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Following the introduction of ‘fiscalization’, Albania’s Continuous Transactions Controls scheme (CTC), in early 2020, the Albanian government published more information about the CTC system and in late 2020 updated the roll-out timeline. During 2020, the Albanian government published a series of secondary legislation about different elements of the CTC scheme. The Albanian CTC scheme is […]
The new India’s e-invoicing expansion has been live since October 2020 and it has been rolled-out in phases. The first phase started in October 2020 with taxpayers with a 500 Cr. rupees threshold or more and the second phase continued in January 2021 covering taxpayers with a threshold of 100 Cr. rupees or more. The […]
The trend of real-time data collection as a tax control mechanism by tax authorities across the world is not much of a surprise now, quite the contrary. One by one and at increasing speed, governments are rolling out local adaptions of Continuous Transaction Controls regimes, more commonly referred to as CTCs. However, new trends are […]
Overview: The days when suppliers of digital content or services were considered out of reach of local tax authorities because they supplied products and services remotely are quickly fading. The exponential growth that the digital economy has experienced in the last several years has made it impossible to ignore countries looking for new sources of […]
Welcome to the Sovos Expert Series, today we will be talking with Selin Ring, Regulatory Counsel at Sovos about your e-invoicing obligations when operating in South Korea and how these differ from your VAT requirements elsewhere. South Korea was one of the first countries to adopt an e-invoicing regime. The first mandate came into […]
It’s busy for the Hungarian National Tax and Customs Administration (NTCA). Currently this public body is in the midst of overseeing a transition period for the real-time invoice data reporting system, from version 2.0 to version 3.0. This new version will be mandatory for all taxable persons in the country from 1 April 2021 and […]
Back in July 2020, the Turkish Revenue Authority (TRA) published a Draft Communique including several amendments to existing e-document regulations. Very recently, on 9 February 2021, the Draft Communique amendments were implemented into a new Communique, amending General Communique (‘Amending Communique’) with some changes, exemptions and additional provisions. Let´s take a closer look at the […]
Poland: Full steam ahead towards Europe’s next Continuous Transaction Control system Poland’s new e-invoicing law is planned to come in to force in October this year, which will introduce e-invoicing via a national platform in a Continuous Transaction Control system. In this episode of the Sovos Expert Series, Harri Vivian sits down with Anna Norden, […]
2020 was significant for the mandatory transition to e-transformation applications following the General Communique issued by the Turkish Revenue Administration (TRA). 2021 will be a year of mandatory transition to various e-documents for taxpayers. Who must use e-invoice from 2021? Taxpayers with gross sales revenue of TRY 5 million and above in 2020 and all […]
Although Brazil is known for its complex tax laws that make compliance a difficult task in the country, it is undeniable that the Continuous Transaction Control (CTC) system implemented more than a decade ago is one of the most stable in the world. However, even a sophisticated CTC system continues to evolve and mature, and […]
The Polish Ministry of Finance has now published the draft act introducing e-invoicing via the national platform (Krajowy System e-Faktur – KSeF, or National System of e-Invoices) in a Continuous Transaction Control (CTC) system. The draft is available for public consultation during a two-week period, after which the law is planned to come into force […]
Join Anna Norden, Regulatory Counsel at Sovos, as she discusses France’s upcoming move to Continuous Transaction Controls. Continuous Transaction Controls is an approach to tax enforcement whereby transactional data is submitted to the government in conjunction with the actual exchange of such data between the transacting parties. It means that the government gets access […]
Digital transformation will continue to be a business priority for years to come. Efficiency is still one of the primary issues that companies want to improve and the digitization of many business processes is helping to increase efficiency, reduce errors and ensure compliance. Technology is helping to transform departments, including tax. The benefits of tax […]
Join Selin Adler Ring, Regulatory Counsel at Sovos, as she discusses how the Turkey E-delivery note and its impact on your multinational organization. Listen to her discuss the following questions: What is the new e-delivery note system in Turkey? Can e-invoices be used to replace e-delivery notes as paper invoices can still replace paper […]
In December, the expansion of China’s B2B e-invoicing pilot program, that enables certain taxpayers to voluntarily issue VAT special electronic invoices, was announced by China’s State Taxation Administration (STA). These e-invoices can be used to claim input VAT so are generally used for B2B purposes whereas VAT general invoices cannot so are commonly used for […]
Update: 8 March 2023 South Korea has recently approved a tax reform which introduces several measures for 2023, among which is the possibility of issuance of self-billing tax invoices. This tax reform amends the current VAT law to allow the purchaser to issue invoices for the supply of goods and services. However, this will only […]
On 31 December 2020, in a last-minute change, the Greek government once again postponed the go-live date of myDATA to April 2021. This announcement had been anticipated and came as a great relief to Greek taxpayers who were concerned about being ready for the previous go-live date of January 2021. The first quarter of 2021 […]
Join Filippa Jornstedt as she discusses how e-archiving should be a critical part of your e-invoicing strategy. Listen to her discuss the following questions: How do e-archiving requirements change across borders? What are the problems that come from not having an e-archiving strategy? Are there consequences for non-compliance with e-archiving?