If you listen carefully, you can hear the tick tock of the Brexit clock growing ever louder. As 31 December looms into view, there’s lots to consider from a VAT point of view. One area business must get up to speed with is the movement of goods between the EU and the UK post-Brexit. Whether […]
New cells in Italy’s annual IPT return Update: 8 June 2023 by Edit Buliczka On 31 March the Italian tax authority released a new Insurance Premium Tax (IPT) return form. The Italian IPT return is an annual return due by 31 May in the year following the reporting period. Related payments are due on a […]
Should we move our tax engine to the cloud or keep it on-premise? This conversation is taking place in many organizations as they assess their approach to sales tax management. In this three-part series, we’ll explore some of the problems IT is working through to maintain on-premise solutions that may not always be visible to […]
In September, the Ningbo Municipal Taxation Bureau (NMTB) of the State Taxation Administration (STA) announced a pilot programme enabling selected taxpayers operating in China to issue VAT special electronic invoices on a voluntary basis. China’s VAT invoices China has two types of VAT invoices: VAT special invoices and VAT general invoices. The first type may […]
Commerce7 General Manager Zach Kamphuis has been tracking performance of the direct-to-consumer wine channel during COVID-19. The data shows some unexpected findings about what changes are underway and accelerating during this upheaval. We asked Zach to share some insights into the DtC channel that Commerce7 is keeping an eye on. Methodology notes: Commerce7 has collected […]
Consumer buying patterns have drastically changed this year, affecting the beverage alcohol industry in many ways. The pandemic has shifted what consumers are buying, where, and how often. To see how these changes have affected alcohol producers, Sovos ShipCompliant has examined data from our Product Registration Online (PRO) tool to see just how much consumers’ […]
After a roller-coaster period, full of changes and updates, India’s e-invoicing deadlines went live on 1 October this year. This e-invoicing reform is considered to be the second biggest tax development in the country after the introduction of Goods and Services Tax (GTS) in 2017. The Indian authorities chose to go ahead with implementing the […]
With more than 50-years helping professionals succeed in their career, our Sovos Booke regulatory team is known and trusted throughout the insurance industry and is the premier compliance destination for information and emerging trends in tax, regulatory reporting and compliance. Our team of educators share their knowledge and experience to teach the nitty-gritty of insurance […]
In our Brexit and VAT series, we delve into some of the most important issues of the day to bring you clarity and advice. Last week we looked at goods, services, and VAT. This week, we address UK border controls post-Brexit and importing goods. Movement of goods post-Brexit Currently, the concept of dispatches and acquisitions […]
In most cases, the primary responsibility of calculating, reporting and settling insurance premium tax (IPT) remains with the insurance company. But similar to VAT and other indirect taxes, although the insurer acts as the collector and administrator, the economic cost is ultimately borne by the policyholder as the purchaser of the insurance. The cost can’t […]
It’s now over two years since goods and services tax (GST) was implemented in India. And yet GST reporting continues to present challenges for businesses. With the unveiling by the GST Network of new filing enhancements and considering the increased focus on GST compliance with the advent of e-invoicing, a review of periodic GST filing […]
Tuesday, October 6 CEO Keynote: Our Journey to Solve Tax for Good | Andy Hovancik, President & CEO, Sovos GCS Intelligent Reporting kicked off with our Sovos CEO, Andy Hovancik, sharing more on what attendees can expect to get from this year’s event and helping attendees better understand Sovos’ mission to “Solve Tax For Good.” […]
The sands of transition period time are draining away. As we edge ever closer to the final Brexit deadline, there are a raft of VAT related considerations for businesses to attend to. Though uncertainty reigns about the shape of the trading relationship, most of the Brexit scenarios up for debate would render the UK a […]
For cross-border insurers, navigating the complex tax landscape across multiple jurisdictions can feel overwhelming. Tax authorities continue to take measures to boost revenues, increase efficiency and reduce fraud. There is a notable shift towards digital insurance premium tax (IPT) reporting, which places an additional burden on insurers. Ensuring that taxes are filed correctly and are […]
On the actual go-live date of the Greece Tax Authority AADE myDATA (my Digital Accounting and Tax Application) reporting framework, the Greek authorities published a decision introducing last-minute changes. After having evaluated the preparedness of businesses as a result of Covid-19 they decided to provide taxpayers in scope with additional relief by recategorizing the roll-out […]
The Indian e-invoicing mandate is live. Even though there was significant public pressure to postpone the 1 October deadline, the set date remains the same and the initial phase has started for taxpayers with an annual aggregate revenue of 500cr. rupees or more during any financial year after 2017. Even though the mandate has formally […]
The weeks leading up to the 1 October go-live of the Indian CTC reform have been marked by growing voices echoing concern about whether this is the right time for such fundamental change, and asking if the underlying government infrastructure indeed is robust enough. Several industry associations such as the Confederation of GST Professionals and […]
Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series continues with an introduction to another brilliant tax expert who is particularly knowledgeable in the cryptocurrency industry. In this segment, we welcome Roger Brown of Lukka, who will be presenting at our upcoming conference in early October. Roger will highlight the anticipated OECD developments involving […]