In recent months, we’ve been helping clients with VAT rate changes within and beyond the EU. The reason for these VAT rate changes ranges from a desire to reduce inflation, action to help support families with the cost of living, helping businesses deal with rising costs and as in the Swiss case, reforming the state […]
For Insurance Premium Tax, Location of Risk is vital in determining the correct tax. In this episode of the Sovos Expert Series, Anita Blanusic asks James Brown, IPT Consultant, to explain the Location of Risk for marine insurance and how it’s determined. Listen as he answers the following questions: What is meant by marine […]
Regulatory change and evolving technology continue to fuel modern tax. Businesses need to map out near- and long-term strategies that keep pace with the digital transformation of tax. But working with the right team is essential to organizational success. That’s where the Sovos Customer Success team comes into play. Sovos knows that being able to […]
The world of Insurance Premium Tax (IPT) is ever changing, with countries updating rates and thresholds whenever the need arises, introducing new taxes regularly and adjusting tax rates to adapt to changes within a country. But how do you keep up with so much change when you’re already busy doing your job? Parliamentary debates One […]
One of the most important assets that a successful beverage alcohol producer has is their brand. A clear, readily identifiable brand is critical for bringing consumers in and making sure they will become repeat purchasers. But as the number of producers has exploded over the last few decades, the likelihood of consumer confusion around a […]
Update: 19 October 2022 Since taking up his new duties as Chancellor of the Exchequer on 14 October, Jeremy Hunt has reversed the previous mini-budget drafted by his predecessor. One of the schemes that was announced to be reintroduced was the VAT Retail Export Scheme. This scheme would have allowed overseas visitors to benefit from […]
HMRC has announced a new penalty regime to replace the default surcharge regime for VAT periods starting on or after 1 January 2023. The new regime will affect UK VAT registered businesses that submit late UK VAT returns or make late VAT payments in the UK. There will also be changes to how VAT interest […]
Update: 27 July 2023 by Edit Buliczka Changes to IPT registration requirements in Austria The registration requirements for settling taxes in a country are similar – if not the same, usually involving the central tax administration or tax authority. This, however, is not always the case and there are exceptions. For example, due to a […]
All alcohol is divided into three parts—beer, wine and spirits. At least, those are the primary product types of beverage alcohol recognized by popular perception and defined by state and federal statutes. Determining what is in a bottle (or can or keg or firkin) is vital for anyone who manufactures, distributes or sells the product, […]
Update: 13 March 2023 by Enis Gencer Northern European Jurisdictions: CTC Update The European Commission’s VAT in the Digital Age (ViDA) proposal continues to unfold with the latest details published on 8 December 2022. As a result, many EU countries are stepping up their efforts towards digitizing tax controls – including mandatory e-invoicing. While we […]
Managing beverage alcohol compliance and tax in a rapidly evolving regulatory environment takes expertise and a relentless attention to detail. Odds are, you didn’t get into the industry to spend countless hours each week pouring over mandate changes, tax laws and regulatory updates. Partnering with a compliance software company is an easy way to mitigate […]
Portugal’s state budget entered into force on 27 June 2022 after protracted negotiations. The budget contained an interesting provision: the obligation to present invoice details to the tax authorities was extended to all VAT-registered taxpayers including non-resident taxpayers, who had long been exempt from this obligation. VAT-registered non-residents now have three options for communicating invoice […]
Continuing our IPT prepayment series, we take a look at Italy’s requirements. In previous articles we have looked at Belgium, Austria, and Hungary. All insurers authorised to write business under the Italian regime have a legal obligation to make an advance annual payment for the following year. What is the prepayment rate in Italy? The […]
When organising a virtual event, it’s important to determine how this supply will be treated for VAT purposes. We have previously discussed VAT rules and place of supply for virtual events, this blog will discuss the potential future changes to the VAT position for EU Member States. Current VAT position for virtual events in Europe […]
Brazil is known for its highly complex continuous transaction controls (CTC) e-invoicing system. As well as keeping up with daily legislative changes in its 26 states and the Federal District, the country has over 5,000 municipalities with different standards for e-invoicing. The tax levied on consumption of services (ISSQN – Imposto Sobre Serviços de Qualquer […]
The expansion of the Value Added Tax (VAT) and Goods and Services Tax (GST) indirect tax to include business to consumer (B2C) sales of digital services is one of the most important new revenues for many countries. What are the electronically supplied services? E-services that a company supplies electronically can be: Supplies of images or […]
It’s time to return to Insurance Premium Tax (IPT) prepayments – a continuation of our blog series on this important IPT topic. You can find the first entry in our blog series here. IPT is declared and settled differently throughout Europe. Monthly, quarterly, or biannual declarations – the frequency varies across Member States – and some […]
Update: 8 March 2023 by Kelly Muniz Spain launches public consultation for B2B mandatory e-invoicing The Ministry of Economic Affairs and Digital Transformation (Ministerio de Asuntos Económicos y Transformación Digital) has launched a public consultation on the upcoming B2B e-invoicing mandate. The mandate will enable citizens to participate in elaborating norms before its development. This […]