Regulatory Analysis

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Posted September 16, 2021 by Filippa Jörnstedt
France postpones roll-out of mandatory B2B e-invoicing reform

The French Council of Ministers announced on September 15 the decision to implement a country-wide e-invoicing and e-reporting obligation according to a revised calendar: from July 1st, 2024, all companies headquartered or established in France will have to accept e-invoices from their suppliers. at the same date, issuing e-invoicing in lieu of paper will become […]

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Posted August 31, 2021 by Robert Beck
New Mexico Updates FYI 104

New Mexico recently released an update to it’s FYI 104 Publication which is the Withholding Tax general instructions document. The revision is noted as July of 2021 and many of the updates come from the development of new forms. The most important changes are detailed below. • Under the Notes for Who Must Withhold, a […]

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Posted May 11, 2021 by Joanna Hysi
Germany: Dialogue about the introduction of CTCs

The German Bundesrechnungshof (Federal Audit Office), which is a independent judiciary body that advises various government bodies through non-legally binding recommendations, recently proposed to the Ministry of Finance that a real-time reporting system leveraging blockchain technology would be an efficient system to combat VAT fraud and reduce the VAT loss in Germany which is estimated […]

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Posted May 11, 2021 by Gabriel Pezzato
Portugal clarifies obligations for non-resident companies

The Portuguese tax authority clarified obligations for non-resident companies. In principle, companies that are not resident but have a VAT registration in the country should comply with domestic VAT rules (which includes issuing e-invoices through certified software). The tax authority also clarified other obligations such as circumstances that require or dismiss a VAT registration, indication […]

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Posted January 12, 2021 by Robert Beck
IRS Releases 2020 Publication 5258

The IRS recently released its 2020 Publication 5258, the Affordable Care Act (ACA) Information Returns (AIR) Submission Composition and Reference Guide. This guide is for processing of ACA related forms during processing year 2021. There were some notable changes to the document which have been detailed below. In addition to these changes, several changes were […]

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Posted May 15, 2020 by Filippa Jörnstedt
India: updates to the JSON e-invoice schema published

A new JSON e-Invoice schema (v1.02) has been released by the Indian Tax Authority. The update includes only minor changes and no new fields. While version 1.02 is now available for testing, version 1.01 will continue as is for some time prior to being phased out.

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Posted April 22, 2020 by Paul Ogawa
South Carolina Issues Extensions for Withholding Tax Returns and Payments Due

The South Carolina Department of Revenue recently issued extensions as tax relief in light of the COVID-19 pandemic. Tax returns and payments due between April 1, 2020 and June 1, 2020 will now be due on June 1, 2020. Regarding payments, penalties and interest will not be charged if the payments are made by June […]

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Posted April 15, 2020 by Paul Ogawa
IRS Extends Due Date for 5498 Forms to July 15

Making the announcement through Notice 2020-23, the IRS has extended the due date for a number of taxpayer actions which include filing Forms 5498, 5498-QA, 5498-ESA, and 5498-SA. Citing to a list of taxpayer acts found in Revenue Procedure 2018-58, affected taxpayers are granted an extension of time relating to “time-sensitive acts” due to be […]

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Posted April 15, 2020 by Victor Duarte
Vietnam: Draft Decree extends the deadline for mandatory e-invoicing to July 2022

The Ministry of Finance in Vietnam presented a draft Decree to postpone the mandatory adoption of e-invoicing in the country from November 1, 2020, to July 1, 2022, due to the difficulties encountered by local companies to implement on time a compliant e-invoice solution to meet the previous deadline. However, agencies, organizations, and individuals are encouraged […]

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Posted April 9, 2020 by Paul Ogawa
Florida Enacts Bill Requiring 1099-K Filing

House Bill 7097 was recently passed by the Florida Legislature and approved by Governor DeSantis, paving the way for a new information return requirement in the state. Under Section 212.134 of the Bill, payment settlement entities and other third-party facilitators who handle payment card and third-party network transactions must file a 1099-K return with Florida […]

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Posted April 3, 2020 by Ramón Frias
Panamanian Government Enacts eInvoicing Mandate

The government of Panama has enacted Decree 115/2020 by which it mandates that all taxpayers excluded from the obligation of using electronic fiscal machines attached to their POS systems will be required to issue pre-validated electronic invoices. The decree also establishes that this mandate will be effective on August 1, 2020 but the tax administration […]

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Posted April 2, 2020 by Gabriel Pezzato
Portugal extends the deadline for implementation of B2G e-invoices

A recently published official decision de facto amending the timeline for full Portuguese implementation of the Directive 2014/55/EU on electronic invoicing in public procurement has been published. According to the Despacho 129/2020-XXII, the Portuguese public administration will continue to accept B2G invoices in PDF format until June 2020. Until then, such PDF invoices will be considered legal […]

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Posted April 2, 2020 by Joanna Hysi
Israel on the road to Continuous Transaction Controls (CTCs)

Israel is planning to introduce a Continuous Transaction Controls reform, likely in the form of mandatory clearance e-invoicing. The proposed CTC model is currently expected to include a direct connection between the Tax Authority and businesses in real time for each transaction. The Israeli Tax Authority is reviewing the proposal and liaising with interested stakeholders to […]

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Posted April 2, 2020 by Jeff Gambold
Poland delays introduction of new JPK_VAT with the declaration to 1 July 2020

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 […]

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Posted March 31, 2020 by Muazzam Malik
UK MTD for VAT Digital Links soft landing period extended to 1 April 2021

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 […]

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Posted March 26, 2020 by Daniel Kostrzewa
British Columbia postpones new provincial sales tax registration requirement

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 […]

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Posted March 23, 2020 by Ramón Frias
SPAIN: Tax Administration starts the Pre-filling of Periodic VAT Returns

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 […]

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Posted March 23, 2020 by Ramón Frias
Chile starts taxing foreign digital platforms

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 […]

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