Regulatory Analysis
Tennessee recently enacted legislation requiring marketplace facilitators that meet certain thresholds to collect tax on behalf of their marketplace sellers. Marketplace facilitators must collect tax when they facilitate total sales of more than $500,000 to consumers in Tennessee during the previous 12 months. Additionally, marketplace facilitators must source sales of tangible personal property on their […]
We recently reported that the new “JPK with the declaration” JPK_V7M (monthly) and JPK_V7K (quarterly) periodic VAT reporting files (a combined Uniform Control File and VAT Return) were due to be implemented from 1 April 2020 for taxpayers defined under Polish legislation as being large businesses. However, as part of a new “Anti-Crisis Shield” (Tarcza […]
The German Parliament last week published in its Federal Law Gazette a law to reduce the insurance premium tax applied on drought insurance from 19% to 0.03%. The reduction brings the rate for drought insurance in line with tax rates for other agricultural risks, such as hail, frost, and flood damage. Discussions in Parliament touched […]
HMRC has informed Sovos that it is extending the soft landing period for MTD digital links until 1 April 2021, for all taxpayers. The effect of this is that businesses will now have until their first VAT return period starting on or after the 1 April 2021 to have digital links in place. Our understanding […]
The IRS has announced an automatic extension for filing form 8966 for FATCA returns. Filers in Model 2 and non-IGA countries have until July 15, 2020 to make their FATCA returns. These returns are usually due March 31 annually. The IRS’s extension direction can be found on the FATCA FAQ page.
The Hungarian Tax Authority announced that the deadline to implement the mandatory real time reporting version 2.0 xsd is postponed from 1 April 2020 to 1 July 2020. It is important to note that 2.0 xsd can already be used live in parallel with Version 1.1 xsd. Official announcement can be found here
The New Jersey Department of Treasury recently issued updated guidance for health coverage filings, extending the due date for coverage providers to file their 1095 health coverage forms for tax year 2019 with the Department of Taxation. Health coverage providers will now have until May 15, 2020 to provide the necessary 1095 forms to the Department of […]
The Iowa Department of Revenue announced that the due date for certain withholding payment deposits will be extended in light of the evolving situation surrounding the COVID-19 pandemic. Specifically, Iowa residents or other taxpayers doing business in Iowa assigned to the semi-monthly deposit cycle will see an extension: for the period ending on March 15, […]
The IRS recently published an updated version of Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s). This publication provides guidance and procedures for issuing and receiving Notice CP2100 and CP2100A, backup withholding relating to incorrect names/TINs, and sample forms for soliciting TINs from information return recipients. There is only one change to the publication, […]
La Hacienda, the revenue department of Puerto Rico, has announced another extension for the filing of informatives. Revenue newsletter BI RI 20-05 extends the electronic filing deadline for the following informatives to March 31: 480.5, 480.6A, 480.6B, 480.6B.1, 480.6D, 480.6G, 4806SP, 480.6SP.2, 480.7, 480.7B, 480.7B.1, 480.7C, 480.7C.1, and 480.7E. These forms are generally due by […]
The Virginia legislature recently passed legislation which makes significant changes to the reporting obligations of gig economy participants and specifically third-party settlement organizations. SB 211 makes changes to tax information reporting for gig economy participants, specifically third-party settlement organizations (TPSOs) who must issue Form 1099-K to report payments made to their payees. Under the new […]
As part of its Covid-19 Action Plan, British Columbia has postponed its previously announced expanded provincial sales tax registration requirements for Canadian sellers of goods as well as Canadian and foreign sellers of software and telecommunication services. These new requirements were supposed to go into effect on July 1, but instead have been delayed until […]
The Portuguese tax authorities have postponed the implementation of their new Stamp Duty reporting system until 2021. The decision has been taken in light of the ongoing coronavirus crisis that led the Portuguese government to declare a State of Emergency. The previous Stamp Duty reporting system will therefore remain in place until the end of […]
The Hungarian Tax Authority announced that the deadline to implement the mandatory real time reporting version 2.0 xsd is postponed from 1 April 2020 to 1 July 2020. It is important to note that 2.0 xsd can already be used live in parallel with Version 1.1 xsd. Official announcement can be found at the following link: https://onlineszamla.nav.gov.hu/home
The New Jersey Department of Treasury recently issued updated guidance for health coverage filings, extending the due date for coverage providers to file their 1095 health coverage forms for tax year 2019 with the Department of Taxation. Health coverage providers will now have until May 15, 2020 to provide the necessary 1095 forms to the Department of […]
The City of Kodiak, Alaska has enacted a one-day annual sales tax holiday. Under the terms of the Kodiak City Code, the sales tax holiday will take place on the first Saturday in March each year. For 2020, the holiday occurred on March 7th. The holiday applies to all sales and rentals of tangible personal […]
The Spanish tax administration (AEAT) announced on its website that it has started to pre-fill the periodic VAT return of certain taxpayers (Modelo 303), based on information these taxpayers supply via the SII. The service is called Pre303, and going forward, it will be available for the tax return of February 2020 that is due in […]
The Chilean congress enacted law 21.210, a tax reform bill that will have several implications for VAT compliance. Among the enacted changes, the supply of digital goods and services by foreign suppliers not established in Chile will be subject to VAT. When supplies are made to VAT registered taxpayers, these taxpayers will be responsible for […]