The challenge of how to fairly tax the digital economy was identified in the OECD’s BEPS initiative as ‘Action 1: Addressing the Tax Challenges of the Digital Economy’. The standard rules in place today do not capture certain business models that make profits from digital services in a country without being physically present. This has […]
The Court of Justice of the European Union (CJEU) has ruled that Member States must accept, as formally submitted, VAT refund requests that contain invoice identifiers other than sequential invoice numbers. In case C-346/19 (Judgment of 17 December 2020), an Austrian taxpayer’s VAT Refund application was rejected by Germany’s Federal Central Tax Office, on the […]
This January, Sovos ShipCompliant released the 2021 Direct-to-Consumer (DtC) Wine Shipping Report with our partner, Wines Vines Analytics. This report features exclusive data and insights on the state of the industry not tracked or reported on anywhere else. With wine shipments to consumers reaching a record $3.7 billion in 2020, there has never been a […]
The wine market is in greater flux than ever as producers, retailers and consumers navigate the impacts of a global pandemic. Keeping a pulse on marketplace data has never been so important given these shifting dynamics. Nielsen is collaborating with Wines Vines Analytics and Sovos ShipCompliant to provide a much more comprehensive view of the […]
HMRC, the UK’s tax authority, is asking for responses to its Insurance Premium Tax: Administration and Unfair Outcomes Consultation, by 5 February 2021. The first consultation and call for evidence for Insurance Premium Tax (IPT) was back in 2019 and questions focused on the modernisation of IPT and efficiency improvements for businesses and HMRC. It […]
As a result of Brexit, COVID-19, and the Finance Act 2020, the VAT regime in Ireland has and will continue to undergo numerous changes. Highlights of these changes are outlined below. Postponed Accounting and Reporting Changes Beginning in January all taxpayers have the ability to apply postponed VAT accounting to their imports from outside the […]
Join Selin Adler Ring, Regulatory Counsel at Sovos, as she discusses how the Turkey E-delivery note and its impact on your multinational organization. Listen to her discuss the following questions: What is the new e-delivery note system in Turkey? Can e-invoices be used to replace e-delivery notes as paper invoices can still replace paper […]
In December, the expansion of China’s B2B e-invoicing pilot program, that enables certain taxpayers to voluntarily issue VAT special electronic invoices, was announced by China’s State Taxation Administration (STA). These e-invoices can be used to claim input VAT so are generally used for B2B purposes whereas VAT general invoices cannot so are commonly used for […]
The South Dakota v. Wayfair, Inc. decision pushed changes in many state economic nexus laws, including in South Carolina. The state enacted regulation similar to what was laid out in South Dakota, but there are a few key differences. We have outlined those important changes in the following blog post. Enforcement date: November 1, 2018. […]
This blog was last updated on February 16, 2024. Financial institution unclaimed property, including banks and credit unions, is unique with different property codes, dormancy periods and even different reporting deadlines. Some of the unique challenges for financial institutions when it comes to unclaimed property compliance are: Special dormancy triggers for decedents, IRAs and certificates […]
From underwriting to reporting, the insurance industry is having to adjust and by choice or imposed, is embracing the digital evolution of its practices. On the reporting front, more tax authorities are forcing insurance companies to tailor their internal processes by jurisdiction, directly impacting the collection of information at the underwriting stage. Digitized services continue […]
January is in full-swing as businesses and software filers scramble to prepare Forms W-2, 1099, 1098 and other information returns to issue to recipients by the end of this month. As the deadline approaches for what is arguably the busiest month of tax season, the IRS released Notice 2021-06 impacting 1099’s that your company may […]
Nonemployee compensation is the income paid by companies that classify an individual as a nonemployee. Nonemployee compensation can represent a variety of business payments including fees, commissions, prizes or rewards. The IRS and states use a variety of information returns to verify the accuracy of income claimed by individuals and business taxpayers including Form 1099-MISC […]
In today’s business world, it’s common for companies to use third party providers. This includes for activities such as regulatory integrations, with organizations using third parties to assist with the processing and submitting of electronic records in Turkey including e-invoice, e-ledger, e-arşiv invoice and e-delivery note on behalf of the taxpayer in compliance with the […]
Update: 8 March 2023 South Korea has recently approved a tax reform which introduces several measures for 2023, among which is the possibility of issuance of self-billing tax invoices. This tax reform amends the current VAT law to allow the purchaser to issue invoices for the supply of goods and services. However, this will only […]
The EU-UK Trade and Co-operation Agreement (TCA) was finally agreed on 24 December 2020. A week before the end of the transition period. Fully implemented into UK law, but the TCA remains provisional. It needs to be ratified in the European Parliament. Therefore it applies on a provisional basis until 28 February 2021. The TCA […]
On 31 December 2020, in a last-minute change, the Greek government once again postponed the go-live date of myDATA to April 2021. This announcement had been anticipated and came as a great relief to Greek taxpayers who were concerned about being ready for the previous go-live date of January 2021. The first quarter of 2021 […]
UPExpress, the free tool for companies to eFile unclaimed property reports directly to participating states, was discontinued at the end of 2020 because the current file formats no longer aligned with many of the state’s newly implemented technologies. You can still eFile unclaimed property reports to states that accept online reporting. However, if you plan […]