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There has been an interesting development from the Commonwealth of Massachusetts State Treasurer’s Office as they introduce a new wave of unclaimed property self-review invitations. Recipients of these self-review invitations have 30 days from the receipt of the letter to log into the state website to provide updated contact information. This timeline is shorter than […]

Update: 25 August 2023 by Carolina Silva Croatia to Introduce E-Invoicing and CTC Reporting System According to official sources from the Ministry of Finance, the Croatian tax authority will introduce a decentralised e-invoicing model alongside a continuous transaction control (CTC) real-time reporting system of invoice data to the tax authority. This move is part of […]

Sovos ShipCompliant recently released the first-ever 2021 Direct-to-Consumer (DtC) Beer Shipping Report in partnership with the Brewers Association. This report features exclusive data from two surveys, both consumer and industry perspectives, documenting the state of DtC craft beer sales and shipping. 2020 brought unprecedented challenges to the brewing industry and beer lovers alike. Due to […]

Unclaimed property management can fall under a variety of responsibilities ranging from CFO to accounting—but typically resides within the accounting or financial reporting departments. Every company generates potential unclaimed property through regular business functions such as payroll. With over 80% of companies considered non-compliant with unclaimed property laws and regulations and the number of audits […]

For the past 70 years, unclaimed property reporting requirements have been challenging for US businesses. Understanding the nuances of individual state statutes and how to comply effectively and efficiently has caused many sleepless nights for unclaimed property professionals. Well, that may be a bit extreme, however, state regulations are difficult to master. When the first […]

It’s an exciting time for brewers and distillers entering the DtC shipping market. The wine industry has been utilizing this market for years, growing it to a $3.7 billion industry annually. But, this opportunity comes with added concerns and regulatory requirements. From licensing to managing restrictions on how much an individual consumer can purchase in […]

Meet the Expert is our series of blogs where we 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 often the first to know about new regulatory changes, ensuring you stay compliant. We spoke to Beverleigh Gunner, Compliance […]

Taxpayers worried about complying with the new Massachusetts “Advance Payment” requirement, applicable to sales/use and room occupancy tax taking effect on April 1, 2021, should take note of a temporary safe harbor added to the final version of Technical Information Release TIR 21-4 published by the Department of Revenue on March 31, 2021. As previously […]

VAT accounts for 15-40% of all public revenue globally. We estimate that the global VAT gap – i.e. lost VAT revenue due to errors and fraud – could be as high as half a trillion Euros. The GDP of countries like Norway, Austria or Nigeria are at a similar level and this VAT gap is […]

Brexit continues to create a stir and the only absolute is that confusion dwarfs certainty when it comes to understanding the new tax laws that went into effect when Brexit became a reality. To address some of the more pressing questions, we gathered three industry experts for a webinar to provide some clarity into this […]

“Regulation always follows innovation, and sometimes, in democracies, it follows a little further behind other jurisdictions.” – Chris Giancarlo, CFTC Chairman Regulators at the IRS, SEC and CFTC have been playing catch-up for years, and in their defense, it’s not easy to hit a moving target. The digital asset ecosystem continues to grow exponentially and […]

The Norwegian tax authority’s project for modernising VAT, the MEMO-project, has announced a new digital VAT return. It will take effect from the beginning of 2022 following a pilot program in August this year. This new VAT return seeks to provide simplification in reporting, better administration, and improved compliance in the VAT system. Currently VAT […]

The new rate for Insurance Premium Tax (IPT) was published in the Spanish Gazette (BOE) on 31 December 2020. It increases from 6% to 8%. This increased rated applies to the first tax period of 2021 (for submissions to be made the next February). In this blog, we’ll look at the challenges faced by insurers […]

When managing any e-transformation project the deadline is determined after careful planning. It should be based on the project scope and consider the available resources. However, when the project is to ensure regulatory compliance, the government determines the project’s deadline and it must be met. Many taxpayers choose to work with an external integrator to […]

Bulgaria could be the next EU Member State to introduce continuous transaction controls (CTCs) following Italy, France and Poland. Introducing CTCs provides tax administrations with more granular and continuous visibility into tax-relevant business data. Bulgaria announced it’s considering mandating e-invoicing and the transmission of invoices to the tax authority. This could be done either via […]

The General Authority of Zakat and Tax (GAZT) has published draft rules for the controls, requirements, technical specifications and procedural rules for implementing the provisions of the e-invoicing regulation. In addition to the draft rules, the associated technical specifications (Electronic Invoice Data Dictionary, Electronic Invoice XML Implementation Standard and Electronic Invoice Security Implementation Standards) are […]

Following the South Dakota v. Wayfair, Inc. Supreme Court decision, North Carolina issued a policy directive (SD-18-6) indicating that it would be enforcing the imposition of tax on remote sellers under N.C. Gen. Stat. § 105-164.8(b). This directive was later codified in Session Law 2019-6. Remote sellers and marketplace facilitators should regularly ensure that they […]

From April, insurers will start to make their first electronic filing of Insurance Premium Tax (IPT) in Luxembourg using the new online submission portal – myGuichet. Along with other European territories, the Luxembourg tax authority has sought to streamline and improve IPT collection and administration. Using an online portal is an efficient and secure way […]