There are a variety of different approaches to Insurance Premium Tax (IPT) treatment for marine insurance across Europe. Before looking at how individual countries treat marine insurance, it is worth noting the challenges in determining the country entitled to levy IPT and any associated charges. The location of risk relating to marine vessels falls within […]
In my previous blog, Unclaimed Property and Cryptocurrency: Regulation and the Impact on Digital Assets, we explored the impact of unclaimed property regulations in the virtual currency world. We determined that if you have a direct legal obligation to the owner, it is important that you review the requirements for unclaimed property reporting and partner […]
Last month, Sovos ShipCompliant hosted its 16th annual Wine Summit. The virtual event featured sessions and keynotes devoted to regulatory updates, education and how the industry has continued to make adjustments in the wake of the pandemic. We gathered some Summit highlights and fast facts from a few sessions. Industry & ShipCompliant Product Updates Larry […]
To understand why there is an ongoing evolution in the managing and administration of value added taxes (VAT), it is important to first understand the motivations of the governments behind the changes. The primary responsibility of any tax authority is to collect the revenue in which the government is legally owed. The difference between what […]
In Part I of our series on the VAT Evolution, we explored the motivations of tax authorities and governments around the world to embrace digitization and technology of a method of increasing revenue collection and shrinking tax gaps. More information on this topic can also be found by downloading your free copy of our IDC […]
In Part I of our series on the VAT Evolution, we explored the motivations of tax authorities and governments around the world to embrace digitization and technology of a method of increasing revenue collection and shrinking tax gaps. Then in Part II, Three Focus Areas for VAT we discussed some of the priority concerns for […]
The Colombian electronic invoicing system is reaching maturity level. Since its inception in 2018, Colombia has been steadily consolidating and expanding the mandate to make it more stable, reliable and comprehensive. As a result of the enactment of the recent Resolution 000013/2021, the Colombian tax administration (DIAN), officially expanded the electronic invoicing mandate to also […]
There are many things to keep track of with unclaimed property so it’s understandable that certain items, such as unclaimed property pre-presumption outreach and electronic due diligence requirements, can be overlooked. However, they are part of unclaimed property law and therefore require compliance. Sovos tracks all nuances of unclaimed property law and ensures that our […]
Sovos ShipCompliant recently announced new Product Registration Online (PRO) renewal enhancements that will help suppliers and states ensure even more efficient workflows. With these changes, PRO users enjoy fast, easy electronic brand and label registrations for beer, wine, spirits and no-COLA products in participating states. Oklahoma was the pilot state for these enhancements, with their […]
Update: 9 March 2023 by Hector Fernandez IPT in Spain is complex. Navigating the country’s requirements and ensuring compliance can feel a difficult task. Sovos has developed this guide to answer prominent and pressing questions to help your understanding of Insurance Premium Tax in the country. Originally created following a Spain IPT webinar we hosted, […]
It has recently come to our attention that the state of Maryland has increased its audit efforts. Due to the negative economic impact resulting from COVID-19, Sovos’ consulting, reporting and regulatory teams have been preparing for increased unclaimed property compliance enforcement efforts to shore up struggling state budgets. Pursuant to Title 17, Abandoned Property Act […]
Finding all-in-one back office systems to help manage the day-to-day operations of a financial institution or insurance company can seem like an impossible task. Having all your organizational products, processes, channels, customer information and management tools in one place can save you time, increase efficiency and reduce your risk of errors. And that includes tax […]
General ledger is an area all companies, regardless of industry, should monitor for unclaimed property compliance. In this section, general ledger refers to unclaimed property potentially generated from payroll, accounts payable and accounts receivable credit balances. These accounting cycles or functions are present in every organization, therefore it’s important companies explore and review these areas […]
Oregon Governor Kate Brown signed SB 406 into law on May 21, 2021, more than doubling the amount DtC winer Shippers with permits may ship to an Oregon resident per month. Going forward, licensed direct-to-consumer (DtC) shippers of beverage alcohol may ship up to five (5) cases of wine per Oregon resident per month, with […]
As the global pandemic slowly eases, wine producers, retailers and consumers continue to be impacted by fluctuations in wine direct-to-consumer (DtC) shipments. Watching marketplace data is critical to understanding how the industry can keep up with change and account for evolving market needs. Nielsen is collaborating with Wines Vines Analytics and Sovos ShipCompliant to provide […]
Sales tax compliance is complicated, ever-evolving and often an increasing burden on IT teams. How can organizations manage the shifting rules and regulations, while also maintaining regular business operations? That was one of several questions posed to Sovos’ Terry Melnik, general manager, sales and use tax, on a recent CIO Talk Network Podcast episode. A […]
An amendment in the General Communiqué No. 509 has announced healthcare service providers and taxpayers providing medical supplies and medicines or active substances must use the e-invoice application from 1 July 2021. The mandated scope for transition to e-invoice and e-arşiv invoice applications in the healthcare industry Published in the Official Gazette the implementation will […]
This blog is an excerpt from Sovos’ Annual VAT Trends report. Please click here to download your complimentary copy in full. VAT requirements and their relative importance for businesses have changed significantly in recent years. For data that is transactional in nature, the overall VAT trend is clearly toward various forms of continuous transaction controls […]