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IPT – Marine Insurance Location of Risk

  For Insurance Premium Tax, Location of Risk is vital in determining the correct tax. In this episode of the Sovos Expert Series, Anita Blanusic asks James Brown, IPT Consultant, to explain the Location of Risk for marine insurance and how it’s determined. Listen as he answers the following questions: What is meant by marine […]

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How to Keep Up with Insurance Premium Tax changes in Europe
How to Keep Up with Insurance Premium Tax changes in Europe

The world of Insurance Premium Tax (IPT) is ever changing, with countries updating rates and thresholds whenever the need arises, introducing new taxes regularly and adjusting tax rates to adapt to changes within a country. But how do you keep up with so much change when you’re already busy doing your job? Parliamentary debates One […]

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VAT Retail Export Scheme – Tax Free Shopping is Returning
VAT Retail Export Scheme – Tax Free Shopping is not Returning

Update: 19 October 2022 Since taking up his new duties as Chancellor of the Exchequer on 14 October, Jeremy Hunt has reversed the previous mini-budget drafted by his predecessor. One of the schemes that was announced to be reintroduced was the VAT Retail Export Scheme. This scheme would have allowed overseas visitors to benefit from […]

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New UK Penalties and VAT Interest Charges in 2023
New UK Penalties and VAT Interest Charges in 2023

HMRC has announced a new penalty regime to replace the default surcharge regime for VAT periods starting on or after 1 January 2023. The new regime will affect UK VAT registered businesses that submit late UK VAT returns or make late VAT payments in the UK. There will also be changes to how VAT interest […]

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Registering Branches for Insurance Premium Tax
Registering Branches for Insurance Premium Tax

Update: 27 July 2023 by Edit Buliczka Changes to IPT registration requirements in Austria The registration requirements for settling taxes in a country are similar – if not the same, usually involving the central tax administration or tax authority. This, however, is not always the case and there are exceptions. For example, due to a […]

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Northern Europe Continuous Transaction Controls Update
E-Invoicing Developments in Northern Europe

Update: 13 March 2023 by Enis Gencer Northern European Jurisdictions: CTC Update The European Commission’s VAT in the Digital Age (ViDA) proposal continues to unfold with the latest details published on 8 December 2022. As a result, many EU countries are stepping up their efforts towards digitizing tax controls – including mandatory e-invoicing. While we […]

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Billing SAF-T in Portugal: A New Obligation for Non-Residents
Billing SAF-T in Portugal: A New Obligation for Non-Residents

Portugal’s state budget entered into force on 27 June 2022 after protracted negotiations. The budget contained an interesting provision: the obligation to present invoice details to the tax authorities was extended to all VAT-registered taxpayers including non-resident taxpayers, who had long been exempt from this obligation. VAT-registered non-residents now have three options for communicating invoice […]

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Understanding Insurance Premium Tax Prepayments in Italy
Understanding Insurance Premium Tax Prepayments in Italy

Continuing our IPT prepayment series, we take a look at Italy’s requirements. In previous articles we have looked at Belgium, Austria, and Hungary. All insurers authorised to write business under the Italian regime have a legal obligation to make an advance annual payment for the following year. What is the prepayment rate in Italy? The […]

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Virtual Events and the Risk of Double Taxation
Virtual Events and the Risk of Double Taxation

When organising a virtual event, it’s important to determine how this supply will be treated for VAT purposes. We have previously discussed VAT rules and place of supply for virtual events, this blog will discuss the potential future changes to the VAT position for EU Member States. Current VAT position for virtual events in Europe […]

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Brazil Introduces National Standard for the Service e-Invoice
Brazil Introduces National Standard for the Service e-Invoice

Brazil is known for its highly complex continuous transaction controls (CTC) e-invoicing system. As well as keeping up with daily legislative changes in its 26 states and the Federal District, the country has over 5,000 municipalities with different standards for e-invoicing. The tax levied on consumption of services (ISSQN – Imposto Sobre Serviços de Qualquer […]

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Supply of Digital Services Abroad What to Consider
Supply of Digital Services Abroad: What to Consider

The expansion of the Value Added Tax (VAT) and Goods and Services Tax (GST) indirect tax to include business to consumer (B2C) sales of digital services is one of the most important new revenues for many countries. What are the electronically supplied services? E-services that a company supplies electronically can be: Supplies of images or […]

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Understanding IPT Prepayments in Hungary
Understanding IPT Prepayments in Hungary

It’s time to return to Insurance Premium Tax (IPT) prepayments – a continuation of our blog series on this important IPT topic. You can find the first entry in our blog series here. IPT is declared and settled differently throughout Europe. Monthly, quarterly, or biannual declarations – the frequency varies across Member States – and some […]

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Spanish Congress Approves Mandatory B2B e-Invoicing 
Spain: Mandatory B2B e-Invoicing Updates

Update: 8 March 2023 by Kelly Muniz Spain launches public consultation for B2B mandatory e-invoicing The Ministry of Economic Affairs and Digital Transformation (Ministerio de Asuntos Económicos y Transformación Digital) has launched a public consultation on the upcoming B2B e-invoicing mandate. The mandate will enable citizens to participate in elaborating norms before its development. This […]

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Switzerland Introduces QR Bill to Increase Automation of Payment Data
Switzerland Introduces QR Bill to Increase Automation of Payment Data

Switzerland along with other countries, such as Portugal and India, is endeavoring to support automation in financial processes without introducing structured invoice files. The method for automation in these cases has been through the introduction of mandatory QR codes on financial documents. The concept of a QR bill was already introduced in Switzerland in June […]

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Insurance Premium Tax Prepayments Austria
Insurance Premium Tax Prepayments: Austria

In the next edition of our series of blogs in Insurance Premium Tax (IPT) prepayments, we look at a less familiar regime to many, the Austrian IPT Prepayment. IPT prepayments in Austria Those who are well versed in the IPT sphere will be perplexed at this blog, as they most likely will never have paid […]

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The Rise of E-Transport Documents and The Hungarian Approach EKAER
The Rise of E-Transport Documents and The Hungarian Approach: EKAER

Many countries have recently started their continuous transaction controls (CTC) journey by introducing mandatory e-invoicing or e-reporting systems. We see more of this trend in the European Union as the recent reports on the VAT in the Digital Age Initiative discuss that the best policy choice would be to introduce an EU-wide CTC e-invoicing system covering […]

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Meet the Expert – Mai Nguyen, Senior Compliance Services Representative
Meet the Expert – Mai Nguyen, Senior Compliance Services Representative

Meet the Expert is our series of blogs where we share more about the team behind our innovative software and insurance premium tax (IPT) compliance services. As a global organisation with indirect tax experts across all regions, our dedicated team are often the first to know about regulatory changes and developments in global tax regimes, to […]

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Poland Proposed Amendments to the KSeF Regulation
Poland Proposed Amendments to the KSeF Regulation

On 30 August 2022, the Ministry of Finance published draft legislation amending the Regulation on the use of the National e-Invoice System (KSeF). The purpose of the draft amendment is to adapt KSeF’s terms of use to the specific conditions that apply to the local government units and the VAT groups that will operate as […]

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