The Spanish tax system is one of the most complex in Europe. This can bring a real challenge to insurance companies writing business in Spain or for those that want to start writing business in the country. As explained in previous blogs, Spain has various taxes and surcharges on insurance premiums with different rates and […]
As the digitization of sales tax continues to raise compliance stakes worldwide, businesses require a complete solution for real-time tax calculation. User-centric solutions that operate on the most up-to-date regulatory requirements can help organizations avoid backtracking and making adjustments for evolving regulations after the fact. This is where a cloud-based sales tax solution comes into […]
It’s difficult to pinpoint exactly when new taxes or tax rate increases will happen. Covid-19 has impacted almost everything, including a massive deficit in the economy. Many banks have applied negative interest and governments have put funding in place to aid recovery. It’s highly likely that tax authorities will be looking at ways to bring […]
When Italy introduced its mandatory e-invoicing system, cross-border invoices weren’t included in the scope of the reform. To introduce the mandate, Italy asked the European Council for a derogation from the VAT Directive and the country was granted permission for the introduction of a mandatory clearance system for domestic transactions performed between Italian taxpayers. It’s […]
The evaluation of retail unclaimed property compliance can be quite complex when taking into account the nature of the business. On one hand, the organizational and accounting structure of a retail company presents challenges in the form of determining which state properties should be reported and remitted to, per the priority rulings. On the other […]
Digitization has become more prevalent, especially because of COVID-19. Companies looking to improve efficiency via digital transformation are taking advantage of the benefits tax technologies can provide their business processes. Although they’re not within Turkey’s e-invoicing mandate scope, companies have been using e-document applications as part of their operational processes to save time, costs and […]
Direct selling companies and multi-level marketing (MLM) businesses have numerous complexities to consider when it comes to sales tax calculation and reporting requirements. Along with an expansive physical nexus footprint, direct sellers must know how their products and services are taxed around the country. It’s a daunting task when facing it alone. Where are you […]
In September 2020, the Agency for Digital Italy (AGID) introduced new requirements for the creation and preservation of electronic documents, which will be enforced from 7 June 2021. This blog discusses the requirements and how they affect the issuance and storage of e-invoices. Electronic Documents in Italy The AGID is responsible for the Italian digital […]
Change is rarely easy, but when it comes to implementing new sales tax software it doesn’t have to be a constant struggle. Organizations want to know that the implementation process includes hands-on assistance and a timeline that makes sense – for all parties involved. Our Sovos implementation is designed to deliver value quickly and to […]
Saudi Arabia will start its introduction of a new e-invoicing system from 4 December 2021. The mandate will require all taxable persons residing in the Kingdom to generate, process and store e-invoices electronically. In this episode of the Sovos Expert Series, Harri Vivian sits down with Selin Ring, Regulatory Counsel at Sovos, to explain how […]
Continuing the trend in 2021, New York unclaimed property recently introduced the NY Self-Directed Compliance Program geared towards identifying both non-reporters and companies that reported in 2021, but failed to report property types expected to be seen. Due to negative economic impact resulting from COVID-19, Sovos’ consulting, reporting and regulatory teams have been preparing for […]
Europe has seen relatively few changes to insurance premium tax (IPT) rates recently. The most notable recent change was the 33% increase in IPT rate in Spain (up from 6% to 8%) at the beginning of 2021. Brexit became official on 1 January 2021, following the end of the transition period. This means UK based […]
Editor’s note: This blog was updated on November 27, 2023 Update: Since this content was published, the IRS released additional guidance further delaying and making changes to the implementation of the lowered Form 1099-K reporting threshold for 2023 returns. Read our recent blog post for additional details about the latest Form 1099-K reporting threshold requirements. […]
Economic nexus thresholds have become standard procedure for most U.S. states, but the taxability of software and digital products continues to vary across taxing jurisdictions. Software and digital goods suppliers understandably have questions about sales tax. Where do my digital products or software have special tax treatment? How do I handle sales tax with bundled […]
By Marc Sorini Marc Sorini is General Counsel for the Brewers Association. Prior to joining the BA, he represented small and independent craft brewers for over two decades as a partner with McDermott Will & Emery law firm, representing the BA and its predecessor organization, the Brewers Association of America (BAA). Sorini’s accolades include Go-To […]
Today, Sovos announced our most recent acquisition – a deal that is our largest ever outside of the United States, and one that brings our global team to more than 2,000 employees. While the acquisition of Chile-based Acepta certainly marks some milestones for Sovos, it more importantly signals even broader support for our customers throughout […]
Both beer and spirits new product registrations continue to see positive growth in Q1 2021 The past year has seen drastic changes in consumer buying patterns, with variation in what is being purchased, where and how often, impacting the beverage alcohol industry in many ways. Sovos ShipCompliant reviewed data from our Product Registration Online (PRO) […]
We hosted a webinar about the upcoming EU VAT e-commerce package with our VAT team. Topics included the One Stop Shop (OSS), Import One Stop Shop (IOSS) and the new VAT obligations for sellers and marketplaces that will impact your business. Although our expert team answered plenty of questions, they didn’t have time for everyone. […]