We recently shared news of the European Commission (EC) opening a feedback period concerning an initiative to review VAT rules for financial and insurance services. The feedback period has now ended, and a public consultation period is set for the first quarter of 2021. The consultation will gather stakeholders’ views on the current VAT treatment […]
We recently launched the 12th Edition of our Annual Trends Report. We put a spotlight on current and near-term legal requirements across regions and VAT compliance domains. The report, “VAT Trends: Toward Continuous Transaction Controls” is authored by a team of international tax compliance experts and provides a comprehensive look at the regulatory landscape as […]
The European Union’s VAT E-Commerce Package has been delayed until 1 July 2021. Consequently, in the New Year businesses will have to contend with both Brexit related VAT changes and the impact of the One Stop Shop – amounting to two new set of rules for VAT reporting in 2021. Treatment of B2C goods and […]
To help businesses understand the impact of Brexit, we’ve cover the essential considerations for supply chain planning in this blog. Goods and services in 2021 The treatment of goods moving between Great Britain and the EU will change significantly from 1 January 2021. Exports and imports will apply to GB-EU trade, replacing the concept of […]
The Polish Ministry of Finance announced a timeline for its plans to introduce a Continuous Transaction Controls (CTC) scheme, with a roll-out to start in a year’s time from now. Earlier this year, ministry officials described their intention to introduce an Italian-style clearance e-invoicing system, however since then, not much has been announced in terms […]
Today we will be concluding our preview of the upcoming release of the 12th edition of the Sovos Trends in Continuous Global VAT Compliance report. Hear from Christiaan Van der Valk as he jumps back in: 1. In your opinion, when is the right time for businesses considering major platform upgrades to involve tax? What […]
Today we will be previewing the upcoming release of the 12th edition of the Sovos Trends in Continuous Global VAT Compliance report. In this episode of the Sovos Expert Series, Harriet Vivian sits down with Sovos’ VP of Strategy, Christiaan Van Der Valk as he digs into what the Trends Report will look like this […]
Following our last article published on 25 November 2020, HMRC has recently updated its policy paper outlining the VAT accounting processes that will apply to goods moving between Great Britain and Northern Ireland 1 January 2021. The latest update includes changes made to the policy paper on the following topics: VAT retail exports; Personal exports […]
German VAT rates were temporarily reduced in July 2020 to alleviate the economic impact of COVID-19. A stimulus package reduced the standard rate from 19% to 16% and the reduced rate from 7% to 5% until January 2021 at an estimated cost of EUR 20 billion. A recent study indicates that the VAT cut has […]
These days another country adopting a continuous transaction control (CTC) regime doesn’t come as a surprise. Having seen the benefits of CTC systems, countries are increasing their efforts to implement these regimes in a way that meet their needs. Saudi Arabia is following this trend by introducing a new e-invoicing system that is expected to […]
Scope of mandatory e-invoice clearance extended The global trend of Continuous Transaction Controls (CTCs), having spread from Latin America to Europe and more recently to Asia, is now increasingly gaining popularity in Africa. Egypt is modernizing its tax control system, and one of the most important elements of this is implementing the digital processing of […]
Recently, we outlined the need for speed in understanding fiscal representation obligations. Post-Brexit, there are many ramifications for businesses operating cross-border. Among them the requirement to appoint a fiscal representative to register for VAT purposes . As outlined in our previous piece, there is a limit on tax authorities’ capacity to authorise new fiscal representation […]
While Italy rolled out its continuous transaction controls (CTC) reform in 2019, 2020 has been a year of expansion. Italian authorities plan to leverage all potential benefits of the successful implementation of the country’s central e-invoicing platform. Many of the updates will either be launched or enforced in the upcoming year, or later in 2022. […]
The tax authority in Spain, Agencia Estatal de Administración Tributaria (AEAT), aiming to enhance the Immediate Supply of Information (SII) version 1.1, has introduced new validations and fields to the schema expected to be enforced from 1 January 2021. The new fields will record the sales of goods in consignment (Venta de bienes en consigna) […]
The scope of Hungary’s real-time reporting has been extended. From 1 January 2021, reporting obligations will also include invoices issued for domestic B2C transactions in addition to invoices relating to intra-community supplies and exports. However, the Ministry of Finance has granted a sanction-free three month grace period from 1 January to 31 March 2021 allowing […]
Brexit: What are the Implications for VAT Brexit is set to become reality at the end of December. So, what does it mean for organizations doing business in the UK and the European Union? Turns out, there are several tax implications that will need to be accounted for. In this episode of the Sovos Expert […]
Northern Ireland Protocol: ‘Windsor Framework’ Developments Update: 28 March 2023 by Russell Hughes UK Government reaches agreement with EU on new Brexit Deal The UK government has agreed with the EU on major changes to the Northern Ireland protocol, referred to as the ‘Windsor Framework’. The protocol is the part of the Brexit deal which […]
Companies have begun to transfer financial processes to the digital environment as a result of technological developments in recent years. Business efficiency has increased through the financial processes regulated via e-transformation applications. The e-transformation system in Turkey covers applications such as e-invoice, e-ledger, e-arşiv, e-ticket, e-reconciliation, and e-delivery note. Mandate scope of e-arşiv invoice According […]