Regulatory Analysis
The Inland Revenue Board of Malaysia (IRBM) has released updated e-Invoice Guidelines, revising the implementation timeline and introducing more granular turnover-based categories. Updated Implementation Schedule: The phased rollout is based on annual turnover thresholds, with delayed start dates for smaller businesses: No Change: Over RM100 million (~€20 million): Implementation began August 1, 2024. RM25 million […]
In Minnesota, the Prepaid Wireless E911, TAM and 988 fees are increasing from a combined fee amount of $0.95 to $0.96 effective July 1, 2025. The fee is comprised of 3 parts as follows: E911 Fee – $0.80 TAM Fee – $0.04 988 Fee – $0.12
Earlier this year Mississippi passed HB1 which reduces the state sales and use tax rate on groceries for human consumption from 7% to 5% starting on July 1, 2025. Per the bill, the term “groceries” refers to food or drink for human consumption that is eligible to be purchased with food stamps. Items purchased with […]
On March 25, 2025, Governor Spencer Cox signed Utah House Bill 60 (HB 60) into law, significantly expanding the state’s 1099-K reporting requirements. HB 60 adds sections 59-1-1801 and 59-1-1802 to the Utah Code, mandating that payment settlement entities file Form 1099-K with the Utah State Tax Commission when two criteria are met: (1) the […]
On May 20, 2025, Maryland House Bill 352 was signed into law, enacting a 3% tax on certain data and information technology services and repealing the exemption for specific custom computer software. These changes are effective July 1, 2025. Further information may be found here.
Washington’s governor recently signed three pieces of legislation which will have a major impact on retail sales tax in the state. Senate Bill 5794 would repeal the exemption from sales tax (as well as business and occupation taxes) of sales of precious metal bullion and monetized bullion effective January 1, 2026. Senate Bill 5801 makes […]
Papua New Guinea’s Internal Revenue Commission recently announced that specific goods deemed “essential” will be zero-rated for GST effective June 1, 2025 through June 30, 2026. Registered suppliers and retailers are required to adjust their pricing to reflect a new zero-rate on the following essential goods: Baby diapers Tinned fish and meat Cooking oil Coffee […]
Effective June 1, 2025, Republic Act No. 12023 amends the Philippine Tax Code so that nonresident digital service providers (DSP) will be liable for 12% VAT on digital services consumed in the Philippines. The law defines digital services broadly and may include any service that is supplied over the internet or other electronic network including […]
In Maryland, the purchase price of precious metal bullion or coins were exempt from sales tax if the taxable amount exceeded $1,000. On May 20, 2025, House Bill 352 was signed into law. The legislation provides, effective July 1, 2025, that for the exemption to apply, precious metals bullion or coins must also be purchased […]
The Ohio Department of Taxation recently announced the 2025 dates for Ohio’s All-Inclusive Sales Tax Holiday. The holiday period for the 2025 season will occur August 1-14, 2025. Further information concerning the holiday may be found here.
During its mid-year policy review discussions, the Finnish government proposed decreasing the reduced rate VAT from 14% to 13.5%, effective January 1, 2026. Items currently subject to the reduced rate include groceries, pharmaceuticals, and passenger transport services, among others. The Ministry of Finance’s press release announcing the proposal can be found here (in Finnish).
The IRS recently updated Instructions for Form 1099-R/5498 for tax year 2025. Form 1099-R is used to report distributions of $10 or more from retirement plans, IRAs, annuities, pensions, insurance contracts, disability payments, and charitable gift annuities. Form 5498 is used to report information about Individual Retirement Arrangements (IRAs) maintained for a person, including contributions, […]
The DGII informed taxpayers identified as large local and medium-sized Taxpayers whose deadline for the implementation of the Electronic Invoice was May fifteen (15), 2025, that an exceptional extension has been granted for a period of 6 months. With this general extension, the original deadline of May 15, 2025 (deadline provided for in Law 32-23 […]
The authority issued exempt resolution No. 53 through which it establishes the obligation to deliver the printed or virtual representation of the e-ticket and/or the (voucher) to taxpayers who operate with these documents for sales and services made through face-to-face channels in B2C transactions. a) In the case of receiving payments with cash or bank […]
The tax authority established that as of September 1st, 2025, sales made to end consumers for amounts greater than CLP$5,186,253.15 must be identified in the electronic receipt issued to the purchaser of such goods and services. For such purposes, the name and surname, RUT, form of payment, in addition to clearly informing the goods and […]
On May 13, 2025, Arizona Governor Katie Hobbs signed Senate Bill 1274, known as the “Tax Corrections Act of 2025,” into law. One of the key provisions of this legislation is a significant change to the Arizona income tax withholding rate for gambling winnings. Previously, Arizona required income tax withholding on gambling winnings at 20% […]
The Puerto Rico Internal Revenue Code provides for a periodic sales tax holiday for certain hurricane preparedness items. Historically, the holiday occurs during the last Friday, Saturday and Sunday in May. However, for 2025 those dates were initially revised via Circular Letter No. 25-09 issued on April 29. For the second time, Puerto Rico is revising the […]
Arkansas has reduced its W-2 electronic filing threshold from 125 to 75 employees, effective for tax year 2025 returns filed in 2026. Under Senate Bill 503, signed by Governor Sanders on April 14, employers with 75 or more employees will be required to file W-2 forms electronically. Additionally, beginning with tax year 2026, there will […]