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Part II of V – Oscar Caicedo, Vice president of product management for VAT Americas, Sovos Click here to read part I of the series. Government-mandated e-invoicing laws are making their way across nearly every region of the globe, bringing more stringent mandates and expectations on businesses. Inserted into every aspect of your operation, governments […]
Part I of V – Steve Sprague, chief commercial officer, Sovos Government-mandated e-invoicing laws are making their way across nearly every region of the globe, bringing more stringent mandates and expectations on businesses. Inserted into every aspect of your operation, governments are now an omni-present influence in your data stack reviewing every transaction in real […]
In recent months, we’ve been helping clients with VAT rate changes within and beyond the EU. The reason for these VAT rate changes ranges from a desire to reduce inflation, action to help support families with the cost of living, helping businesses deal with rising costs and as in the Swiss case, reforming the state […]
Update: 19 October 2022 Since taking up his new duties as Chancellor of the Exchequer on 14 October, Jeremy Hunt has reversed the previous mini-budget drafted by his predecessor. One of the schemes that was announced to be reintroduced was the VAT Retail Export Scheme. This scheme would have allowed overseas visitors to benefit from […]
HMRC has announced a new penalty regime to replace the default surcharge regime for VAT periods starting on or after 1 January 2023. The new regime will affect UK VAT registered businesses that submit late UK VAT returns or make late VAT payments in the UK. There will also be changes to how VAT interest […]
Update: 13 March 2023 by Enis Gencer Northern European Jurisdictions: CTC Update The European Commission’s VAT in the Digital Age (ViDA) proposal continues to unfold with the latest details published on 8 December 2022. As a result, many EU countries are stepping up their efforts towards digitizing tax controls – including mandatory e-invoicing. While we […]
When organising a virtual event, it’s important to determine how this supply will be treated for VAT purposes. We have previously discussed VAT rules and place of supply for virtual events, this blog will discuss the potential future changes to the VAT position for EU Member States. Current VAT position for virtual events in Europe […]
On 30 August 2022, the Ministry of Finance published draft legislation amending the Regulation on the use of the National e-Invoice System (KSeF). The purpose of the draft amendment is to adapt KSeF’s terms of use to the specific conditions that apply to the local government units and the VAT groups that will operate as […]
It seems such a short time since HMRC sent a reminder letter in March 2022 recalling the upcoming changes to the UK’s customs systems and explaining what to do to prepare for these changes. With the deadline rapidly approaching, here’s a brief recap. The Customs Handling of Import and Export Freight (CHIEF) system, which is […]
Update: 30 November 2022 by Charles Riordan ANAF Reverses Position on Grace Period Extension Romania SAF-T Filing declarations are changing. The draft order extending the grace period for SAF-T will not be implemented. The President of ANAF has confirmed that decision. The extension originally supported large taxpayers who have had to submit SAF-T since 1 […]
In Italy, the discipline of transfer pricing states that in intra-group transactions between entities from different countries, where one is resident in Italy, transactions must take place on an arm’s length basis. In other words, transactions are based on freely competitive prices and under comparable circumstances. Companies carefully treat the transfer pricing adjustments from a […]
It’s been just over 13 months since the introduction of the EU’s E-Commerce VAT Package in the guise of the One Stop Shop (OSS) and of the Import One Stop Shop (IOSS). After what has widely been hailed as a success by the European Commission (EC), what, if any, changes can we expect going forward? […]
The European Commission (EC)’s action plan for fair and simple taxation – ’VAT in the Digital Age’- continues to progress. After a public consultation process, the EC has published Final Reports discussing the best options for the European market to fight tax fraud and benefit businesses with the use of technology. The areas covered are: […]
A parafiscal tax is a levy on a service or a product which a government charges for a specific purpose. It can be used to financially benefit a particular sector (public and private). Unlike the drastic changes in Stamp Duty reporting within the Portuguese region, the parafiscal taxes have remained consistent and unchanged for many […]
The Philippines continuous transaction controls (CTC) Electronic Invoicing/Receipting System (EIS) has been officially kicked off for the 100 large taxpayers selected by the government to inaugurate the mandate. Although taxpayers were still struggling to meet the new e-invoicing system’s technical requirements just before the go-live date, the Philippines upheld its planned deadline and went live […]
The EU and the UK use the Economic Operators Registration and Identification System (EORI) to identify traders. What is an EORI number? Businesses and people wishing to trade in the EU and the UK must use the EORI number as an identification number in all customs procedures when exchanging information with customs administrations. The EU […]
In this episode of the Sovos Expert Series, Cécile Dessy sits down with Russell Hughes, Consulting Services Manager at Sovos, to explain how these new schemes have evolved during this first year. Listen as she answers the following questions: Question 1: Were people ready for these changes? Question 2: What are the main practical problems […]
According to European Customs Law, non-EU established businesses must appoint a representative for customs purposes when importing goods into the EU. In particular, the Union Customs Code establishes that non-EU resident businesses must appoint an indirect representative. At the end of the Brexit transitionary period, many UK businesses suddenly needed to appoint an indirect representative […]