Regulatory Analysis

Posted August 10, 2022 by Robert Beck
IRS Releases Cosmetic Update for Publication 5165

The IRS recently released an update to the 2022 Publication 5165. This publication contains the specifications for electronic filing of Federal Affordable Care Act forms in the AIR system. This update for the 2022 filing season is purely cosmetic in nature and contains no actual changes to the substantive information contained within the publication itself. […]

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Posted July 19, 2022 by Selin Adler Ring
India: E-invoicing Scope Expected to be Expanded

India has a Continuous Transaction Controls (CTC) System in place since October 2020. E-invoicing has been rolled-out in stages, meaning e-invoicing requirements are applicable to more and more taxpayers over time. At its current stage, e-invoicing is mandatory for taxpayers with an annual turnover of 20 Cr. rupees or more. On 18 July 2022, the […]

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Posted June 15, 2022 by Selin Adler Ring
Saudi Arabia: ZATCA to Subsidize E-invoicing Solutions

In an effort to ease compliance burden on taxpayers, the Zakat (the Saudi Arabian Customs and Tax Authority, ZATCA), has announced that it will offer to subsidize e-invoicing solutions acquired by taxpayers. For this purpose, ZATCA established a new electronic service through which taxpayers may request a subsidy after providing certain details and the invoice […]

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Posted May 31, 2022 by Selin Adler Ring
Saudi Arabia: E-invoicing Phase 2 Developments

Saudi Arabia’s e-invoicing system is being rolled out in two phases; the requirements of the second phase differ from the first phase. The first phase started on 4 December 2021 for all resident taxable persons. The second phase will go live on 1 January 2023, and the authorities have not yet announced which taxpayers will […]

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Posted May 26, 2022 by Filippa Jörnstedt
Portugal Postpones a Stricter Authenticity and Integrity Requirement to 1 Jan 2023

Portuguese authorities have announced another delay to its expected new e-invoicing requirements, by issuing a Ministerial Order that prolongs the validity of PDF invoices for all tax purposes. This is not the first time the entry into force has been delayed, but this time the entry into force has been postponed from 1 July 2022 […]

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Posted May 17, 2022 by Marta Sowińska
Belgium: on its way to implement B2B e-invoicing

On 11 May 2022 Belgium Chamber of Representatives published a draft law amending the law of 2 August 2002 on combating late payment in commercial transactions, as last amended by the law of 28 May 2019, in order to implement electronic invoicing between companies (B2B). Based on the law proposal, companies (with the exception of […]

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Posted May 11, 2022 by Marta Sowińska
Slovakia CTC implementation phase postponed

On the 5th of May 2022, the Slovakian Ministry of Finance presented a technical solution for the new IS EFA system, an e-invoicing platform for sending invoice data to the financial administration. Moreover, the Ministry of Finance has also communicated a new timeline for the implementation of e-invoicing framework: June 2022- the voluntary public testing […]

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Posted May 10, 2022 by Enis Gencer
Romania: More Details on E-Transport System

The National Agency for Fiscal Administration (ANAF) published a draft order introducing further details about the RO e-Transport system. According to Article 1 para. 3 of the draft order, categories of road vehicles that are monitored in the RO e-Transport system are those that; a. Have a maximum authorized mass (MAM) of at least 3.5 tons, […]

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Posted April 27, 2022 by Radhika Akhil
Nebraska Passes Bill to Exempt Feminine Hygiene Products

On April 20, 2022, Nebraska Governor Pete Ricketts signed LB 984 into law. As part of the new law, feminine hygiene products will be exempted effective October 1, 2022. Feminine hygiene products are defined as “tampons, panty liners, menstrual cups, sanitary napkins, and other similar tangible personal property designed for feminine hygiene in connection with […]

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Posted April 4, 2022 by Robert Beck
IRS Releases 2022 Forms 5498 and 5498-ESA

The IRS has released its 2022 Form 5498, which is used for reporting IRA contributions and Form 5498-ESA which is used for reporting Coverdell ESA contributions. Few changes were made to either form for this year other than the form year and dates across the form being updated for the 2022 tax year. Notably, the […]

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Posted March 28, 2022 by Robert Beck
IRS Releases Continuous Use Format Form 1099-MISC

The IRS has released a continuous use format version of Form 1099-MISC for use beginning in Tax Year 2022. This form is used for reporting various non-employment income including fishing boat proceeds, medical and health payments, substitute payments in lieu of dividends or interest, crop insurance proceeds, gross proceeds paid to an attorney, fish purchased […]

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Posted March 28, 2022 by Jesse Rooney
IRS Releases 2022 941

The IRS has released its 2022 Form 941.  Form 941 is the employer’s quarterly federal tax return.  There are a number of changes to the form. Most notably, the 2022 form now requires the reporting of qualified medical and family leave paid in 2022 for the period of time from April to October, 2021, setting […]

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Posted March 15, 2022 by James Brown
Denmark: Change to Treatment of Industrial Injury Insurance

The Danish Guarantee Fund for Non-Life Insurers (the ‘Fund’) has confirmed the scope of a new Fund contribution due on industrial injury insurance in guidance dated 10 March 2022. With a view to ensuring that adequate capital is held by the Fund, a new contribution of DKK 30 per policy is due on all industrial […]

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Posted March 8, 2022 by Robert Beck
Connecticut Releases W-2 Specifications for 2021 Tax Year

Connecticut recently released Informational Publication IP 2021 (13), which is the Form W-2 Electronic Filing Requirements for tax year 2021. The official release revision date is listed as November 18, 2021. There were no substantive changes to the specifications this year, the only notable changes being that the dates have been updated for the 2021 […]

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Posted March 1, 2022 by Selin Adler Ring
India Expands E-invoicing Scope From 1 April 2022

On 24 February 2022, the Indian Central Board of Indirect Taxes and Customs (CBIC) issued a notification (Notification No. 01/2022 – Central Tax) that lowered the threshold for mandatory e-invoicing. In India, e-invoicing is mandatory for taxpayers when exceeding a specific threshold (businesses operating in certain sectors are exempted). The current threshold for mandatory e-invoicing […]

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Posted February 17, 2022 by Selin Adler Ring
South Korea Expands Mandatory E-invoicing Scope

In South Korea, e-invoicing has been mandatory for all corporate businesses since 2011. From 2012, individual businesses (entrepreneurs) have also been required to comply with e-invoicing obligations if they meet the threshold limits which have been updated a couple of times over the years. Currently, an individual business whose aggregate supply value (including transactions that […]

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Posted January 7, 2022 by Robert Beck
Wisconsin Releases Update to Publication 117

Wisconsin recently released a new update to Publication 117, the Guide to Wisconsin Wage Statements and Information Returns. Aside from updating the revision date from September to October of 2021, the only notable change to the publication was the removal of Form W-2G from the list of forms that can be filed electronically in the […]

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Posted December 28, 2021 by Enis Gencer
Romania: Go-live for partial B2B e-invoicing mandate and e-transport system

The Government Emergency Ordinance (GEO) no. 130/2021 was published in Romania’s Official Gazette on 18 December. The legislative act includes significant changes with respect to the fiscal-budgetary measures, including the roll-out date for B2B e-invoicing and the introduction of the e-transport system. According to the GEO 130/2021, in B2B transactions involving products with high fiscal […]

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