In previous blogs, we’ve taken a deep dive into Romania’s new SAF-T requirements. In the latest guidance released this week, the tax authority has provided updated implementation timelines for different sizes of taxpayers and information on the grace period. In addition to clarifying timelines, the tax authority also issued a new version of the schema […]
Phase 1 of the e-invoicing system will be live in less than three weeks. While many businesses are still implementing a solution, the Saudi tax authority continues to publish more details on their official webpage. One of the most recent announcements is about the fines the government will levy in case of non-compliance with the […]
The Turkish Revenue Administration (TRA) published a Draft Communique that includes significant changes to the Tax Procedure Law General Communique No. 509, which initially aimed to unify all e-document regulations when it was published in October 2019. With the Draft Communique, the TRA will lower the current gross sales revenue threshold for mandatory e-fatura and […]
Update: 3 January 2024 by Inês Carvalho Romania Issues Last-Minute Amendments to B2B E-invoicing Regulations After the implementation of Romania’s new B2B e-invoicing regulations, effective January 2024, the country introduced Government Emergency Order No. 115/2023 with last-minute amendments. We can summarise the key amendments from the new legislation in three categories: 1. Exemptions from the […]
In our previous blog, we looked at how businesses can determine their obligations when they’re registered for VAT in other countries. We will now focus on what is required to meet those obligations. Submitting VAT returns The VAT return is the most obvious declaration that has to be submitted although as we highlighted in our […]
After a tumultuous 18 months due to COVID-19, the events industry is finally bouncing back. When organising events online and in-person it is important to understand the VAT implications to avoid incurring fines and penalties down the line. Join Mathilde Dorance, Consultant at Sovos discusses the VAT implications for the events industry and the challenges […]
Electronic invoicing is rapidly becoming a standard business process. Governments are pushing for the adoption of B2G invoicing to optimize the public procurement process and also to provide a boost to the adoption of e-invoicing between businesses. Apart from countries that have introduced general e-invoicing mandates to improve fiscal controls – most of which have […]
Update: 25 June 2024 by Dilara İnal Ministry Publishes Draft Guideline on B2B E-Invoicing The German Ministry of Finance (MoF) released a draft guideline on 13 June 2024, detailing the upcoming B2B e-invoicing mandate which will roll out on 1 January 2025. Although the current law only obliges taxpayers to issue and receive e-invoices for […]
Regardless of where the event, conference or exhibition is held, there will be VAT obligations to be met. For event organisers, understanding these VAT requirements is key as failure to do so will not only impact profit margins but may also result in late payments and possible penalties. VAT on conferences and events If your […]
In our last look at Romania SAF-T, we detailed the technical specifications released from Romania’s tax authority. Since then, additional guidance has been released including an official name for the SAF-T submission: D406. Implementation timeline for mandatory submission of Romania SAF-T Large taxpayers (as designated by the Romanian tax authorities) – 1 January 2022 Medium […]
The Saudi Authorities are proposing changes to the VAT Implementation Regulations (VATIR). The proposed changes are open to public consultation, with interested parties able to submit their opinions until 23 October 2021. Why are changes being proposed to VATIR? According to the Zakat, Tax and Customs Authority (ZATCA), the changes aim to harmonise e-invoicing related […]
In our previous blog, we focused on VAT registration and the steps a business needs to go through to determine where it needs to be registered. Once the registration is in place, there are a wide range of obligations that need to be met on an ongoing basis. The first step is fully understanding these […]
Three new MarketScapes have been released by IDC and all three recognize Sovos as a leader in their respective categories. As noted by Kevin Permenter, IDC research director, financial applications, “Sovos combines local expertise with a seamless, global customer experience across its full suite of compliance solutions. They are a strong choice for companies of […]
Poland implemented its version of a mandatory SAF-T file (the JPK_V7M/K reports) back in October 2020. Since then, businesses must submit detailed information on invoices, along with summary reporting details typically seen in a VAT return. The Ministry of Finance recently adopted amendments to the mandatory JPK_V7M/K reports, effective 1 July 2021. However, in order […]
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 and latest developments on tax regimes across the world, […]
The EU e-commerce VAT Package is here. The new schemes, One Stop Shop (OSS) and Import One Stop Shop (IOSS) bring significant changes to VAT treatment and reporting mechanisms for sales to private individuals in the EU. Sovos recently held a webinar on Back to Basics: The EU VAT E-Commerce Package. There were a number […]
Corporations in a wide variety of sectors are rapidly transforming their supply chains. The core goals of supply chain globalisation and automation are operational and to achieve financial benefits. However, many companies overlook the impact of indirect taxes – like value added taxes (VAT) – that are assessed by the countries in which they operate. […]
September was unusually eventful for French businesses. A new ordinance was published, specifying the different parts of the upcoming continuous transaction controls (CTC) regime and at the same time postponed the entry into force of the system by 18 months. On top of this, specifications of process flows, and document formats were released at the […]