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As our webinar explored in depth, Insurance Premium Tax (IPT) compliance is complex and constantly evolving. The Sovos compliance team covered IPT compliance in different countries across Europe and the globe and discussed topics including IPT in Germany, Italy, the UK and Brexit and beyond. Despite this deep dive, there were plenty of questions that […]

As we approach the end of the first full year following the effective departure of the United Kingdom (UK) from the European Union (EU), for many UK insurers this has seen the use of other EU-based entities within their structure to write business in the EU. These entities were often explicitly established to deal with […]

The global e-commerce market continues to transform in today’s digital world. E-commerce transactions consist of a variety of digital services and products such as software, applications, streaming media, web hosting, online advertising, e-books, online newspapers, and various others. From an indirect tax perspective, nations across the globe apply destination-based VAT and GST legislation to these […]

In our last look at Romania SAF-T, we detailed the technical specifications released from Romania’s tax authority. Since then, additional guidance has been released including an official name for the SAF-T submission: D406. Implementation timeline for mandatory submission of Romania SAF-T Large taxpayers (as designated by the Romanian tax authorities) – 1 January 2022 Medium […]

Insurance Premium Tax (IPT) is complex. For insurers, keeping up with changing rates, rules and regulations can be challenging especially when writing across multiple territories. Sovos’ Guide on IPT Compliance, written by our experienced team of IPT and regulatory specialists, looks at the significance of digital transformation and helps paint a picture of a diverse […]

The Saudi Authorities are proposing changes to the VAT Implementation Regulations (VATIR). The proposed changes are open to public consultation, with interested parties able to submit their opinions until 23 October 2021. Why are changes being proposed to VATIR? According to the Zakat, Tax and Customs Authority (ZATCA), the changes aim to harmonise e-invoicing related […]

The myDATA mandate finally went live on 1 October 2021 for most taxpayers after several postponements (and lobbying for a further postponement). The Greek authorities have stated that no penalties will be imposed for 2021 until relevant legislation is published. The primary goal of the authorities is to ensure all taxpayers are in a position […]

Legislation is always evolving, and legislation covering Insurance Premium Tax (IPT) and the relevant parafiscal taxes is no different. As IPT is so niche, references to other legislation are often made – this can be to a finance act, VAT, or another piece of tax related legislation. And on top of this, there are the […]

In our previous blog, we focused on VAT registration and the steps a business needs to go through to determine where it needs to be registered. Once the registration is in place, there are a wide range of obligations that need to be met on an ongoing basis. The first step is fully understanding these […]

Poland implemented its version of a mandatory SAF-T file (the JPK_V7M/K reports) back in October 2020. Since then, businesses must submit detailed information on invoices, along with summary reporting details typically seen in a VAT return. The Ministry of Finance recently adopted amendments to the mandatory JPK_V7M/K reports, effective 1 July 2021. However, in order […]

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 indirect tax experts across all regions, our dedicated team are often the first to know about new regulatory changes and latest developments on tax regimes across the world, […]

The EU e-commerce VAT Package is here. The new schemes, One Stop Shop (OSS) and Import One Stop Shop (IOSS) bring significant changes to VAT treatment and reporting mechanisms for sales to private individuals in the EU. Sovos recently held a webinar on Back to Basics: The EU VAT E-Commerce Package. There were a number […]

Corporations in a wide variety of sectors are rapidly transforming their supply chains. The core goals of supply chain globalisation and automation are operational and to achieve financial benefits. However, many companies overlook the impact of indirect taxes – like value added taxes (VAT) – that are assessed by the countries in which they operate. […]

September was unusually eventful for French businesses. A new ordinance was published, specifying the different parts of the upcoming continuous transaction controls (CTC) regime and at the same time postponed the entry into force of the system by 18 months. On top of this, specifications of process flows, and document formats were released at the […]

Registering for VAT in the EU remains an overly complicated task, with each Member State having its own processes and procedures to obtain a VAT number. The various One Stop Shop schemes that were introduced on 1 July 2021 show what the future could look like, with online application and a similar registration process in […]

Goods in transit insurance is defined in the Solvency II Directive 2009/138/EC (25 November 2009) within Annex I Classes of Non-Life Insurance under class 7. It includes merchandise, baggage, and all other goods and the insurance relates to all damage to or loss of goods in transit or baggage, irrespective of the form of transport. […]

On 26 November, Black Friday presents another opportunity for retailers to drive e-commerce sales and boost revenue. It has become one of the biggest global retail events of the year, with shoppers increasingly turning to online retailers for the best deals. Retailers will be working hard to prepare the best deals to entice shoppers but […]

The EU E-Commerce VAT Package is here. The new schemes, One Stop Shop (OSS) and Import One Stop Shop (IOSS), bring significant changes to VAT treatment and reporting mechanisms for sales to private individuals in the EU. Our recent webinar, Back to Basics: The EU E-Commerce VAT Package, discussed the basic principles of the three […]