Blog

New Regulation Reinforces Free Flow of Data in the EU

When thinking about the aim of GDPR, one of the first things that comes to mind is the set of rules, obligations, and restrictions on the processing of personal data. When in fact, as the full title of GDPR – General Data Protection Regulation – and its recitals explain, the subject matter and purpose of […]

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Greek E-Invoicing Reform: Potential Impact of Recent National Elections

On 7 July, Greece began voting to elect a new government.  The disposed governing left party has been dealt with a hefty blow having been in power since 2015.  It was hoped they would introduce less severe politics which many claim they have not only failed to do but, in fact, they actually introduced stricter […]

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Interpreting Insurance Tax Legislation

Tax legislation is sometimes structured, or worded, ambiguously.  This leaves scope for a number of different interpretations for the treatment of tax on insurance policies, some leading to a lower tax liability than others. This can often be seen when different insurance premium tax (IPT) rates apply to specific sub-classes of the same business or […]

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Italy Clarifies E-Invoicing Rules on the Transaction Date

From 1 July 2019, companies will benefit from an extension in the time frame from when an invoice must be issued.  Businesses can now wait for as long as 12 days to issue instant invoices after performing a transaction in Italy. The new interval is a result of the changes introduced by the Italian Parliament […]

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Under the Bonnet of Motor Insurance

When it comes to motor insurance, everything is high; high tax rates, high volumes of tax administration and high levels of complexity.  A thorough understanding and the implications of each is key to tax compliance. High rates Motor insurance claims the title of the highest premium tax rate in Europe. The Danish tax on motor […]

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European Commission Introduces a New Super Weapon Against VAT Fraud

The European Union has been fighting against VAT fraud for many years. The so-called ‘carrousel fraud’ is costing the EU approximately EUR 50 billion per year. This was illustrated once again in a recent Europe-wide investigation, called ‘Grand Theft Europe’, carried out by 63 journalists from 30 countries, co-ordinated by German news outlet Correctiv. The […]

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HRMC Launches Consultation on the Operation of Insurance Premium Tax

Her Majesty’s Revenue & Customs (HMRC) – the UK Government department responsible for the collection of taxes – is undertaking a call for evidence to understand how the administration and collection of Insurance Premium Tax (IPT) can be modernised and how it can address emerging practices that may lead to unfair tax outcomes. The aim […]

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From E-invoicing to E-ordering: New Mandate Coming to Italy in October

Italy has been at the forefront of B2G e-invoicing in Europe ever since the central e-invoicing platform SDI (Sistema di Interscambio) was rolled out and made mandatory for all suppliers to the public sector in 2014. While a number of its European neighbors are slowly catching up, Italy is continuing to improve the integration of […]

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SAF-T – Where Are We Now?

Anyone who has been closely following SAF-T announcements over the past few years may be forgiven for thinking that it all seems rather like Groundhog Day.  Commencement dates and reporting requirements have been announced and subsequently amended and re-announced as the respective countries re-evaluate their needs and the readiness of companies to provide the data […]

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French VAT Fraud Prevention Package to Include a New Attempt to Mandate B2B E-invoicing

The French Minister of Public Accounts and Action, which has authority over all tax matters, has taken advantage of the process that is required to transpose the EU E-Commerce Directive to launch a number of initiatives to curb VAT fraud, including a renewed attempt to create a system of mandatory e-invoicing. Going from B2G to […]

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Knowing When and How to Reclaim IPT

An insurer may need to reclaim insurance premium tax (IPT) from a tax authority for many reasons. These include a policy cancellation or mid-term adjustment, an administrative error or issuing a no claims bonus. In each case, it’s important to be aware of the issues involved ahead of any reclaim to ensure taxes are recovered […]

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France: New Mandatory Invoice Content Requirements Introduced

To help reduce delays in the payment of invoices, the French authorities by Ordinance No. 2019-359 of 24 April 2019 have clarified their invoicing rules to include two new mandatory content requirements.  These are in addition to those already in place. Effective from April 2019 the two new requirements stipulated in the France invoice mandate […]

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Italy’s E-Invoicing Mandate Extends to San Marino

Since Italy’s electronic invoicing mandate was introduced at the start of this year, suppliers performing cross-border transactions have been exempt from this obligation.  This is about to change as Italy and the enclaved country of San Marino will shortly agree on mutual mechanisms to allow the use of e-invoices for transactions between the two countries […]

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Why Clearance E-invoicing Is Both Inevitable and Positive for Businesses

Clearance-model e-invoicing will sweep the globe because it works – at least for tax administrations. With the VAT gap opening to more than half a trillion dollars worldwide, governments around the world are likely to follow the Latin American model of tax authorities inserting themselves into transactions. A new report from Bruno Koch at industry […]

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How to Get Control of Your Invoice Archives: It’s Not Too Late

We all know that invoicing processes are increasingly tangled up in real-time and other complex tax requirements around the world. However, when you ask companies if they are in control of the storage of their accounts payable and accounts receivable invoices, you often get somewhat surprised—if not vaguely insulted—reactions. Really, what kind of company doesn’t […]

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With Foriba Acquisition, Sovos Strengthens Position in Modern Tax Software

Today, we announced Sovos will acquire Istanbul-based Foriba, bringing another global pioneer of e-invoicing compliance into the Sovos solution. The Foriba acquisition marks a milestone for Sovos and for our customers around the world, who face a monumental shift in digital taxation. As tax administrations accelerate adoption of continuous compliance, businesses are dealing with the […]

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Key Reporting Considerations for Insurers Writing Insurance Across the EU

Freedom of services insurers are faced with a number of different obligations when entering new territories and writing insurance business within the European Union.  One that may initially be overlooked relates to which policy details are required to be recorded and then reported to the tax authorities.   It is essential that all insurance premium […]

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Europe Embraces Digitized Invoices but Country Specific Requirements are Diverse

Based on the Billentis report of 2019 (The E-invoicing Journey 2019-2025), automated e-invoicing will generally result in cost savings of 60-80% compared to conventional paper format invoices. In this age of digital transformation, optimizing invoice flows is top of corporate agendas for most companies to improve efficiencies and reduce operating costs. And many companies want […]

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