2 and WH-3 Filing Requirements Booklet for tax year 2020. This booklet contains instructions and specifications for filing wage records (W-2) electronically with the state. There are a few minor changes to this publication, which are as follows: All references to the INtax filing portal were […]
The Kentucky Department of Revenue recently published an updated version of their Specifications for Electronic Submission of Annual Wage and Tax Information via Electronic Media or Web for Year 2020. This publication provides instructions and specifications for filing W-2 records electronically with the state. There are a couple of minor updates to the publication, which […]
India’s e-invoicing mandate is live as of yesterday with a last minute 30 day grace period granted for taxpayers in scope to obtain invoice reference numbers. The grace period ends in November and as of November the requirement to include the IRN and the QR code on the invoices will be enforced, meaning that invoices […]
Yesterday, on the actual go-live date of the myDATA reporting framework, the Greek authorities recategorised the roll-out from mandatory to a voluntary pilot program for 2020. The mandatory phase, which should have started yesterday, has instead been deferred to 1 January 2021. For more information about the announced changes, read our blog.
The Alabama Department of Revenue recently published its quarterly interest rates for the fourth quarter of 2020. Under Section 40-1-44 of the Code of Alabama 1975, this interest rate is used to calculate interest on underpayments and over payments (where applicable) of taxes due or payable. The interest rate for the fourth quarter of 2020 […]
Indian officials continue to provide updates to the e-invoicing reform that partially enters into force in less than a month’s time on 1 October. Most recently, new release notes have been published on the API Sandbox web page on 8 September 2020. The changes introduced include for example: • E-Commerce Operators (ECO) have been enabled […]
The Hungarian tax authority has published new documentation applicable to its real-time reporting system. The documents are now in version 3.0, as follows: XML Schema Definitions: OSA v3 Schemas (last updated 07 Sept/2020) API example XML: API example XML (last updated 07 Sept/2020) Web Application Description file: Application WADL (last updated 07 Sept/2020) According to the Minister of Finance, the version 2.0 can be […]
The Argentinean tax administration has enacted a new resolution Nº 4671/2020 postponing some of the effective dates of the implementation of the Digital VAT Ledger, locally known as “Libro de IVA Digital”. According to the Resolution, the new calendar of implementation will be as follows: For taxpayers with gross revenues during 2018 fiscal year between […]
On August 31, 2020, the 24 member states of the Streamlined Sales Tax Governing Board met in special session to consider a proposed new contract with those tax technology companies holding the designation of Certified Service Provider (CSP’s), including Sovos. The proposed contract was voted on favorably, with 23 states voting in favor and 1 […]
Starting September 16, 2020, the tax administration of Ecuador will begin to enforce the collection of VAT on digital services supplied by providers not domiciled or established in that country. As a result of decree 1114/2020, foreign suppliers have the option of registering at the tax administration and applying 12% on the provision of these […]
Beginning 1 January 2021, companies issuing invoices under Portuguese law must proactively inform the Portuguese tax authorities about the number series expected to be applied on invoices, prior to being applied. Once the series has been communicated, the tax authority issues a validation code for each reported number series. The validation code is then used […]
The IRS recently released its 2020 Publication 1586 which details reasonable cause regulations and requirements for missing and incorrect Name/TINs. Several changes were made to the document for this tax year, the most notable of which are detailed below. Under the Reasonable Cause section, language has been added stating, “mitigating factors or events beyond the filer’s control […]
Portugal has just passed Law-Decree 48/2020, which revokes some obligations that were established in 2019 during the mini e-invoicing reform. Among the obligations stipulated by last year’s Law-Decree 28/2019, taxable persons were to communicate a set of information to the tax authority, including the identification and localization of the company’s establishments that were issuing invoices, […]
The Puerto Rico Treasury (Hacienda) released Administrative Determination 20-19 allowing certain businesses to report and pay sales tax, using the cash method. Specifically, those taxpayers with 80% or more of annual revenue stemming from construction activities (as measured over the last 3 years) will now be able to report and remit sales tax based on […]
The Louisiana Department of Revenue recently issued a notice regarding the application of new economic nexus rules to Direct Wine Shippers. Under the state’s existing direct shipping laws, any licensed winery, wholesaler, or retailer shipping wine into the state is required to collect and remit only the state tax. However, now any Direct Wine Shipper […]
There have been regulatory changes related to the Indian e-invoicing system. The Central Board of Indirect Taxes and Customs (CBIC) issued two new Notifications on 30 July 2020: One of the Notifications is related to the technical aspect of the reform, and the second is related to the taxpayer scope of the mandate. After this […]