The Alcoholic Beverages Control Commission in Massachusetts recently announced that they will be conducting Minimum Purchase Age Compliance Checks in retail stores and aimed at direct-to-consumer (DtC) wine shippers through December 31, 2022. With this information in mind, now is a great time to refresh your age verification knowledge and company policy. What are age […]
Data is one of the most valuable assets of companies and individuals. Data gathered, cleaned and analysed well enables businesses to realise their utmost capabilities. With the digitization trend, error-prone paper forms, ledgers and books are replaced by electronic versions. This development gave companies more control over their data and liquidated data for further analysis. […]
Smaller product categories in wine and beer/malt lead the way Summer has officially arrived, and with rising temperatures also come rising beverage alcohol product registrations. While the industry is not seeing the same spikes as during the height of the COVID-19 pandemic, there are still signs of positive growth. There were increases in Product Registration […]
Latest Changes 1 July begins the second half of 2022, and in line with that milestone, changes have started to be implemented in the CTC sphere. In this blog, we highlight vital developments that have taken place in and outside Europe that may influence the continuous transaction controls (CTC) landscape globally. The Philippines: Pilot program […]
The three-tier system is the most prevalent way that spirits are sold in the United States. We have compiled a comprehensive state-by-state guide that outlines the complex requirements distillers must keep in mind when expanding into a new state. In this blog, we will break down the main regulatory and tax rules that distillers distributing […]
Earlier this month, Washington released an Interim Guidance Statement on the taxability of non-fungible tokens (NFTs). In short, the Washington Department of Revenue (DOR) suggested that certain types of NFTs would be subject to sales and use tax under existing rules applicable to digital goods and would also be subject to their business and occupancy […]
On July 13, the Uniform Law Commission (ULC) voted to approve a model act that could impose significant burdens on businesses engaged in direct-to-consumer (DtC) shipping of beverage alcohol. (Read on to find out just who the ULC is, anyway.) While the model bill has not garnered a lot of attention yet, what attention it […]
Sales tax is commonly a driving force for revenue, yet it can be utilized by legislatures to influence change in public policy. Whether the policy sought is centered on economic, public welfare or environmental grounds, tax has been historically used as a facilitator. For example, plastic bags at checkouts of food markets are often subject […]
This blog was updated on December 13, 2023 Editor’s note: Since this blog was initially published, there have been further updates to the Form 1042 reporting requirements. Read more information on our dedicated HUB page. Last summer, the IRS released Proposed Regulations amending the rules for filing electronically for a variety of business income tax returns, […]
More consumers than ever are looking to avail themselves of the market for direct-to-consumer (DtC) shipped beverage alcohol. What was once more a niche market for prized domestically produced wines has gone on to pique consumer interest in accessing the broad range of alcoholic products made within the United States that are not also widely […]
The Philippines continuous transaction controls (CTC) Electronic Invoicing/Receipting System (EIS) has been officially kicked off for the 100 large taxpayers selected by the government to inaugurate the mandate. Although taxpayers were still struggling to meet the new e-invoicing system’s technical requirements just before the go-live date, the Philippines upheld its planned deadline and went live […]
Update: 20 May 2024 by Edit Buliczka Hungary Amends Extra Profit Tax Declaration and Prepayment Rules In May 2023, the Hungarian government extended the extra profit tax on insurance premium amounts (EPTIPT) for another year. It updated the regulations again in January 2024, adding the fourth amendment to the two-and-a-half-year history of this tax (this […]
By: Laurie Andrews and Paola Narez Picture this: you just completed a risk assessment on your unclaimed property processes, and you feel like you have this whole unclaimed property thing figured out. You enhanced your systems to make sure you are reviewing every property type and analyzing it the right way, but you have discovered a […]
If you were unable to join us on our recent webinar discussing Sovos Education Services and all the resources we offer, don’t worry. Read on to find out what you missed. Booke Seminars is now Sovos Education Many of you are likely familiar with Booke Seminars – the longstanding provider of insurance accounting education. Booke […]
The EU and the UK use the Economic Operators Registration and Identification System (EORI) to identify traders. What is an EORI number? Businesses and people wishing to trade in the EU and the UK must use the EORI number as an identification number in all customs procedures when exchanging information with customs administrations. The EU […]
The complexities of Spain’s insurance premium tax regulations can be daunting for anyone responsible for IPT reporting and compliance for this country. Apart from the different tax authorities involved with Spanish IPT reporting and various submission processes, there are also many different declarations that tax compliance teams must be aware of. Here we’ll look at […]
On 1 January every year, taxpayers operating in Peru must assess their monthly income over a certain period determined by law to verify if they fall under the obligation to keep electronic ledgers. Taxpayers above the established threshold or who wish to voluntarily keep their ledgers electronically may do so by using the Electronic Ledgers […]
On July 1, 2022, Vermont Act 177 takes effect, creating new ways to sell Ready-to-Drink (RTD) spirits in the state, including permission for distillers to ship these products direct-to-consumer (DtC). As defined in the act, “RTD Spirits Beverages” are alcoholic beverages obtained from distillation that contain no more than 12% ABV and are packaged in containers […]