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. […]
With tax calculations being mainly data-driven in the insurance industry, it’s imperative that data provided is complete and accurate. Yet gaps in datasets and missing information still happen from time to time presenting a challenge for insurance companies. These gaps can cause a delay in filings which in turn, can lead to penalties and interest […]
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 […]
Many insurers still depend on legacy systems to file insurance premium tax (IPT). Whilst cost is sometimes the reason for this decision, some organisations simply don’t prioritise technology upgrades, instead, choosing to focus on initiatives that improve the customer experience or other business workflows. Can this situation continue? Unlikely for much longer, as more tax […]
We last reviewed the SAF-T global situation over a year ago, and in that time there have been many changes and proposals especially across the EU. Let’s look at what’s changed since then, as well as what to expect over the next year or two. A refresher What is SAF-T? The Standard Audit File for […]
Incentive law numbered 7252 was published in the Official Gazette for private sector employers on 28 July 2020. Thanks to this law, private sector employers who applied for short work allowance (SWA) and cash wage support before July 2020 and whose short-time working ended will be able to benefit from financial support. How to claim […]
Find out why it makes sense to invest in tech and automation to streamline tax processes and alleviate the burdens finance teams face. The shift towards digitisation necessitates a radical adaption and shift in existing tech for industries across the board. As this occurs, tensions and anxieties rise around automation and job losses. With Oxford […]
There are many different avenues an insurer can use to write insurance business. These include brokers, intermediaries and managing agents to name a few. When using a third party and looking at the rules around insurance premium tax (IPT) calculation and submission by each of the tax authorities, it can be difficult to know how […]
France is introducing continuous transaction controls (CTC). From 2023, France will implement a mandatory B2B e-invoicing clearance and e-reporting obligation. With these comprehensive requirements, alongside the B2G e-invoicing obligation that is already mandatory, the government aims to increase efficiency, cut costs, and fight fraud. Find out more. France shows a solid understanding of this complex […]
As we move full speed ahead towards the proposed deadline of 1 July 2021 for the new VAT e-commerce rules, EU countries are beginning to implement the changes to e-commerce transactions and distance sales into local legislation. While we track each Member State’s implementation, certain questions have been brought to the forefront and we can’t […]
Italy has been at the forefront when it comes to the introduction of continuous transaction controls (CTC) in the EU, and it still leads the way as other European countries look to Italy for inspiration on their local CTC implementations. But even before the introduction of its clearance e-invoicing system in 2018, the country had […]