Regulatory Analysis

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Posted May 24, 2017 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 May 24, 2017 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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Posted May 24, 2017 by Lee Pender
Belgian Parliament Debates New VAT Enforcement Powers

The Belgian parliament is currently debating a bill that would grant VAT enforcement authorities the power to attach property implicated in willful tax evasion. According to the Commission of Finance and Budget, such attachment will follow the common law regarding seizures. At this time, there is no indication of when the bill will enter into force […]

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Posted May 24, 2017 by Lee Pender
Hungary – VAT Changes in Proposed Budget

Earlier this month the Hungarian government introduced a budget bill for 2018. Included in the budget is a proposal to reduce the VAT rate on fish, catering services, and internet services to 5%. The bill also confirms an implementation delay for the mandatory filing of B2B VAT invoices with the government, which was scheduled to start on July […]

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Posted May 24, 2017 by Lee Pender
Cyprus: Electronic VAT Returns

The Cyprus Tax Department has announced that from May 2, 2017, periodic VAT returns (Form 4) must be submitted electronically through the TAXISnet system. The announcement stresses that the TAXISnet system for indirect tax is separate from the TAXISnet system for income tax, and requires a separate request for access.    The post Cyprus: Electronic VAT Returns […]

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Posted May 24, 2017 by Lee Pender
Latvia: VAT Law Amendments Go Into Effect

Latvia has adopted several amendments to its VAT Act. Included among these amendments are adjustments to the timing of VAT input deductions, adjustments to the section on the deductions of bad debts, and updated references to European Council Regulations. Additional amendments eliminate the exemption for services provided by cooperative societies, and specify that non-Latvian EU […]

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Posted May 24, 2017 by Lee Pender
Netherlands: Public Consultation on Proposed VAT Adjustment Rules

The Dutch government has initiated public consultations on new VAT rules that would allow adjustments, similar to those which currently apply to capital goods, to apply to “valuable” services, i.e., services which are capitalized and depreciated by companies over a period of time. These rules, if approved, would take effect in January of 2018. Comments […]

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Posted May 23, 2017 by Lee Pender
Egypt Scheduled VAT Rate Increase

Egypt’s VAT rate is scheduled to increase form 13% to 14% on July 1, 2017, as dictated by Article 3 of the Egyptian VAT Act. Egypt introduced VAT at the current 13% rate just last year, overhauling its previous sales tax law. In addition to the July rate increase, VAT liable persons should also note that […]

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Posted May 23, 2017 by Lee Pender
United Kingdom Continues Brexit Preparations

The first Brexit negotiations between the United Kingdom and the European Union have officially been scheduled for June 19. In preparation, the 27 remaining Member States have unanimously agreed on a set of guidelines that prioritize safeguarding the rights of EU citizens within the UK and obtaining a ‘single financial settlement’ for outstanding British contributions to common […]

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Posted May 23, 2017 by Lee Pender
Germany Implements Simplified VAT Deduction for Low-Value Invoices

Germany has passed a new law, retroactively effective to January 1, 2017, to simplify input VAT deduction procedures for low-value purchases (“invoices for small amounts”). Under Section 15 of the German VAT Act, input VAT deductions can only be claimed by recipients of invoices that meet standardized requirements – for instance, recipient information must be […]

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Posted May 23, 2017 by Lee Pender
France Issues Decree on VAT Representatives

France has recently published a decree on the obligations of foreign taxpayers to appoint a VAT representative. The decree amends a list of countries that have signed tax recovery assistance treaties with France. Foreign taxpayers established in the listed countries are not required to appoint a VAT representative to manage their VAT obligations in France. […]

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Posted May 23, 2017 by Lee Pender
United Kingdom: Publication of VAT Notes 2017

Her Majesty’s Revenue and Customs (HMRC) has published Issue 1 of VAT Notes 2017, a newsletter providing VAT guidance to tax professionals. The current issue contains links to recently-published or revised HMRC notices, information on special schemes for alcohol and tobacco transactions, and a link to HMRC’s online VAT services. Four issues of “VAT Notes” […]

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Posted May 23, 2017 by Lee Pender
France Outlines New Requirements for Accounting Software

Under a new measure that enters into force on January 1, 2018, VAT taxpayers will be required to use only “secured and certified ” software accounting systems when recording customer payments. To be “secured and certified,” accounting systems must meet specified requirements of inalterability, security, retention, and archival prowess. The French tax administration is authorized […]

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Posted May 23, 2017 by Lee Pender
United Kingdom Removes Three CRS Reportable Jurisdictions

The UK HMRC has updated its list of CRS Reportable Jurisdictions in order to remove three countries from the list: Barbados, Curacao, and Niue. HMRC has decided that it will not be sharing financial account information with these three jurisdictions at this time. Financial Institutions may still send reports to HMRC containing data for […]

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Posted May 23, 2017 by Lee Pender
Turks and Caicos Publishes CRS Guidance Notes – Includes Due Date Change

The Turks and Caicos Islands Exchange of Information Unit has published a set of guidance notes for the implementation of the Common Reporting Standard and related domestic legislation. The guidance addresses a wide range of AEOI topics, including the following: Operation of CRS in Turks and Caicos Treatment of investment manager/adviser financial accounts […]

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Posted May 22, 2017 by Lee Pender
New Jersey Releases Updated Form NJ-W-4P

The New Jersey Division of Taxation has released an updated version of its Form NJ-W-4P, Certificate of Voluntary Withholding of New Jersey Gross Income Tax from Pension and Annuity Payments. Pensioners and annuitants may use this form to instruct the payer withholding New Jersey Income Tax rather than making estimated tax payments. The form […]

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Posted May 22, 2017 by Lee Pender
Pennsylvania Updates Specifications for Electronic File Imports

Pennsylvania recently updated the file imports for their W-2 Employee Wage Records and 1099-MISC Distribution. These file imports are used by employers to report W-2 and 1099-MISC data to the Pennsylvania Department of Revenue. The changes made are as follows: Employer W-2 Employee Wage Records: For the Fields “PA Income Tax Withheld”, “Taxable Compensation”, […]

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Posted May 19, 2017 by Lee Pender
Washington Exempts Construction Materials for Disabled Veterans

The State of Washington has passed new legislation which provides an exemption for materials incorporated into and services rendered in respect to adapted housing for disabled veterans from retail sales tax. The exemption only applies to construction projects for disabled veterans approved by the United States Department of Veteran Affairs. The exemption will be in […]

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