By: Gary Joseph and Paola Narez In order to maintain compliance with states’ unclaimed property statutes, holders must understand the types of unclaimed properties they are susceptible to generating and the conditions that would begin the running of the dormancy period for each property type (the “dormancy trigger”). Property becomes abandoned or unclaimed when an […]
Overview: The days when suppliers of digital content or services were considered out of reach of local tax authorities because they supplied products and services remotely are quickly fading. The exponential growth that the digital economy has experienced in the last several years has made it impossible to ignore countries looking for new sources of […]
The wine market is in greater flux than ever as producers, retailers and consumers navigate the impacts of a global pandemic. Keeping a pulse on marketplace data has never been so important given these shifting dynamics. Nielsen is collaborating with Wines Vines Analytics and Sovos ShipCompliant to provide a much more comprehensive view of the […]
Consumer buying patterns have drastically changed over the past year, affecting the beverage alcohol industry in many ways. The COVID-19 pandemic has shifted what consumers are buying, where, and how often. Sovos ShipCompliant has examined data from our Product Registration Online (PRO) tool to see just how much consumers’ buying patterns have influenced producers’ new […]
The EU is re-considering plans to give its Member States more freedom to determine which goods and services should be subject to reduced rates in their territory. The proposed changes would also allow Member States the opportunity to apply a third reduced rate. Current VAT rate system Currently, the EU VAT Directive gives national governments […]
The basic principle of value added tax (VAT) is that the government gets a percentage of the value that is added at each step of an economic chain, which ends with the consumption of the goods or services by an individual. While VAT is paid by all parties in the chain, including the end customer, […]
Welcome to the Sovos Expert Series, today we will be talking with Selin Ring, Regulatory Counsel at Sovos about your e-invoicing obligations when operating in South Korea and how these differ from your VAT requirements elsewhere. South Korea was one of the first countries to adopt an e-invoicing regime. The first mandate came into […]
It’s busy for the Hungarian National Tax and Customs Administration (NTCA). Currently this public body is in the midst of overseeing a transition period for the real-time invoice data reporting system, from version 2.0 to version 3.0. This new version will be mandatory for all taxable persons in the country from 1 April 2021 and […]
The UK entered into a new relationship with the EU on 1 January 2021. The Transition Period ended and the EU-UK Trade and Cooperation Agreement (TCA) came into force. The UK fully implemented this into law but applied on a provisional basis by the EU. The European Parliament needs to ratify it. This is due […]
Back in July 2020, the Turkish Revenue Authority (TRA) published a Draft Communique including several amendments to existing e-document regulations. Very recently, on 9 February 2021, the Draft Communique amendments were implemented into a new Communique, amending General Communique (‘Amending Communique’) with some changes, exemptions and additional provisions. Let´s take a closer look at the […]
Poland: Full steam ahead towards Europe’s next Continuous Transaction Control system Poland’s new e-invoicing law is planned to come in to force in October this year, which will introduce e-invoicing via a national platform in a Continuous Transaction Control system. In this episode of the Sovos Expert Series, Harri Vivian sits down with Anna Norden, […]
2020 was significant for the mandatory transition to e-transformation applications following the General Communique issued by the Turkish Revenue Administration (TRA). 2021 will be a year of mandatory transition to various e-documents for taxpayers. Who must use e-invoice from 2021? Taxpayers with gross sales revenue of TRY 5 million and above in 2020 and all […]
Towards the end of last year, the German federal parliament (Bundestag) published the law on the modernisation of insurance tax. This law included several changes that affected Insurance Premium Tax (IPT). It will become mandatory to file tax returns online. This change will take effect from 1 January 2022 and encompasses all tax debtors. Currently, […]
Spring unclaimed property reporting deadlines are coming up fast, are you prepared? Spring reporting runs from March through May and varies by state and industry. Most spring reporting states only require reporting for life insurance companies/holders. However, there are other spring reporting states that require reporting on all insurance companies, life and non-life, including Delaware, […]
Although Brazil is known for its complex tax laws that make compliance a difficult task in the country, it is undeniable that the Continuous Transaction Control (CTC) system implemented more than a decade ago is one of the most stable in the world. However, even a sophisticated CTC system continues to evolve and mature, and […]
The Polish Ministry of Finance has now published the draft act introducing e-invoicing via the national platform (Krajowy System e-Faktur – KSeF, or National System of e-Invoices) in a Continuous Transaction Control (CTC) system. The draft is available for public consultation during a two-week period, after which the law is planned to come into force […]
2020 has been quite the year! As with all aspects of our lives, the unclaimed property world was significantly impacted by this year’s events. We have had to learn to operate our businesses, meet our unclaimed property obligations and effectively function amid office shut downs and virtual workspaces. The first unclaimed property challenge of 2020 […]
Join Anna Norden, Regulatory Counsel at Sovos, as she discusses France’s upcoming move to Continuous Transaction Controls. Continuous Transaction Controls is an approach to tax enforcement whereby transactional data is submitted to the government in conjunction with the actual exchange of such data between the transacting parties. It means that the government gets access […]