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The proper supporting documentation of a tax return has always been required by the local tax offices. In this blog we will focus on the supporting documentation of Insurance Premium Tax (IPT) returns, especially the Italian requirements. Although the requirements for the preparation of IPT supporting documentation differs from country to country, the details of […]
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 […]
Non-EU companies are required to appoint a Fiscal Representative in order to be registered for VAT in many Member States. Following the end of the Brexit transition agreement on 31 December 2020, this was a consideration for UK companies who wanted to remain registered or had to register as a result of changes to supply […]
When the French Tax Authority published its report last fall, unveiling the continuous transaction control (CTC) plans for France, we questioned whether it would be possible to finalise all the details of this system in less than a year, to allow sufficient time for businesses to adapt. Although the French Treasury (DGFiP) has made good […]
The Zakat, Tax and Customs Authority (ZATCA) announced the finalized rules for the Saudi Arabia e-invoicing system earlier this year, announcing plans for two main phases for the new e-invoicing system. The first phase of the Saudi Arabia e-invoicing system is set to go live from 4 December 2021. With the mandate just around the […]
This blog is an excerpt from Sovos’ annual VAT Trends report. Governments are increasingly putting liability for reporting and/or paying VAT on platforms that already process many taxable transactions and associated data flows, instead of putting such liability on each individual taxable person transacting on such platforms. Why is this happening? With the introduction of […]
On 1 July 2021 the EU E-Commerce VAT Package was introduced. The package replaced existing distance-selling rules and extended the Mini One Stop Shop (MOSS) into a wider-ranging One Stop Shop (OSS). The implementation of the EU E-Commerce VAT Package was designed to simplify the VAT reporting requirements for sellers and improve the tax take […]
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, […]
Over the past year supply chains have taken a significant hit with the Covid-19 pandemic and Brexit to name a few. It is essential to start putting a plan in place to recover and protect your supply chains and reclaim control. In this episode of the Sovos Expert Series, Becca Taylor sits down with Andy […]
What is the Import One Stop Shop? Find out in three minutes The Import One Stop Shop (IOSS) is here. Since July 2021, businesses selling imported goods in the EU valued at less than EUR 150 can now use the scheme. Businesses can now collect, declare, and pay VAT to the local tax authorities in […]
Increasingly, technology is being infused into our day to day lives to simplify and streamline activities. From home to the workplace and everything in between, digitization can help us by removing time consuming activities, while also using the power of data to provide insights. The digitization of tax In this context, revenue authorities are digitizing […]
Korea’s National Tax Service recently shared an investigation in which it discovered several foreign companies were evading tens of billions of dollars in taxes to be reported in Korea using international transactions. A few examples of the tactics used by these companies included stealing sales through offshore companies located in tax havens, and unfairly transferring […]
The widespread adoption of electronic invoicing regimes has given tax authorities access to enormous quantities of taxpayer data. In many jurisdictions, this data enables tax authorities to summarise a taxpayer’s transactional information for a given filing period. It also enables them to present the taxpayer with a draft VAT Return, filled in ahead of time […]
Incoterms are set by the International Chamber of Commerce and outline the responsibilities of buyers and sellers while making international transactions. Understanding the relationship between VAT and Incoterms now can prevent costs and delivery delays down the road. In this episode of the Sovos Expert Series, Becca Taylor sits down with Andy Spencer, Director of […]
The Ministry of Economic Affairs and Digital Transformation in Spain has recently published a preliminary draft law for the creation and growth of companies in the country. This law aims to promote productive investment, innovation, and modernisation, with regulatory reforms to improve the business climate and promote entrepreneurship. The new project also aims to fight […]
In Insurance Premium Tax (IPT) compliance, the Aviation Hull and Aviation Liability policy is defined under Annex 1, Classes of Non-Life Insurance, as described in DIRECTIVE 138/2009/EC (SOLVENCY II DIRECTIVE). But there are variations and identifying which class the policy is covering can be a challenge. This article will cover what insurers need to know […]
Back in 2019, Portugal passed a mini e-invoicing reform consolidating the country’s framework around SAF-T reporting and certified billing software. Since then, a lot has happened: non-resident companies were brought into the scope of e-invoicing requirements, deadlines have been postponed due to Covid, and new regulations were published. This blog summarises the latest and upcoming […]