In September 2020, Italy introduced major changes to the country’s rules on the creation and preservation of electronic documents. These new requirements were expected to be enforced on 7 June 2021. However the Agency for Digital Italy (AGID) has now decided to postpone the introduction of the new e-document rules until 1 January 2022. The […]
Alabama Governor Kay Ivey signed HB 437 into law on May 13, 2021, making Alabama the latest state to legalize direct-to-consumer (DtC) wine shipping. With this step, only Delaware, Mississippi and Utah continue to prohibit this popular and valuable means of selling wine. Alabama’s new DtC law will not become effective until August 1, 2021. […]
What is unclaimed property due diligence? An unclaimed property due diligence letter is an organization’s last chance at contacting an apparent owner and preventing their property from escheatment. Each state or reporting jurisdiction has its own unique set of requirements and standards. Due diligence letters are typically required to be sent 30 to 120 days […]
On 22 March 2021 the EU Council approved DAC7, which establishes EU-wide rules meant to improve administrative cooperation in taxation. In addition, the Directive addresses additional challenges posed by a growing digital platform economy. What is DAC7? In 2011, the EU adopted Directive 2011/16/EU on administrative cooperation in the field of taxation in the EU […]
Russia introduces a new e-invoicing system for traceability of certain goods on 1 July 2021. Federal Law No. 371-FZ will amend the Russian Tax Code to introduce the new procedure for the traceability system, which will bring the introduction of mandatory e-invoicing for taxpayers dealing with traceable goods. Since its introduction, B2B e-invoicing in Russia […]
On May 6, 2021, Tennessee Governor Bill Lee signed HB 742 into law, establishing a slew of new provisions affecting the direct-to-consumer (DtC) shipping of wine in the state. These provisions, however, will not become effective until January 1, 2022. While the bill does impose several new restrictions and requirements on businesses involved in DtC […]
Kansas became the latest state to adopt effective economic nexus rules after the state legislature overrode a Governor’s veto to pass SB 50. The new law becomes effective on July 1, 2021, to apply to sales made after that date. Under the new economic nexus law, remote sellers will face sales tax liability on their […]
The Spanish tax system is one of the most complex in Europe. This can bring a real challenge to insurance companies writing business in Spain or for those that want to start writing business in the country. As explained in previous blogs, Spain has various taxes and surcharges on insurance premiums with different rates and […]
As the digitization of sales tax continues to raise compliance stakes worldwide, businesses require a complete solution for real-time tax calculation. User-centric solutions that operate on the most up-to-date regulatory requirements can help organizations avoid backtracking and making adjustments for evolving regulations after the fact. This is where a cloud-based sales tax solution comes into […]
It’s difficult to pinpoint exactly when new taxes or tax rate increases will happen. Covid-19 has impacted almost everything, including a massive deficit in the economy. Many banks have applied negative interest and governments have put funding in place to aid recovery. It’s highly likely that tax authorities will be looking at ways to bring […]
When Italy introduced its mandatory e-invoicing system, cross-border invoices weren’t included in the scope of the reform. To introduce the mandate, Italy asked the European Council for a derogation from the VAT Directive and the country was granted permission for the introduction of a mandatory clearance system for domestic transactions performed between Italian taxpayers. It’s […]
The evaluation of retail unclaimed property compliance can be quite complex when taking into account the nature of the business. On one hand, the organizational and accounting structure of a retail company presents challenges in the form of determining which state properties should be reported and remitted to, per the priority rulings. On the other […]
Digitization has become more prevalent, especially because of COVID-19. Companies looking to improve efficiency via digital transformation are taking advantage of the benefits tax technologies can provide their business processes. Although they’re not within Turkey’s e-invoicing mandate scope, companies have been using e-document applications as part of their operational processes to save time, costs and […]
Direct selling companies and multi-level marketing (MLM) businesses have numerous complexities to consider when it comes to sales tax calculation and reporting requirements. Along with an expansive physical nexus footprint, direct sellers must know how their products and services are taxed around the country. It’s a daunting task when facing it alone. Where are you […]
In September 2020, the Agency for Digital Italy (AGID) introduced new requirements for the creation and preservation of electronic documents, which will be enforced from 7 June 2021. This blog discusses the requirements and how they affect the issuance and storage of e-invoices. Electronic Documents in Italy The AGID is responsible for the Italian digital […]
Change is rarely easy, but when it comes to implementing new sales tax software it doesn’t have to be a constant struggle. Organizations want to know that the implementation process includes hands-on assistance and a timeline that makes sense – for all parties involved. Our Sovos implementation is designed to deliver value quickly and to […]
Saudi Arabia will start its introduction of a new e-invoicing system from 4 December 2021. The mandate will require all taxable persons residing in the Kingdom to generate, process and store e-invoices electronically. In this episode of the Sovos Expert Series, Harri Vivian sits down with Selin Ring, Regulatory Counsel at Sovos, to explain how […]
Continuing the trend in 2021, New York unclaimed property recently introduced the NY Self-Directed Compliance Program geared towards identifying both non-reporters and companies that reported in 2021, but failed to report property types expected to be seen. Due to negative economic impact resulting from COVID-19, Sovos’ consulting, reporting and regulatory teams have been preparing for […]