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The Philippines continues in constant advance towards implementing its continuous transaction controls (CTC) system, which consists of near real-time reporting of electronically issued invoices and receipts. On 4 April, testing began in the Electronic Invoicing System (EIS), the government’s platform, with six companies selected as pilots for this project. The initial move toward a CTC […]
Brandy registrations see impressive 322% spike from Q4 2021 As spring and the warmer months inch closer, beverage alcohol brand registration patterns are also continuing to creep higher. The industry is perhaps gaining a better understanding of how to move forward in a marketplace working through a pandemic. There were increases in Product Registration Online […]
Sovos ShipCompliant’s Alex Koral, regulatory general counsel, invited Tom Wark, executive director of the National Association of Wine Retailers and author of the Fermentation Newsletter, for a conversation about the three-tier system’s role in the modern-day beverage alcohol regulatory landscape. Tom shares his take on how Prohibition may have initially shaped the approach to regulating […]
The three-tier system, under which beverage alcohol is predominately sold in the United States, establishes a clear distinction between the different “tiers” of the market. As it is designed to work, alcohol suppliers sell solely to wholesalers, who in turn sell solely to retailers, who then are the entities that consumers purchase alcohol from. In […]
With the annual 2021 statutory filing season behind us, the focus now is on 2022 with all the accounting and reporting changes that it will entail. Do not be fooled into thinking that implementation of these changes will be effortless or without a time investment. Hopefully these items have been considered and addressed already. However, […]
West Virginia’s governor signed WV HB 4511 into law on March 28, 2022. The newly enacted law includes significant changes to West Virginia’s unclaimed property. The provisions of this bill will become effective June 10, 2022, which is 90 days after its passage by the legislature. The changes are as follows: Electronic Mail: The definition […]
Government mandated e-invoicing is continuing its proliferation across the globe as more and more governments are implementing always-on monitoring and enforcement for businesses operating within their jurisdictions. Businesses have been dealing with government mandates for some time, however, managing this new level of imposed transparency is forcing businesses to adapt to how they track and […]
Transition from voluntary to mandatory e-invoicing expected from 1 April 2023 From 1 January 2022, taxpayers have been able to issue structured invoices (e-invoices) using Poland’s National e-Invoicing System (KSeF) on a voluntary basis, meaning electronic and paper forms are still acceptable in parallel. Introduction of the KSeF system is part of the digital transformation […]
Update: 12 September 2023 by Robson Satiro de Almeida Tax Reform in Brazil: Simplification Statute Published Recent developments in Brazil indicate changes on the horizon, as the country continues to move towards a tax reform for simplification of e-invoicing obligations. A significant reform of ancillary tax obligations is underway aiming to create a unified system […]
Editor’s note: This blog was updated on December 28, 2022 Update: Since this content was published, the IRS released guidance that the implementation of the reduced $600 threshold for 1099-K reporting will be delayed until tax year 2023. As a result, the federal threshold for the 1099-K form reporting for tax year 2022 will remain unchanged […]
We’ve previously discussed the details of direct-to-consumer (DtC) beer shipping, and what shippers must keep in mind to stay compliant. It’s also important to stay current on updates to DtC beer shipping regulations. That way shippers can make any necessary changes to remain compliant should more (or fewer) states allow beer to be shipped directly […]
In our earlier article, Optimising Supply Chain Management: Key B2B Import Considerations, we looked at the possibility of UK suppliers establishing an EU warehouse to facilitate easier deliveries to customers. In this article, we look at this one solution in more depth – again from the perspective of B2B transactions. The pros and cons of […]
The 2022 Sovos ShipCompliant Beverage Alcohol Summit virtual event included in-depth data analysis, discussions on the latest regulatory updates and insightful thought leadership. Here are some Summit highlights and quick facts from our sessions. Big picture industry updates Alex Koral, regulatory general counsel, Sovos ShipCompliant, shared some observations about the role of regulations in the […]
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 the latest developments on tax regimes across the world, […]
As Switzerland is not part of the European Economic Area (EEA), several premium tax issues need to be considered by insurers when they are providing insurance policies in this country. These considerations are around location of risk, double taxation and compliance concerning stamp duty, which is the main tax that Switzerland levies on insurance premiums. […]
In the European Union, the VAT rules around supplies of goods, as well as ’traditional’ two-party supplies of services, are well-defined and established. Peer-to-peer services facilitated by a platform, however, do not always fit neatly into the categories set out under the EU VAT Directive (Council Directive 2006/112/EC). There are ambiguities around both the nature […]
Update: 05 January 2023 by Andres Landerretche More taxpayers join the Electronic Invoicing System of Paraguay (SIFEN) Since Paraguay started implementing its National Integrated System of Electronic Invoicing (SIFEN) plan in 2017, the Undersecretary of State for Taxation of Paraguay (SET) has carried out the process. The different phases are: Pilot plan Voluntary phase Mandatory […]
Governments throughout the world are introducing continuous transaction control (CTC) systems to improve and strengthen VAT collection while combating tax evasion. Romania, with the largest VAT gap in the EU (34.9% in 2019), is one of the countries moving the fastest when it comes to introducing CTCs. In December 2021 the country announced mandatory usage […]