India: Changes to the Proposed E-Invoicing System India is about to launch a number of significant changes to its e-invoicing system. For a brief overview of the changes, Sovos’ Harriet Vivian sat down with regulatory expert Selin Ring to preview the changes and discuss the potential impacts on business as these programs are rolled out […]
There’s no harmonisation across Europe for how tax declarations are submitted. And methods vary tax by tax, country by country, and even region by region. This can be challenging for many insurers in not only meeting current requirements but in also keeping up with the ever changing insurance premium tax (IPT) landscape. Frequency Although there […]
This blog was updated on July 13, 2022 The National Association of Unclaimed Property Administrator’s (NAUPA) III format for unclaimed property has been in the works for a while now, and the first draft was scheduled to be published on July 5, 2022. Upon checking NAUPA’s website on July 5, 2022, the following message was […]
Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series continues with the introduction to an award-winning subject matter expert on tax in the Cryptocurrency industry. In this segment, we welcome Sheehan Chandrasekera of Cointracker, who will be attending & presenting at our upcoming conference in early October. In this segment of the “Speaker Spotlight” […]
Do you have questions about the rules, regulations, and compliance requirements of the beverage alcohol industry? This series, Ask Alex, is a perfect opportunity to get those pressing questions answered straight from one of the industry’s regulation and market experts, Alex Koral, Senior Regulation Counsel, Sovos ShipCompliant. To take advantage of this opportunity and get […]
Oman is on its way to introduce VAT. After the approval of the State Council and the Shura Council the draft law was sent for final approval to Sultan Haitham Bin Tariq Al Said. If the draft law is approved, VAT is expected to be implemented in 2022. Background Gulf Cooperation Council (GCC) member states […]
With a VAT gap across EU countries estimated at €140 billion in 2018, tax authorities are continuing to take steps to boost revenues, increase efficiency and reduce fraud. As a result, VAT compliance obligations are becoming more demanding. Failure to comply can not only result in significant fines but also reputational damage. Many multinational companies […]
Sovos’ Global Compliance Summit – Intelligent Reporting “Speaker Spotlight” Series kicks off with the introduction to two brilliant women in the world of tax, Kelli Wooten of KPMG LLP and Susie Jensen of Zions Bancorporation, who will be attending & presenting at our upcoming conference in early October. These two professionals are particularly well-versed in […]
Tax filing, wherever you are in the world, is becoming increasingly complex, with regular rate updates and governments eager to close tax gaps via new mandates that demand real-time reporting. Despite this, many captive insurers still rely on resource-heavy, manual procedures to capture, validate and process large volumes of data. As well as taking significant […]
The wine market is in greater flux than ever as producers, retailers and consumers navigate the impacts of a global pandemic. Keeping a pulse on marketplace data has never been so important given these shifting dynamics. Nielsen is collaborating with Wines Vines Analytics and Sovos ShipCompliant to provide a much more comprehensive view of the […]
The IRS has released the 2020 version of Publication 1220. One of the most notable changes is that Form 1099-NEC (Nonemployee Compensation)—which was previously reported on Form 1099-MISC utilizing Box 7—will not be a Combined Federal/State Filing (CFS) form. This means that Form 1099-NEC cannot be filed with the states through the CFS Program. The […]
From underwriting to reporting, the insurance industry is having to adjust and by choice or imposed, is embracing the digital evolution of its practices. On the reporting front, more tax authorities are forcing insurance companies to tailor their internal processes by jurisdiction, directly impacting the collection of information at the underwriting stage. Digitized services continue […]
Taxpayers are only two weeks away from the initial start of India’s e-invoicing reform. Even though the continuous transaction controls (CTC) invoicing system was officially first introduced in December 2019, there have been many changes and updates from the GSTN. In addition to changes announced in July which affected the schema and scope for India’s […]
In a recent blog post penned by Alex Koral, Sovos announced that the Streamlined Sales Tax™ (SST) Governing Board authorized a new contract with SST Certified Service Providers™ (including Sovos ShipCompliant) that has the potential to make sales tax compliance more manageable and affordable for qualifying direct-to-consumer (DtC) shippers. Since the blog was published, questions […]
The 2020 tax information reporting season is rapidly approaching and the changes we know about so far are pretty complex. A primary example lies in the new Form 1099-NEC which was reintroduced by the IRS last fall and is required to be used for reporting 2020 nonemployee compensation payments (formerly reported in Box 7 of […]
Part 2: Main Aspects of the 2nd Modification of the Miscellaneous Fiscal Resolution for 2020 In addition to the provisions related to digital services explained in Part I of this blog, the second Modification to the Miscellaneous Fiscal Resolution for 2020 (RMF2020) also introduced the following changes related to VAT obligations, the use of electronic […]
The Turkish Revenue Authority (TRA) continues to innovate digital tax controls, most recently by introducing a new document type among other changes. They recently published a Draft Communique including several amendments to existing regulations which were opened up for public consultation. The General Communique on the Tax Procedural Law (General Communique), which this recent draft […]
Accurately calculating Insurance Premium Taxes (IPT) across Europe can be a challenge, especially when there are inconsistent methods of calculations and a vast array of taxes to understand. Our webinar ‘How to accurately calculate IPT liabilities’ sheds light on the challenges insurers face in ensuring accurate calculations, the various calculation methods different territories use for […]