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Technology can help businesses and governments measure and mitigate the impact of Covid-19. With further waves and recessions biting, technology offers an unparalleled opportunity for governments and business alike to gain a clearer picture of the current panorama. Digital tax returns and real-time or near-real time reporting offer up-to-date financial insight and many tax authorities […]
Today we will be concluding our preview of the upcoming release of the 12th edition of the Sovos Trends in Continuous Global VAT Compliance report. Hear from Christiaan Van der Valk as he jumps back in: 1. In your opinion, when is the right time for businesses considering major platform upgrades to involve tax? What […]
Today we will be previewing the upcoming release of the 12th edition of the Sovos Trends in Continuous Global VAT Compliance report. In this episode of the Sovos Expert Series, Harriet Vivian sits down with Sovos’ VP of Strategy, Christiaan Van Der Valk as he digs into what the Trends Report will look like this […]
Taxpayers have gone through an eventful year in India. The e-invoicing mandate, initially planned to go live in April 2020, was delayed until October. A couple of months before the October roll-out, the scope of the mandate was reduced by lowering the threshold which left taxpayers below 500 Cr rupees outside of the first go-live […]
The Turkish Revenue Administration (TRA) expanded the e-transformation practices both in terms of application and taxpayers in scope with the General Communique issued on 19 October 2019. Within this context, using the e-invoice system and e-arşiv invoices became mandatory for businesses with a year-end turnover of TRY 5 million and above. Taxpayers with gross sales […]
These days another country adopting a continuous transaction control (CTC) regime doesn’t come as a surprise. Having seen the benefits of CTC systems, countries are increasing their efforts to implement these regimes in a way that meet their needs. Saudi Arabia is following this trend by introducing a new e-invoicing system that is expected to […]
Scope of mandatory e-invoice clearance extended The global trend of Continuous Transaction Controls (CTCs), having spread from Latin America to Europe and more recently to Asia, is now increasingly gaining popularity in Africa. Egypt is modernizing its tax control system, and one of the most important elements of this is implementing the digital processing of […]
While Italy rolled out its continuous transaction controls (CTC) reform in 2019, 2020 has been a year of expansion. Italian authorities plan to leverage all potential benefits of the successful implementation of the country’s central e-invoicing platform. Many of the updates will either be launched or enforced in the upcoming year, or later in 2022. […]
The scope of Hungary’s real-time reporting has been extended. From 1 January 2021, reporting obligations will also include invoices issued for domestic B2C transactions in addition to invoices relating to intra-community supplies and exports. However, the Ministry of Finance has granted a sanction-free three month grace period from 1 January to 31 March 2021 allowing […]
Brexit: What are the Implications for VAT Brexit is set to become reality at the end of December. So, what does it mean for organizations doing business in the UK and the European Union? Turns out, there are several tax implications that will need to be accounted for. In this episode of the Sovos Expert […]
Companies have begun to transfer financial processes to the digital environment as a result of technological developments in recent years. Business efficiency has increased through the financial processes regulated via e-transformation applications. The e-transformation system in Turkey covers applications such as e-invoice, e-ledger, e-arşiv, e-ticket, e-reconciliation, and e-delivery note. Mandate scope of e-arşiv invoice According […]
Find out why it makes sense to invest in tech and automation to streamline tax processes and alleviate the burdens finance teams face. The shift towards digitisation necessitates a radical adaption and shift in existing tech for industries across the board. As this occurs, tensions and anxieties rise around automation and job losses. With Oxford […]
France is introducing continuous transaction controls (CTC). From 2023, France will implement a mandatory B2B e-invoicing clearance and e-reporting obligation. With these comprehensive requirements, alongside the B2G e-invoicing obligation that is already mandatory, the government aims to increase efficiency, cut costs, and fight fraud. Find out more. France shows a solid understanding of this complex […]
Italy has been at the forefront when it comes to the introduction of continuous transaction controls (CTC) in the EU, and it still leads the way as other European countries look to Italy for inspiration on their local CTC implementations. But even before the introduction of its clearance e-invoicing system in 2018, the country had […]
As expected, and previously announced by the Secretary of Finance in India, the Central Board of Indirect Taxes and Customs (CBIC) has now formally issued a Notification stating that India taxpayer scope has expanded with a turnover of 100 Cr. rupees or more from 1 January 2021. India taxpayer scope expanded On 30 July 2020, […]
The new e-transformation regulations set by the Turkish Revenue Administration (TRA) have been implemented one after the other. The regulation regarding e-delivery notes, which must be issued before shipping any goods takes place, also came into force on 1 July 2020. Based on the new regulation, certain businesses have started using the e-delivery note application […]
Even though India’s continuous transaction controls (CTC) reform went live less than a month ago, the surrounding legal and technical framework for the e-invoicing platform still has many moving pieces. However, little by little, these puzzle pieces have started to come together. Earlier this year, the Indian authorities announced their intention to facilitate the e-invoicing […]
Portuguese authorities recently published the long awaited regulation on unique ID number (ATCUD), in preparation for the entry into force of this requirement on 1 January 2021. Even though this effectively meant that a significant piece in the puzzle had now become available to the public, the Portuguese tax authority has postponed the requirement until […]