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On July 1, 2022, Vermont Act 177 takes effect, creating new ways to sell Ready-to-Drink (RTD) spirits in the state, including permission for distillers to ship these products direct-to-consumer (DtC). As defined in the act, “RTD Spirits Beverages” are alcoholic beverages obtained from distillation that contain no more than 12% ABV and are packaged in containers […]
Within the three-tier system that governs how alcohol is sold and distributed within the United States, importers are considered a type of supplier. As such, they are largely regulated like domestic producers, meaning they must distribute through wholesalers, who will sell to the retailers, where customers will finally be able to purchase the importer’s products. […]
The direct-to-consumer (DtC) shipping model is growing in popularity, as the DtC wine channel recently broke the $4 billion per year mark, and 92% of craft beer drinkers are looking to order their favorite brews to the front door. It’s no surprise that producers, retailers and other potential shippers are itching to meet the growing […]
In this episode of the Sovos Expert Series, Cécile Dessy sits down with Russell Hughes, Consulting Services Manager at Sovos, to explain how these new schemes have evolved during this first year. Listen as she answers the following questions: Question 1: Were people ready for these changes? Question 2: What are the main practical problems […]
According to European Customs Law, non-EU established businesses must appoint a representative for customs purposes when importing goods into the EU. In particular, the Union Customs Code establishes that non-EU resident businesses must appoint an indirect representative. At the end of the Brexit transitionary period, many UK businesses suddenly needed to appoint an indirect representative […]
Romania has been taking steps toward introducing a continuous transaction controls (CTC) mandate since 2021. Although the Romanian tax authority only established the legal framework for implementing the e-invoicing system less than a year ago, it is set to go live soon. At the same time, the e-transport system, introduced even later, will also be […]
In 2020, the Zakat, Tax and Customs Authority (ZATCA) in Saudi Arabia announced the introduction of an e-invoicing mandate consisting of two phases. The first phase of Saudi e-invoicing requires all resident taxable persons in the Kingdom to generate and store invoices electronically and has been enforced since 4 December 2021. The second phase, which […]
Update: Since this content was published, the IRS released additional guidance further delaying and making changes to the implementation of the lowered Form 1099-K reporting threshold for 2023 returns. Read our recent blog post for additional details about the latest Form 1099-K reporting threshold requirements. As the online platform economy has evolved, the related tax […]
Part I of II – written by Wendy Walker Click here to read part I of the series. This quarterly blog series focuses on tax information reporting (TIR) and unclaimed property (UP) issues impacting businesses facilitating transactions involving digital assets. Each quarter, Sovos experts will provide updates and reminders on tax and UP issues in advance […]
Managing sales tax obligations can be complex in the direct-to-consumer (DtC) alcohol beverage shipping space. Luckily, Sovos ShipCompliant’s Alex Koral, regulatory general counsel, broke down key considerations in the recent Understanding Sales Tax for the DtC Shipper webinar. Here are highlights from the presentation to help you better understand the many nuances of this tricky […]
The State of Indirect Tax, featuring IDC, was a three-session event hosted by Sovos on April 7. It covered IDC’s thoughts on the current and future state of indirect tax, the biggest trends and changes from a regulatory perspective and the importance of aligning your IT and tax teams in your compliance strategy. The sessions […]
Identifying the location of risk for Insurance Premium Tax (IPT) purposes is the first step to ensuring IPT compliance in a given territory. This area perhaps isn’t as straightforward as it first seems for marine insurance. As with the location of risk rules for all classes of insurance in Europe, the starting point for marine […]
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 regulatory changes and developments in global tax regimes, to support you in […]
Beverage alcohol suppliers and producers selling in the United States typically must obtain Certificate of Label Approvals (COLAs) from the Alcohol and Tobacco Tax and Trade Bureau (TTB) before product distribution. This ensures that suppliers and producers are compliant with federal regulations regarding the design of their alcohol labels. (Additionally, most states have their own […]
Where can you go to receive best-in-class education on insurance accounting and theory, network with your insurance professional peers, earn CPE credits and stay ahead of industry change? Sovos’ 2022 Insurance Regulatory Summit is that opportunity. This is an annual, exclusive event providing the insurance industry with premier educational sessions from regulatory experts and instructors. […]
Update: 7 May 2023 by Andrés Landerretche Ecuador updates how taxpayers cancel electronic receipts. Ecuador’s Internal Revenue Service (SRI) has published an updated version of its Guide for Taxpayers on Cancellation of Electronic Receipts. The guide details how to cancel electronic receipts already authorised by the tax entity. The improved and updated version of the […]
On June 16, Alaska Governor Mike Dunleavy signed SB 9, an omnibus beverage alcohol bill that includes new provisions to regulate direct-to-consumer (DtC) shipping of alcohol in the state. As set out in SB 9, the new DtC shipping laws are set to take effect on January 1, 2024. While Alaska currently does allow for […]
The recent popularity of non-fungible tokens (NFTs) has captivated investors, governments and tax authorities. An NFT is a digital asset that represents real-world objects such as a piece of digital art, an audio clip, an online game or anything else. NFTs are purchased and sold online and are typically encoded with the same software as […]