Blog

Turkey: Which Documents Can Replace E-Delivery Notes?

From 1 July 2020, all taxpayers with revenue above 25 million TL in 2018 or subsequent years must switch to the e-delivery note system. E-invoice instead of e-delivery note With the deadline fast approaching, one of the questions on taxpayers’ minds is whether e-invoices can be used to replace e-delivery notes as paper invoices can […]

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European Court Rules Against UK on VAT Treatment of Futures Trading

In the midst of ongoing negotiations following the UK’s exit from the European Union (EU), the Court of Justice of the European Union (CJEU) has ruled that the UK has impermissibly expanded the scope of its 0% VAT rate on futures trading.  And, that this has been occurring over a period spanning more than forty […]

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Latin America: An Update on E-Invoice Requirements

In the field of global e-invoicing and tax control, most eyes have been focused on trailblazing initiatives in Asia, as countries such as India, Vietnam and Thailand look set to introduce new reforms in this area. However, even in the home of mandatory digital tax controls – Latin America – where mandatory clearance of B2B […]

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The Future of VAT in Northern Ireland

As negotiations to determine the future relationship between the EU and UK beyond the end of the transition period resume, after a COVID-19 initiated pause, it’s worth taking a moment to review some of the anticipated VAT implications of Brexit, and in particular the impact on Northern Ireland. Prior to the UK leaving the EU, […]

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Albania’s New Tax Reform: Fiscalization

Following the trailblazing efforts by countries such as Italy, Hungary and Spain, this past year has seen an increase in European countries announcing digital tax control reforms. Earlier this year, Albania joined the ranks of France and Poland by announcing the introduction of a continuous transaction controls (CTC) system, called fiscalization. This scheme requires clearance […]

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Sovos Acquires Taxweb, Extends Tax Determination Capabilities in World’s Most Challenging Compliance Landscape

Earlier this month Sovos announced its second acquisition of 2020, completing our solution for Brazil with an unparalleled offering that solves tax compliance in the place where it is most challenging to do so.  Too many companies doing business in Brazil have been burdened by managing multiple point solutions for continuous transaction controls (CTCs), tax […]

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Deadline Looming for Turkey’s E-delivery Note Mandate – are you Ready?

Following the successful implementation of the e-invoicing mandate that has gradually expanded its scope, Turkey introduced a new mandate to track the movement of goods in a more technology-efficient way. Like many other countries, Turkey has already been able to retroactively track the movement of goods by obliging taxpayers to issue delivery notes. Having seen […]

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European Commission Proposes Delay of Six Months for E-commerce VAT Package

On Friday 8 May, the European Commission (EC) published a legislative proposal to delay implementation of the e-Commerce VAT Package by six months due to the impact of the COVID-19 crisis. The implementation of the new measures, which were set to come into force on 1 January 2021, have been delayed until 1 July 2021. […]

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Preparing for Poland’s New JPK_VAT Structure

We recently reported the Polish government’s decision to delay introduction of the new JPK_VAT  with a declaration structure until 1 July 2020. This move is part of the country’s Tarcza antykryzysowa (“Anti-Crisis Shield”) initiative to support business during the coronavirus pandemic and gives welcome extra preparation time especially as the Ministry of Finance only recently […]

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Finland Expands Adoption of E-Invoicing

Finland’s government already receives over 90% of invoices electronically. Aiming to expand the use of e-invoices in B2B transactions, the country has granted B2B buyers the right to receive a structured electronic invoice from their suppliers if requested. The scheme applies to all Finnish companies with a turnover above €10,000 and came into force on […]

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Further EU VAT Measures in Response to Coronavirus

Sovos recently published a blog regarding prospective measures EU member states are taking in response to the Covid-19 pandemic.  Included below are additional actions introduced from countries across the EU: European Union The European Commission has approved requests from all EU Member States to temporarily suspend VAT and customs duties on imported medical equipment.  This […]

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Vietnam’s E-invoicing Mandate – Delayed Until 2022

The Ministry of Finance in Vietnam recently presented a draft decree to the Prime Minister for ratification, indicating that the go-live date for mandatory e-invoicing in the country will be delayed from 1 November 2020 to 1 July 2022. This proposed delay is in response to difficulties encountered by local companies to implement a compliant […]

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Turkey Publishes Storage Guidelines for E-Ledger

On 3 April 2020,  storage guidelines for e-ledger were published by the Turkish Revenue Authority (TRA). The guidelines set out the requirements and standards for special integrators, and the requirements for supporting secondary storage services for e-ledgers, e-ledger summary report (Berat) files and other documents created through the e-ledger system. Background The Communique, first published […]

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Norway and the Trend to Taxing Low Value Goods

From 1 April 2020, Norway will require non-resident suppliers of “low value” goods to Norwegian consumers to charge VAT on such supplies. Norway is the latest in a series of countries to take this step ahead of similar changes scheduled to begin in the European Union next year. Around the world, countries impose VAT style […]

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B2B Transaction Automation Platforms: Quantifying the VAT Compliance Advantage

In the past five years, transaction automation platform vendors who embraced e-invoicing and e-archiving compliance as integral to their services grew on average approximately 2.5 to 5 times faster than the market. Two decades of EU e-invoicing: many options, different models Until 1 January 2019, when Italy became the first European country to mandate B2B […]

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Turkey’s Digital Transformation and E-Invoicing Landscape

For companies operating in Turkey, 2019 was an eventful year for tax regulatory change and in particular, e-invoicing reform. Since it was first introduced in 2012, the e-invoicing mandate has grown, and companies are having to adapt in order to comply with requirements in 2020 and beyond.  According to the General Communique on the Tax […]

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Greece Delays myDATA Mandate

New go-live date A new roll-out date for the myDATA e-books mandate was announced by the Greek tax authority, the IAPR, during a recent meeting with local industry groups.  While nothing is formal and binding until it’s been codified through law, the tax authority seems to have made up its mind about the postponement. More […]

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EU VAT Measures in Response to Coronavirus

Countries worldwide are introducing indirect tax measures intended to mitigate the economic consequences of the coronavirus pandemic. Prospective measures by EU Member States include:   Austria Austria has announced that taxpayers can seek elimination of default interest and penalties for late submissions resulting from coronavirus.  Belgium Belgium has announced that businesses encountering financial difficulties can […]

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