The European Commission (EC) introduced the Import One Stop Shop (IOSS) on 1 July 2021 to simplify the accounting for VAT on goods imported into the EU with an intrinsic value below EUR 150. It is not compulsory, and there are alternative methods of accounting for import VAT on such imports. As with any new […]
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 is often the first to know about new regulatory changes and the latest developments on tax regimes worldwide to […]
In previous blogs, we’ve taken a deep dive into Romania’s new SAF-T requirements. In the latest guidance released this week, the tax authority has provided updated implementation timelines for different sizes of taxpayers and information on the grace period. In addition to clarifying timelines, the tax authority also issued a new version of the schema […]
Phase 1 of the e-invoicing system will be live in less than three weeks. While many businesses are still implementing a solution, the Saudi tax authority continues to publish more details on their official webpage. One of the most recent announcements is about the fines the government will levy in case of non-compliance with the […]
The Turkish Revenue Administration (TRA) published a Draft Communique that includes significant changes to the Tax Procedure Law General Communique No. 509, which initially aimed to unify all e-document regulations when it was published in October 2019. With the Draft Communique, the TRA will lower the current gross sales revenue threshold for mandatory e-fatura and […]
Update: 3 January 2024 by Inês Carvalho Romania Issues Last-Minute Amendments to B2B E-invoicing Regulations After the implementation of Romania’s new B2B e-invoicing regulations, effective January 2024, the country introduced Government Emergency Order No. 115/2023 with last-minute amendments. We can summarise the key amendments from the new legislation in three categories: 1. Exemptions from the […]
In our previous blog, we looked at how businesses can determine their obligations when they’re registered for VAT in other countries. We will now focus on what is required to meet those obligations. Submitting VAT returns The VAT return is the most obvious declaration that has to be submitted although as we highlighted in our […]
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 optimise 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: 26 March 2024 by Dilara İnal Parliament Passes Germany’s B2B e-Invoicing Mandate The German parliament passed the Growth Opportunities Act (Wachstumschancengesetz – the Act) concerning various tax matters on 22 March 2024, including Germany’s B2B electronic invoicing mandate. The Act was originally scheduled for a vote at the end of 2023, with enforcement planned for January […]
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 […]