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Although Rishi Sunak did not mention Insurance Premium Tax (IPT) in his budget on 27 October 2021, one of the consequences of the UK leaving the EU is that HM Treasury (HMT) are conducting a review of the Value Added Tax (VAT) treatment of financial services in the future, and this may have implications for […]

After a tumultuous 18 months due to COVID-19, the events industry is finally bouncing back. When organising events online and in-person it is important to understand the VAT implications to avoid incurring fines and penalties down the line. Join Mathilde Dorance, Consultant at Sovos discusses the VAT implications for the events industry and the challenges […]

Electronic invoicing is rapidly becoming a standard business process. Governments are pushing for the adoption of B2G invoicing to optimize the public procurement process and also to provide a boost to the adoption of e-invoicing between businesses. Apart from countries that have introduced general e-invoicing mandates to improve fiscal controls – most of which have […]

Update: 25 June 2024 by Dilara İnal Ministry Publishes Draft Guideline on B2B E-Invoicing The German Ministry of Finance (MoF) released a draft guideline on 13 June 2024, detailing the upcoming B2B e-invoicing mandate which will roll out on 1 January 2025. Although the current law only obliges taxpayers to issue and receive e-invoices for […]

Regardless of where the event, conference or exhibition is held, there will be VAT obligations to be met. For event organisers, understanding these VAT requirements is key as failure to do so will not only impact profit margins but may also result in late payments and possible penalties. VAT on conferences and events If your […]

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. […]