Blog

Spain Extends SII Scope From 2021

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) […]

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Hungary Expands Real-Time VAT Controls

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 […]

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Audio Blog: Brexit and VAT

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 […]

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HMRC issue guidance on VAT accounting processes for goods moving between Great Britain and Northern Ireland from 1 January 2021

HMRC has published a policy paper that outlines the VAT accounting process for goods moving between Great Britain (GB) and Northern Ireland (NI) from 1 January 2021. As from 1 January 2021, the Northern Ireland protocol will come into force which means that NI will remain in the part of the single market and customs […]

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Turkey’s Digital Tax Transformation: What is E-Arşiv Invoice?

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 […]

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SAF-T – What’s Next?

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 […]

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The Age of Automation: How Tech Can Support Finance Teams

The shift towards digitisation has necessitated 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 Economics predicting that 12.5 million manufacturing jobs will be automated in China by 2030, a partially automated workforce is indeed on the […]

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Will EU Member States and Businesses be Ready for the July 2021 VAT E-Commerce Rules?

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 […]

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Italy: New E-Archiving Requirements in 2021

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 […]

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Brexit and Fiscal Representation: What Do Businesses Operating in the EU Need to Know?

As the end of the transition period draws ever closer, our Brexit and VAT series aims to offer the vital information and planning tips businesses operating cross border need. This week, we’re addressing fiscal representation in the EU. As the UK will become a third country from a VAT perspective as of 1 January, there […]

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Seven Tips for Choosing a VAT Compliance Managed Service Provider

As discussed in three key reasons to appoint a VAT managed service provider, the demands from tax authorities around the world are only going to become more onerous as they continue to boost economic efficiency, combat fraud and reduce VAT gaps. The demands for more granular tax reporting are increasing and in certain countries, such […]

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Post-Brexit: Postponed and Deferred Import VAT Accounting in the EU

As the sand of the Brexit transition time drains away, businesses that trade cross border must turn their attention to the treatment of goods post-Brexit. Recently, we discussed postponed import VAT accounting in the UK. This week, we’re turning our attention to postponed import VAT accounting in the EU. Deferred and postponed accounting In theory, […]

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“OSS” Explained – Explanatory Notes for July 2021 VAT E-Commerce Rules

On 30 September 2020, the European Commission published its “Explanatory Notes on VAT E-Commerce Rules,” to provide practical and informal guidance on the upcoming July 2021 e-commerce regulations. This “EU VAT e-commerce package” was initially adopted (under Directive 2017/2455 and Directive 2019/1995) and set to be implemented on 1 January 2021 but has since been […]

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Portugal: New Unique ID Number (ATCUD) Delayed Until 2022

Portuguese authorities recently published the long awaited regulation on unique ID number (ATCUD), in preparation for the entry into force of this requirement on 1 January 2021. Even though this effectively meant that a significant piece in the puzzle had now become available to the public, the Portuguese tax authority has postponed the requirement until […]

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Post-Brexit: UK Postponed Import Accounting for VAT

If you listen carefully, you can hear the tick tock of the Brexit clock growing ever louder. As 31 December looms into view, there’s lots to consider from a VAT point of view. One area business must get up to speed with is the movement of goods between the EU and the UK post-Brexit. Whether […]

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China Adopts Pilot Programme for B2B E-Invoices

In September, the Ningbo Municipal Taxation Bureau (NMTB) of the State Taxation Administration (STA) announced a pilot programme enabling selected taxpayers operating in China to issue VAT special electronic invoices on a voluntary basis. China’s VAT invoices China has two types of VAT invoices:  VAT special invoices and VAT general invoices. The first type may […]

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UK Border Controls Post-Brexit – What you Need to Know About Importing Goods

The final date in the Brexit calendar is fast approaching. Whatever the outcome of negotiations, one thing is clear – there’ll be significant changes to VAT in the coming months. In our Brexit and VAT series, we delve into some of the most important issues of the day to bring you clarity and advice as […]

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Goods, Services, and VAT Recovery Post Brexit – What do Businesses Need to Know?

The sands of transition period time are draining away. As we edge ever closer to the final Brexit deadline, there are a raft of VAT related considerations for businesses to attend to. Though uncertainty reigns about the shape of the trading relationship, most of the Brexit scenarios up for debate would render the UK a […]

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