Welcome to our Q&A two-part blog series on the French e-invoicing and e-reporting mandate, which comes into effect 2023-2025. That sounds far away but businesses must start preparing now if they are to comply. The Sovos compliance team has returned to answer some of your most pressing questions asked during our webinar. We have outlined […]
Brand label registration is an essential part of the process of selling alcohol. And while many suppliers are aware of these requirements for three-tier distribution, they can often overlook them when it comes to direct-to-consumer (DtC) shipping. Alcohol labels, whether on a bottle, can or keg, have lots of information that is highly regulated, both […]
Insurance Tax Act reforms in Germany, effective from 10 December 2020, continue to cause uncertainty in the insurance market. The main area of concern relates to the location of risk for Insurance Premium Tax (IPT) purposes. The reform can impact a policy taken out with either an EEA or non-EEA insurer where the policyholder is […]
In our recent webinar, Sovos covered the new French e-invoicing and e-reporting mandate, and what this means for businesses and their tax obligations. We are witnessing a global move towards Continuous Transaction Controls (CTCs), where tax authorities are demanding transactional data in real-time or near real-time, affecting e-invoicing and e-reporting obligations. As such, from 2023, […]
Wine and beer new product registrations also see positive growth in Q2 2021 The beverage alcohol industry continues to fluctuate as it accounts for varying consumer buying patterns, due in large part to the COVID-19 pandemic. The second quarter of 2021 saw positive growth in new product registrations, with the spirit category leading the way. […]
The hotly anticipated crypto 1099 information reporting tax law changes may finally come to light this week. In an interesting twist to the bipartisan infrastructure bill negotiations, Senator Rob Portman (R)-OH added specific 1099 reporting tax law changes for digital asset transactions. The additions to the bill, entitled “Enhancement of Information Reporting for Brokers and […]
In the “Statement on a Two-Pillar Solution to Address the Tax Challenges Arising From the Digitalization of the Economy” issued on 1 July 2021, members of the G20 Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) have agreed upon a framework to move forward with a global tax reform deal. This will address the […]
So, who wants to read another article about unclaimed property audits and how burdensome they are? I mean sure, most of you have either heard, read about, or experienced firsthand how difficult the examinations are to navigate and how long they can be, but rarely do we hear any good news when it comes to […]
Following the January release of our annual Direct-to-Consumer Wine Shipping Report in partnership with Wines Vines Analytics, consumers continue to make changes in how they get their wine. With the economy still working to rebound in the wake of the COVID-19 pandemic, ecommerce sales have remained important. On-premise locations, including bars, restaurants and tasting rooms, […]
For anyone relatively new or unfamiliar with insurance premium tax (IPT), an understanding of each of the core components is key to ensuring compliance. They also sit in a logical sequence of five distinct areas. Location of risk Class of business Applicable taxes and tax rates Declaration and payment Additional reporting 1.Location of risk rules […]
What is Intrastat? Intrastat is a reporting regime relating to the intra-community trade of goods within the EU. Under Regulation (EC) No. 638/2004, VAT taxpayers who are making intra-community sales and purchases of goods are required to complete Intrastat declarations when the reporting threshold is breached. Intrastat declarations must be completed in both the country […]
Progress has been made in the roll-out of the Polish CTC (continuous transaction control) system, Krajowy System of e-Faktur. Earlier this year, the Ministry of Finance published a draft act, which is still awaiting adoption by parliament to become law. Draft e-invoice specifications have been released and there has been a public consultation on the […]
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 new regulatory changes, ensuring you stay compliant. We spoke to Wendy Gilby, […]
Moving goods from one place to another is a quintessential part of business. Manufacturers, wholesalers, transporters, retailers and consumers all need to carefully orchestrate the shipping and handling of raw materials, parts, equipment, finished goods and other products to keep business flowing. This supply chain harmony is what makes production and trade possible in society. […]
Most states have direct-to-consumer (DtC) wine shipping laws, but you must follow the rules of the destination state when doing it. States can have varying requirements and limitations when it comes to licensing, product restrictions, dry communities or even volume limits for how much a given customer can receive. For example, Massachusetts restricts licensees from […]
More than 170 countries throughout the world have implemented a VAT system, and some of the most recent adopters are the Gulf countries. In a bid to diversify economic resources, the Gulf countries have spent the past decade investigating other ways to finance its public services. As a result, in 2016 the GCC (Gulf Cooperation […]
In sales tax, ideas spread fast. In the new E-988 surcharge, we may be seeing the very beginning stages of what ultimately might become a new and expansive tax compliance requirement for sellers of prepaid wireless products and services. It all started in July 2020 when the Federal Communication Commission (FCC) adopted regulations designating the […]
This blog was updated on January 4, 2023. In virtually every market, your sales tax obligations will grow as your retail operations expand. When creating a brand, it’s crucial to have a flagship product or service that creates a sense of purpose in the market. Once a customer connects with your company, growth naturally can […]