Since earlier this year, when the first draft continuous transaction controls (CTC) legislation was published in Poland, there’s been good progress in the development of the CTC framework and system, the Krajowy System e-Faktur (KSeF). After several reiterations, the CTC legislation was finally adopted and published on the Official Gazette on 18 November 2021. Implementing […]
On 1 May 2021, the Mexican tax administration (SAT) enacted a new requirement via the new Bill of Lading Supplement (locally known as Complemento de Carta Porte), making it mandatory for taxpayers moving goods between addresses within the country to inform and receive authorisation from the SAT. This Complemento is required whenever taxpayers move goods within Mexico via […]
E-commerce in the EU saw a VAT revolution on 1 July 2021, introducing the e-commerce VAT package. One of the package’s aims is to ensure that VAT is accounted for in the Member State where consumption takes place for B2C cross-border supplies of goods – this equates to where the goods are delivered. There […]
Earlier today, Sovos announced the acquisition of TLI Consulting, a German company that serves companies with transaction and tax determination needs that are too complex or costly to configure and maintain via native SAP functionality and in-house tax experts. This is a strategic acquisition with immediate and long-term implications for the customers we serve. Immediate […]
In our previous blog, we looked at the challenges that businesses face in submitting VAT and other declarations on an ongoing basis. However, the compliance cycle doesn’t end there as tax authorities will carry out audits for a variety of reasons to validate declarations. Why do tax authorities carry out audits? When VAT returns consisted […]
As we inch closer to the implementation date of 1 January 2022 for Norway’s new digitized VAT return, let’s take a second look at the details. Norway announced its intentions to introduce a new digital VAT return in late 2020, with an intended launch date of 1 January 2022. With this update comes the removal […]
As of 1 January 2022, the Declaration of Exchange Goods (DEB) will be replaced by two new declarations, a statistical survey and a VAT summary statement. Current requirements Currently, taxpayers must complete the DEB, which is a single declaration that merges a statistical section and a tax section. Taxpayers must fill out both sections of […]
In our recent webinar, the team at Sovos discussed the upcoming Saudi Arabia e-invoicing mandate. The webinar covered the finalised rules for Phase 1 of the e-invoicing regime which is due to go live on 4 December 2021 as well as updates to phase 2. There were plenty of questions we didn’t have time to […]
The European Commission (EC) introduced the Import One Stop Shop (IOSS) on 1 July 2021 to simplify the accounting for VAT on goods imported into the EU with an intrinsic value below EUR 150. It is not compulsory, and there are alternative methods of accounting for import VAT on such imports. As with any new […]
Meet the Expert is our series of blogs where we share more about the team behind our innovative software and managed services. As a global organisation with indirect tax experts across all regions, our dedicated team is often the first to know about new regulatory changes and the latest developments on tax regimes worldwide to […]
In previous blogs, we’ve taken a deep dive into Romania’s new SAF-T requirements. In the latest guidance released this week, the tax authority has provided updated implementation timelines for different sizes of taxpayers and information on the grace period. In addition to clarifying timelines, the tax authority also issued a new version of the schema […]
Phase 1 of the e-invoicing system will be live in less than three weeks. While many businesses are still implementing a solution, the Saudi tax authority continues to publish more details on their official webpage. One of the most recent announcements is about the fines the government will levy in case of non-compliance with the […]
The Turkish Revenue Administration (TRA) published a Draft Communique that includes significant changes to the Tax Procedure Law General Communique No. 509, which initially aimed to unify all e-document regulations when it was published in October 2019. With the Draft Communique, the TRA will lower the current gross sales revenue threshold for mandatory e-fatura and […]
Update: 3 January 2024 by Inês Carvalho Romania Issues Last-Minute Amendments to B2B E-invoicing Regulations After the implementation of Romania’s new B2B e-invoicing regulations, effective January 2024, the country introduced Government Emergency Order No. 115/2023 with last-minute amendments. We can summarise the key amendments from the new legislation in three categories: 1. Exemptions from the […]
In our previous blog, we looked at how businesses can determine their obligations when they’re registered for VAT in other countries. We will now focus on what is required to meet those obligations. Submitting VAT returns The VAT return is the most obvious declaration that has to be submitted although as we highlighted in our […]
After a tumultuous 18 months due to COVID-19, the events industry is finally bouncing back. When organising events online and in-person it is important to understand the VAT implications to avoid incurring fines and penalties down the line. Join Mathilde Dorance, Consultant at Sovos discusses the VAT implications for the events industry and the challenges […]
Electronic invoicing is rapidly becoming a standard business process. Governments are pushing for the adoption of B2G invoicing to optimise the public procurement process and also to provide a boost to the adoption of e-invoicing between businesses. Apart from countries that have introduced general e-invoicing mandates to improve fiscal controls – most of which have […]
Update: 26 March 2024 by Dilara İnal Parliament Passes Germany’s B2B e-Invoicing Mandate The German parliament passed the Growth Opportunities Act (Wachstumschancengesetz – the Act) concerning various tax matters on 22 March 2024, including Germany’s B2B electronic invoicing mandate. The Act was originally scheduled for a vote at the end of 2023, with enforcement planned for January […]