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 […]
HM Treasury recently published a call for evidence on VAT and the Sharing Economy. The aim is to test the government’s assessment of VAT challenges created by the Sharing Economy and to explore next steps. The consultation document defines the Sharing Economy as “an accessibility-based socio-economic model, typically enabled or facilitated via advanced technological solutions […]
Digital transformation will continue to be a business priority for years to come. Efficiency is still one of the primary issues that companies want to improve and the digitization of many business processes is helping to increase efficiency, reduce errors and ensure compliance. Technology is helping to transform departments, including tax. The benefits of tax […]
Insurance companies, like all “holders,” are required to comply with the unclaimed property laws for each state or jurisdiction within the United States and its territories. Although there are some similarities, many states have different reporting requirements and dormancy periods. As of late, there have been many legislative changes affecting the unclaimed property laws. Therefore, […]
E-invoice, locally known as e-Faktur was the Indonesian tax administration’s breakthrough reform in the field of tax control. It was introduced in 2014 and became effective nationally in July 2016. Indonesia previously experienced challenges in its tax control system, mainly due to fictitious invoices that caused a large tax gap, with a negative impact to […]
There is a plethora of misinformation and misconceptions surrounding Brexit and tax. The aim of this blog is to dispel such myths and clear up any confusion. We will dig deeper into news stories to explain the facts and keep you informed. Brexit Myth 1 – Brexit’s unique taxation regime for EU imports The story: […]
Meet the Expert is a series of blogs to share more about the team behind our innovative software and managed services. As a global organisation with tax experts across all regions, our dedicated team are always keeping abreast of the latest regulation changes to ensure our customers stay compliant. We spoke to Elliot Shulver, Consulting […]
The challenge of how to fairly tax the digital economy was identified in the OECD’s BEPS initiative as ‘Action 1: Addressing the Tax Challenges of the Digital Economy’. The standard rules in place today do not capture certain business models that make profits from digital services in a country without being physically present. This has […]
The Court of Justice of the European Union (CJEU) has ruled that Member States must accept, as formally submitted, VAT refund requests that contain invoice identifiers other than sequential invoice numbers. In case C-346/19 (Judgment of 17 December 2020), an Austrian taxpayer’s VAT Refund application was rejected by Germany’s Federal Central Tax Office, on the […]
This January, Sovos ShipCompliant released the 2021 Direct-to-Consumer (DtC) Wine Shipping Report with our partner, Wines Vines Analytics. This report features exclusive data and insights on the state of the industry not tracked or reported on anywhere else. With wine shipments to consumers reaching a record $3.7 billion in 2020, there has never been a […]
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 […]
HMRC, the UK’s tax authority, is asking for responses to its Insurance Premium Tax: Administration and Unfair Outcomes Consultation, by 5 February 2021. The first consultation and call for evidence for Insurance Premium Tax (IPT) was back in 2019 and questions focused on the modernisation of IPT and efficiency improvements for businesses and HMRC. It […]