It’s been just over nine months since the introduction of one of the biggest changes in EU VAT rules for e-commerce retailers, the E-Commerce VAT Package extending the One Stop Shop (OSS) and introducing the Import One Stop Shop (IOSS). The goal of the EU E-commerce VAT Package is to simplify cross-border B2C trade in […]
Last updated: 19 July 2023 Insurance Premium Tax in Croatia Under the Freedom of Services (FoS), Croatia currently levies an Insurance Premium Tax (IPT), Compulsory Health Insurance Contributions (CHIC) and Fire Brigade Charge (FBC) on the premium amounts of insurance policies written by EU and EEA insurance companies. In Croatia, IPT only applies to selected […]
E-commerce continues to grow, and tax authorities globally have struggled to keep pace. Tax authorities developed many VAT systems before the advent of e-commerce in its current format and the evolution of the internet. Around the world this has resulted in changes to ensure that taxation occurs in the way that the government wants, removing […]
Insurance Premium Tax (IPT) in Luxembourg moved to online filing from the first quarter 2021 submission. Alongside this, they also changed the authority deadline to the 15th of the month following the quarter. This change caused some upheaval as many insurance companies were already pulling data from the underwriting systems, reviewing the information (sometimes manually), […]
This blog was updated on March 24, 2023 Did you know that approximately one in 10 people have unclaimed property (UP) in their name? Research conducted by Sovos found that there is upwards of $77 billion in UP assets currently in the United States. As states crack down to close the estimated $600 billion tax […]
The Philippines continues in constant advance towards implementing its continuous transaction controls (CTC) system, which consists of near real-time reporting of electronically issued invoices and receipts. On 4 April, testing began in the Electronic Invoicing System (EIS), the government’s platform, with six companies selected as pilots for this project. The initial move toward a CTC […]
Brandy registrations see impressive 322% spike from Q4 2021 As spring and the warmer months inch closer, beverage alcohol brand registration patterns are also continuing to creep higher. The industry is perhaps gaining a better understanding of how to move forward in a marketplace working through a pandemic. There were increases in Product Registration Online […]
Sovos ShipCompliant’s Alex Koral, regulatory general counsel, invited Tom Wark, executive director of the National Association of Wine Retailers and author of the Fermentation Newsletter, for a conversation about the three-tier system’s role in the modern-day beverage alcohol regulatory landscape. Tom shares his take on how Prohibition may have initially shaped the approach to regulating […]
The three-tier system, under which beverage alcohol is predominately sold in the United States, establishes a clear distinction between the different “tiers” of the market. As it is designed to work, alcohol suppliers sell solely to wholesalers, who in turn sell solely to retailers, who then are the entities that consumers purchase alcohol from. In […]
With the annual 2021 statutory filing season behind us, the focus now is on 2022 with all the accounting and reporting changes that it will entail. Do not be fooled into thinking that implementation of these changes will be effortless or without a time investment. Hopefully these items have been considered and addressed already. However, […]
West Virginia’s governor signed WV HB 4511 into law on March 28, 2022. The newly enacted law includes significant changes to West Virginia’s unclaimed property. The provisions of this bill will become effective June 10, 2022, which is 90 days after its passage by the legislature. The changes are as follows: Electronic Mail: The definition […]
Government mandated e-invoicing is continuing its proliferation across the globe as more and more governments are implementing always-on monitoring and enforcement for businesses operating within their jurisdictions. Businesses have been dealing with government mandates for some time, however, managing this new level of imposed transparency is forcing businesses to adapt to how they track and […]
Transition from voluntary to mandatory e-invoicing expected from 1 April 2023 From 1 January 2022, taxpayers have been able to issue structured invoices (e-invoices) using Poland’s National e-Invoicing System (KSeF) on a voluntary basis, meaning electronic and paper forms are still acceptable in parallel. Introduction of the KSeF system is part of the digital transformation […]
Update: 12 September 2023 by Robson Satiro de Almeida Tax Reform in Brazil: Simplification Statute Published Recent developments in Brazil indicate changes on the horizon, as the country continues to move towards a tax reform for simplification of e-invoicing obligations. A significant reform of ancillary tax obligations is underway aiming to create a unified system […]
Editor’s note: This blog was updated on December 28, 2022 Update: Since this content was published, the IRS released guidance that the implementation of the reduced $600 threshold for 1099-K reporting will be delayed until tax year 2023. As a result, the federal threshold for the 1099-K form reporting for tax year 2022 will remain unchanged […]
We’ve previously discussed the details of direct-to-consumer (DtC) beer shipping, and what shippers must keep in mind to stay compliant. It’s also important to stay current on updates to DtC beer shipping regulations. That way shippers can make any necessary changes to remain compliant should more (or fewer) states allow beer to be shipped directly […]
In our earlier article, Optimising Supply Chain Management: Key B2B Import Considerations, we looked at the possibility of UK suppliers establishing an EU warehouse to facilitate easier deliveries to customers. In this article, we look at this one solution in more depth – again from the perspective of B2B transactions. The pros and cons of […]
The 2022 Sovos ShipCompliant Beverage Alcohol Summit virtual event included in-depth data analysis, discussions on the latest regulatory updates and insightful thought leadership. Here are some Summit highlights and quick facts from our sessions. Big picture industry updates Alex Koral, regulatory general counsel, Sovos ShipCompliant, shared some observations about the role of regulations in the […]