Blog

Phase-2 of Saudi E-invoicing: Who should comply and how?

In 2020, the Zakat, Tax and Customs Authority (ZATCA) in Saudi Arabia announced the introduction of an e-invoicing mandate consisting of two phases. The first phase of Saudi e-invoicing requires all resident taxable persons in the Kingdom to generate and store invoices electronically and has been enforced since 4 December 2021. The second phase, which […]

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Understanding Recent Form 1099-K Reporting Changes

As the online platform economy has evolved, the related tax reporting requirements are also changing and becoming more intricate for businesses. With Form 1099-K reporting, organizations must ensure that they are up to date on all IRS and state tax regulations to stay in compliance. Form 1099-K is not necessarily a requirement for all businesses […]

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Crypto Tax & Unclaimed Property Compliance – A Year-Round Approach

This quarterly blog series focuses on tax information reporting (TIR) and unclaimed property (UP) issues impacting businesses facilitating transactions involving digital assets. Each quarter, Sovos experts will provide updates and reminders on tax and UP issues in advance of the next quarter – to help you have a line of sight into what to expect […]

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How to Manage Sales Tax in DtC Shipping

Managing sales tax obligations can be complex in the direct-to-consumer (DtC) alcohol beverage shipping space. Luckily, Sovos ShipCompliant’s Alex Koral, regulatory general counsel, broke down key considerations in the recent Understanding Sales Tax for the DtC Shipper webinar. Here are highlights from the presentation to help you better understand the many nuances of this tricky […]

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5 Key Takeaways from the State of Indirect Tax

The State of Indirect Tax, featuring IDC, was a three-session event hosted by Sovos on April 7. It covered IDC’s thoughts on the current and future state of indirect tax, the biggest trends and changes from a regulatory perspective and the importance of aligning your IT and tax teams in your compliance strategy. The sessions […]

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Meet the Expert, Manisha Patel, Senior Compliance Services Representative – IPT

Meet the Expert is our series of blogs where we share more about the team behind our innovative software and managed services. As a global organisation with indirect tax experts across all regions, our dedicated team are often the first to know about regulatory changes and developments in global tax regimes, to support you in […]

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What Should I Know About Certificate of Label Approvals (COLAs)?

Beverage alcohol suppliers and producers selling in the United States typically must obtain Certificate of Label Approvals (COLAs) from the Alcohol and Tobacco Tax and Trade Bureau (TTB) before product distribution. This ensures that suppliers and producers are compliant with federal regulations regarding the design of their alcohol labels. (Additionally, most states have their own […]

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5 Benefits to Attending Sovos’ Insurance Regulatory Summit

Where can you go to receive best-in-class education on insurance accounting and theory, network with your insurance professional peers, earn CPE credits and stay ahead of industry change? Sovos’ 2022 Insurance Regulatory Summit is that opportunity. This is an annual, exclusive event providing the insurance industry with premier educational sessions from regulatory experts and instructors. […]

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Ecuador: November 2022 E-invoicing Changes

Due to the economic crisis and the necessity of the government to take measures aimed at economic growth and efficient tax collection, on 29 November 2021, the Organic Law for Economic Development and Fiscal Sustainability after the COVID-19 Pandemic was published in Ecuador’s Official Gazette. According to this law, taxpayers obliged to issue invoices must […]

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Alaska Passes New DtC Alcohol Shipping Laws

On June 16, Alaska Governor Mike Dunleavy signed SB 9, an omnibus beverage alcohol bill that includes new provisions to regulate direct-to-consumer (DtC) shipping of alcohol in the state. As set out in SB 9, the new DtC shipping laws are set to take effect on January 1, 2024. While Alaska currently does allow for […]

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VAT on Non-Fungible Tokens (NFTs)

The recent popularity of non-fungible tokens (NFTs) has captivated investors, governments and tax authorities. An NFT is a digital asset that represents real-world objects such as a piece of digital art, an audio clip, an online game or anything else. NFTs are purchased and sold online and are typically encoded with the same software as […]

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In Focus: Why is Italy’s IPT Regime so Challenging?

Tax compliance in Italy – where do we start? From monthly tax settlements to an annual declaration, prepayment, additional reporting and treatment of negative premiums – all these factors make Italy unique and one of the most challenging jurisdictions from an insurance premium tax (IPT) compliance perspective. Let’s break it all down: Insurance taxes IPT […]

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Reciprocity Agreements and Why They Matter When Recovering VAT

Sovos recently hosted an online webinar on VAT recovery where we covered reciprocity agreements between the UK and EU Member States when making 13th Directive VAT refund claims. One of the questions that kept coming up is what are reciprocity agreements and why do they matter? Reciprocity When making 13th Directive refund claims, each EU […]

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Blockchain: Advice for Regulators to Tackle the Digital Asset Dilemma

With a few jurisdictions already on the record, including Belgium, Spain and Switzerland, and with Puerto Rico and Washington poised to issue official guidance, it seems extraordinarily likely that within a few months a substantial number of states will have issued opinions on the application of sales tax on digital assets transferred on blockchain. With […]

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Draft Resolution Introduces Changes to Peru’s E-transport Document

E-invoicing was introduced in Peru in 2010, following the continuous transaction controls (CTC) trend in Latin American countries for a more efficient collection of consumption taxes. Since then, the government has rolled out measures to encompass a significant number of taxpayers under the country’s mandatory e-invoicing regime and advance new technical and institutional structures within […]

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Belgium Steps Closer to Mandatory E-Invoicing

In line with the obligations set by the European Directive 2014/55 on electronic invoicing in public procurement, Belgium introduced a mandate for public entities to receive and process electronic invoices in 2019. For Brussels, Flanders, and Wallonia the initiative went beyond the bare minimum of the EU Directive requirements and introduced obligations to also issue […]

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How to Prepare for a VAT Audit

Our previous articles covered audit trends we have noticed at Sovos and common triggers of a VAT audit. This article discusses the best practices on how to prepare for a VAT audit. Each country and jurisdiction may have different laws and requirements related to the VAT audit process. Tax authorities can carry out audits in […]

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Deep Dive – Portugal’s Stamp Duty Requirements

The most recent update to the Portuguese Stamp Duty system has included some of the most comprehensive tax reporting changes seen in recent years. Stamp Duty is the oldest tax in Portugal and has been around since the Royal Decree in 1660. Considering its age, updates to bring it in line with the global standard […]

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