When Italy introduced its mandatory e-invoicing system, cross-border invoices weren’t included in the scope of the reform. To introduce the mandate, Italy asked the European Council for a derogation from the VAT Directive and the country was granted permission for the introduction of a mandatory clearance system for domestic transactions performed between Italian taxpayers. It’s […]
Digitization has become more prevalent, especially because of COVID-19. Companies looking to improve efficiency via digital transformation are taking advantage of the benefits tax technologies can provide their business processes. Although they’re not within Turkey’s e-invoicing mandate scope, companies have been using e-document applications as part of their operational processes to save time, costs and […]
In September 2020, the Agency for Digital Italy (AGID) introduced new requirements for the creation and preservation of electronic documents, which will be enforced from 7 June 2021. This blog discusses the requirements and how they affect the issuance and storage of e-invoices. Electronic Documents in Italy The AGID is responsible for the Italian digital […]
Saudi Arabia will start its introduction of a new e-invoicing system from 4 December 2021. The mandate will require all taxable persons residing in the Kingdom to generate, process and store e-invoices electronically. In this episode of the Sovos Expert Series, Harri Vivian sits down with Selin Ring, Regulatory Counsel at Sovos, to explain how […]
Europe has seen relatively few changes to insurance premium tax (IPT) rates recently. The most notable recent change was the 33% increase in IPT rate in Spain (up from 6% to 8%) at the beginning of 2021. Brexit became official on 1 January 2021, following the end of the transition period. This means UK based […]
We hosted a webinar about the upcoming EU VAT e-commerce package with our VAT team. Topics included the One Stop Shop (OSS), Import One Stop Shop (IOSS) and the new VAT obligations for sellers and marketplaces that will impact your business. Although our expert team answered plenty of questions, they didn’t have time for everyone. […]
EESPA, the European E-invoicing Service Providers Association, recently published EESPA Standard Definitions for Legally Compliant Electronic Invoicing and their usage. This document aims to provide a basis for e-invoicing service providers and their customers to agree on allocation of responsibility of the legal compliance of processes supported by the services. These standard definitions will contribute […]
The digitization of tax authorities has come a long way since its beginnings in 2003. Tax administrations have realised the benefits that technology can bring to VAT reporting. Countries around the world have adopted continuous transaction controls (CTCs) and e-invoicing, with new tax administrations joining the trend every year. There are four trends that all […]
Digital transformation continues to evolve and develop, introducing new solutions and cloud technologies for enterprises around the world. These technologies provide flexibility, agility and reduce operational costs for the companies. Advantages of cloud-based technologies Moving to cloud-based technologies provides many advantages including quality, increased efficiency, and profitability. It’s important to work with a service provider […]
The Sultanate of Oman has imposed a Value Added Tax from 16 April 2021. The VAT system is scheduled to be implemented in phases, with businesses required to register for VAT at different points over the next year based on their turnover. Turnover Mandatory Registration Deadline Effective Date of Registration Greater than 1,000,000 OMR March […]
EU VAT E-commerce VAT package: the basics The European Union’s VAT e-commerce package is scheduled to come in to force 1 July 2021 to reduce admin burdens and increase efficiency. Your business needs to assess it’s current processes to determine how the changes will affect you. In this episode of the Sovos Expert Series, Andy […]
Mexico’s Miscellaneous Fiscal Resolution (MFR) for 2021 includes a number of changes, the first of which you can read about in our previous blog on the subject. In this blog we will discuss the approved specific technical modifications related to the validations Authorised Certification Providers (PACs) should make to electronic invoices sent to them for […]
Tax authorities have increased their focus on the insurance industry to ensure Insurance Premium Tax (IPT) and parafiscal taxes are collected correctly, accurately, and on time. Operating in multiple countries inevitably means also having to comply with many local regulations in line with IPT statutory and parafiscal filing. Compliance regimes can be simple or complex, […]
Update: 25 August 2023 by Carolina Silva Croatia to Introduce E-Invoicing and CTC Reporting System According to official sources from the Ministry of Finance, the Croatian tax authority will introduce a decentralised e-invoicing model alongside a continuous transaction control (CTC) real-time reporting system of invoice data to the tax authority. This move is part of […]
VAT accounts for 15-40% of all public revenue globally. We estimate that the global VAT gap – i.e. lost VAT revenue due to errors and fraud – could be as high as half a trillion Euros. The GDP of countries like Norway, Austria or Nigeria are at a similar level and this VAT gap is […]
Brexit continues to create a stir and the only absolute is that confusion dwarfs certainty when it comes to understanding the new tax laws that went into effect when Brexit became a reality. To address some of the more pressing questions, we gathered three industry experts for a webinar to provide some clarity into this […]
The Norwegian tax authority’s project for modernising VAT, the MEMO-project, has announced a new digital VAT return. It will take effect from the beginning of 2022 following a pilot program in August this year. This new VAT return seeks to provide simplification in reporting, better administration, and improved compliance in the VAT system. Currently VAT […]
The new rate for Insurance Premium Tax (IPT) was published in the Spanish Gazette (BOE) on 31 December 2020. It increases from 6% to 8%. This increased rated applies to the first tax period of 2021 (for submissions to be made the next February). In this blog, we’ll look at the challenges faced by insurers […]