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We recently launched the 13th Edition of our annual Trends report, the industry’s most comprehensive study of global VAT mandates and compliance controls. Trends provides a comprehensive look at the world’s regulatory landscape highlighting how governments across the world are enacting complex new policies and controls to close tax gaps and collect the revenue owed. […]
Identifying the Location of Risk in the case of health insurance can be a tricky subject, but it’s also crucial to get it right. A failure to do so could lead to under-declared tax liabilities in a particular territory and the potential for penalties to be applied once these deficits are identified and belatedly settled. […]
On 30 January 2022, the Zakat, Tax and Customs Authority (ZATCA) published an announcement on its official web page concerning penalties for violations of VAT rules, and it is currently only available in Arabic. As part of the announcement, the previous fines have been amended, ushering in a more cooperative and educational approach for penalizing […]
It’s hard to believe that the first month of 2022 is already in the rearview mirror, but the same way that time keeps moving along, the DtC wine shipping world continues to change. With more states implementing DtC shipping options — and some that took a step in the other direction — it can be […]
Towards the end of 2021, the tax authority in Turkey published a draft communique that expands the scope of e-documents in Turkey. After minor revisions, the draft communique was enacted and published in the Official Gazette on 22 January 2022. Let’s take a closer look at the changes in the scope of Turkish e-documents. Scope […]
The Tax Bureaus of Shanghai, Guangdong Province and Inner Mongolia Autonomous Region have all issued announcements stating they intend to carry out a new pilot program for selected taxpayers based in some areas of the provinces. The pilot program will involve adopting a new e-invoice type, known as a fully digitized e-invoice. Introduction of a […]
While the concept of a sales tax holiday, or a tax free weekend, is not new, it is one that can evolve and change over time. A state may have initially not had one, but implemented one within the last few years. Retailers’ tax departments must remain vigilant about applicable sales tax holidays, ensuring that […]
Several states are redefining their sales tax laws to better consider gender equality in evaluating what is a necessary good. Often, this means states are looking into how the “pink tax” is applied. The “pink tax” refers to the application of sales tax or value-added tax (VAT) in a way that is considered disproportionally unfair […]
As a result of the 2020 Finance Law implementation, which transfers the management and collection of import VAT from customs to the Public Finances Directorate General (DGFIP), France has implemented mandatory reporting of import VAT in the VAT return instead of having the option to pay through customs as is typically the process. This change […]
It seems like you can’t go a day without hearing something about cryptocurrency or the associated terms like virtual currencies, bitcoin and fiat currencies. Since the release of Bitcoin in 2009, thousands of cryptocurrencies have emerged, with Ethereum being another prominent name. The current cryptocurrency market is estimated to be worth more than $3 trillion […]
This blog was updated on January 10, 2023 Delaware’s Secretary of State (SOS) recently advised that they plan to send invitations to participate in the Delaware VDA program around February 24, 2023 and July 14, 2023. If a company receives an invitation to participate in the Delaware VDA 2023 program and is interested in taking […]
As the direct-to-consumer (DtC) beverage alcohol shipping market continues to grow, spurring more interest in the market, there has been a recent rise in, as it’s called, “three-tier DtC shipping” services. In this arrangement, a beverage alcohol supplier—a winery, brewery, distillery, importer or other supplier who might be looking to establish their own DtC program—works […]
Romania’s new SAF-T mandate was implemented for large taxpayers on 1 January 2022. Following the release of specifications in 2021 and subsequent testing phase, information must now be submitted digitally via the prescribed format. In this episode of the Sovos Expert Series, Rebecca Burton asks Kelsey O’Gorman, Senior Regulatory Counsel to explain what this means […]
Sovos’ 13th annual Trends report takes an in-depth look at the world’s regulatory VAT landscape. Governments globally are enacting new policies and controls to close their tax gaps. These changes affect all companies doing business internationally, regardless of the location of their headquarters. With authorities now inserting themselves into every aspect of business operations, organisations […]
With the most significant VAT gap in the EU (34.9% in 2019), Romania has been moving towards introducing a continuous transaction control (CTC) regime to improve and strengthen VAT collection while combating tax evasion. The main features of this new e-invoicing system, e-Factura, have been described in an earlier blog post. Today, we’ll take a […]
No matter the size of the business, the tax season kicked off this past month with tax reporting professionals tackling the massive task of issuing and filing annual 1099s, W-2s, and other tax returns by January 31st. When January is in the rear-view mirror, businesses will turn to the next hurdle of 2022 tax reporting season; annual reporting of Form 1042-S […]
We’re addressing Insurance Premium Tax (IPT) compliance in different countries. You can read other blogs in this series by visiting our Denmark, Finland, and the UK entries or by downloading Sovos’ Guide on IPT Compliance. Written by our team of IPT and regulatory specialists, this guide is packed full of insight to navigate the ever-changing […]
This January, Sovos ShipCompliant released the 2022 Direct-to-Consumer (DtC) Wine Shipping Report with our partner, Wines Vines Analytics. The report is the most comprehensive, complete and exclusive collection of data and insights on the state of the industry. Wine shipments to consumers reached a record $4.2 billion in 2021, meaning this is a fantastic time […]