Earlier today, Sovos announced the acquisition of Ecuador-based Stupendo, which provides automated e-invoicing services and processes that are regulated by the Internal Revenue Service (SRI) of Ecuador. While this news should be of particular interest to businesses headquartered or doing business in Ecuador, it also re-emphasizes something important to all our customers about the way […]
Norway announced its intentions to introduce a new digital VAT return in late 2020, with an intended launch date of 1 January 2022. Since then, businesses have wondered what this change would mean for them and how IT teams would need to prepare systems to meet this new requirement. Norway has since provided ample guidance […]
This blog was updated on December 12, 2023 Sovos recently sponsored a benchmark report with SAP Insider to better understand how SAP customers are adapting their strategies and technology investments to evolve their finance and accounting organizations by utilizing SAP S/4HANA Finance. This blog hits on some of the key points covered in the report […]
Change is scary, but it is often also necessary. With sales tax solutions in particular, change management is often fueled by total cost of ownership (TCO), ROI and a desire for reduced manual work. But both the tax department and IT department can reap benefits through successful technology changes. For example, more organizations are moving […]
Put your Delaware Voluntary Disclosure Agreement (DE VDA) to Work with Florida CASA The Florida Department of Financial Services recently announced its participation in the Faegre Drinker, Biddle & Reath LLP (FDBR) Contractor Assisted Self-Audit Program (CASA) that seeks to increase the utilization of the work efforts organizations invest in the Delaware Voluntary Disclosure Agreement […]
Some European tax authorities require annual insurance premium tax (IPT) reports to be submitted for the calendar year in addition to regular monthly or quarterly reporting. Annual reports usually require significant detail, making the process time consuming and labour intensive for insurers. Annual reporting requirements vary from country to country, making it complex for cross-border […]
When it comes to direct-to-consumer (DtC)-shipped alcohol boxes, there are requirements from all destination states to label all such boxes to announce that they contain alcohol and must be signed for by someone 21+. This has been the case for DtC wine shipments, and is also true for DtC beer shipments and DtC spirit shipments. […]
Wine direct-to-consumer (DtC) shipments continue to shift as the marketplace works to regain stability after a difficult economic year. Staying mindful of marketplace data will ensure the industry can properly adjust to any ebbs and flows, helping wine producers, retailers and consumers alike. Nielsen is collaborating with Wines Vines Analytics and Sovos ShipCompliant to provide […]
Six months after Brexit there’s still plenty of confusion. Our VAT Managed Services and Consultancy teams continue to get lots of questions. So here are answers to some of the more common VAT compliance concerns post-Brexit. How does postponed VAT accounting work? Since Brexit, the UK has changed the way import VAT is accounted for. […]
Wineries that use FedEx or UPS to print shipping labels for beverage alcohol packages can integrate with ShipCompliant to streamline the fulfillment process. This means: No more typing addresses to print labels One click can pull all shipment information from ShipCompliant into FedEx or UPS – your labels are ready to print Tracking numbers sync […]
In Poland, the Ministry of Finance proposed several changes to the country’s mandatory JPK_V7M/V7K reports. These will take effect on 1 July 2021. The amendments offer administrative relief to taxpayers in some areas but create potential new hurdles elsewhere. Poland JPK_V7M and V7K Reports The JPK_V7M/V7K reports – Poland’s attempt to merge the summary reporting […]
The demand among retailers and consumers for interstate direct-to-consumer (DtC) wine shipping is growing, further bolstered in the wake of the COVID-19 pandemic. Retailer DtC shipping is allowed in just 12 states and the District of Columbia, but retailers still saw significant increases in online orders and DtC shipping in the past year. But what […]
As detailed within our annual report VAT Trends: Toward Continuous Transaction Controls, there’s an increasing shift toward destination taxability which applies to certain cross-border trades. In the old world of paper-based trade and commerce, the enforcement of tax borders, between or within countries, was mostly a matter of physical customs controls. To ease trade and […]
Update: 25 October 2023 by Maria del Carmen Mexico releases Carta Porte Version 3.0 On 25 September 2023, the Tax Authority in Mexico (SAT) published Version 3.0 of the Carta Porte Supplement on its portal with some adjustments. The use of Version 2.0 of the Carta Porte became mandatory as of 1 January 2022 in […]
The Alaska Department of Revenue is sending out notices alerting holders of their obligations to file unclaimed property reports to the state in accordance with Alaska’s Uniform Unclaimed Property Act. These communications are targeted to those that filed unclaimed property reports and remitted property to Alaska in 2019 but did not in 2020. Due to […]
Having a cloud-based sales tax solution can be greatly beneficial for businesses that are working to stay compliant in an ever-evolving industry. While user-centric solutions that operate on the most up-to-date regulatory requirements are key, organizations cannot ignore the indirect tax burden that can impact IT departments. Moving to SAP S/4HANA will help IT teams […]
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, ensuring you stay compliant. We spoke to Christina Wilcox, […]
The General Authority of Zakat and Tax’s (GAZT) previously published draft rules on ‘Controls, Requirements, Technical Specifications and Procedural Rules for Implementing the Provisions of the E-Invoicing Regulation’ aimed to define technical and procedural requirements and controls for the upcoming e-invoicing mandate. GAZT recently finalized and published the draft e-invoicing rules in Saudi Arabia. Meanwhile, […]