Blog

Advantages of Working with a Global Service Provider

The rapid rise of digitisation continues to transform companies’ business processes. Companies have either begun their digital transformation as a result of compulsory mandates or are voluntarily making the change. While digitalisation provides time, cost and workforce efficiencies, it has enabled greater cross-border business. The increasing digitisation of tax has seen companies look to third-party […]

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Are New VAT Rate Freedoms Coming for EU Member States in 2022?

The EU is re-considering plans to give its Member States more freedom to determine which goods and services should be subject to reduced rates in their territory. The proposed changes would also allow Member States the opportunity to apply a third reduced rate. Current VAT rate system Currently, the EU VAT Directive gives national governments […]

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VAT and its Challenges

The basic principle of value added tax (VAT) is that the government gets a percentage of the value that is added at each step of an economic chain, which ends with the consumption of the goods or services by an individual. While VAT is paid by all parties in the chain, including the end customer, […]

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Hungary’s CTC System Upgrade Combines e-Invoicing and Real-time Reporting

It’s busy for the Hungarian National Tax and Customs Administration (NTCA). Currently this public body is in the midst of overseeing a transition period for the real-time invoice data reporting system, from version 2.0 to version 3.0. This new version will be mandatory for all taxable persons in the country from 1 April 2021 and […]

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Five things businesses need to consider about the EU-UK Trade and Cooperation Agreement

The UK entered into a new relationship with the EU on 1 January 2021 when the Transition Period ended and the EU-UK Trade and Cooperation Agreement (TCA) came into force. This is fully implemented into UK law but is being applied on a provisional basis by the EU as it needs to be ratified by […]

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Turkish Revenue Authority Publishes New Rules for e-Documents

Back in July 2020, the Turkish Revenue Authority (TRA) published a Draft Communique including several amendments to existing e-document regulations. Very recently, on 9 February 2021, the Draft Communique amendments were implemented into a new Communique, amending General Communique (‘Amending Communique’) with some changes, exemptions and additional provisions. Let´s take a closer look at the […]

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Audio blog: Poland: Full steam ahead towards Europe’s next Continuous Transaction Control system

Poland: Full steam ahead towards Europe’s next Continuous Transaction Control system Poland’s new e-invoicing law is planned to come in to force in October this year, which will introduce e-invoicing via a national platform in a Continuous Transaction Control system. In this episode of the Sovos Expert Series, Harri Vivian sits down with Anna Norden, […]

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Facts to know about the 2021 e-document transition in Turkey

2020 was significant for the mandatory transition to e-transformation applications following the General Communique issued by the Turkish Revenue Administration (TRA). 2021 will be a year of mandatory transition to various e-documents for taxpayers. Who must use e-invoice from 2021? Taxpayers with gross sales revenue of TRY 5 million and above in 2020 and all […]

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Poland is moving fast: CTC e-invoicing draft law available for public consultation

The Polish Ministry of Finance has now published the draft act introducing e-invoicing via the national platform (Krajowy System e-Faktur – KSeF, or National System of e-Invoices) in a Continuous Transaction Control (CTC) system. The draft is available for public consultation during a two-week period, after which the law is planned to come into force […]

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Audio Blog: Time is of the essence when France moves to Continuous Transaction Controls

  Join Anna Norden, Regulatory Counsel at Sovos, as she discusses France’s upcoming move to Continuous Transaction Controls. Continuous Transaction Controls is an approach to tax enforcement whereby transactional data is submitted to the government in conjunction with the actual exchange of such data between the transacting parties. It means that the government gets access […]

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HM Treasury Calls for Evidence on VAT Challenges of the Sharing Economy

HM Treasury recently published a call for evidence on VAT and the Sharing Economy. The aim is to test the government’s assessment of VAT challenges created by the Sharing Economy and to explore next steps. The consultation document defines the Sharing Economy as “an accessibility-based socio-economic model, typically enabled or facilitated via advanced technological solutions […]

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Turkey: How Tax Technology is Improving Company Efficiency

Digital transformation will continue to be a business priority for years to come. Efficiency is still one of the primary issues that companies want to improve and the digitization of many business processes is helping to increase efficiency, reduce errors and ensure compliance. Technology is helping to transform departments, including tax. The benefits of tax […]

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Indonesia’s CTC System is Maturing

E-invoice, locally known as e-Faktur was the Indonesian tax administration’s breakthrough reform in the field of tax control. It was introduced in 2014 and became effective nationally in July 2016. Indonesia previously experienced challenges in its tax control system, mainly due to fictitious invoices that caused a large tax gap, with a negative impact to […]

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Brexit Myth Busting: Separating the Fact From Fiction for all Things Tax

There is a plethora of misinformation and misconceptions surrounding Brexit. The aim of this blog is to dispel such myths and clear up any confusion surrounding ongoing developments as they happen. We will dig deeper into news stories to explain the facts and keep you informed. Brexit Myth 1 – Brexit’s unique taxation regime for […]

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OECD on Digital Service Tax: What’s Ahead for 2021?

The challenge of how to fairly tax the digital economy was identified in the OECD’s BEPS initiative as ‘Action 1: Addressing the Tax Challenges of the Digital Economy’. The standard rules in place today do not capture certain business models that make profits from digital services in a country without being physically present. This has […]

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How Ireland’s VAT Regime is Changing

As a result of Brexit, COVID-19, and the Finance Act 2020, the VAT regime in Ireland has and will continue to undergo numerous changes. Highlights of these changes are outlined below. Postponed Accounting and Reporting Changes Beginning in January all taxpayers have the ability to apply postponed VAT accounting to their imports from outside the […]

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China Expands B2B E-invoicing Pilot

From 21 January 2021, the e-invoicing pilot program in China will be expanded In December, China’s State Taxation Administration (STA) announced the expansion of the pilot program that enables certain taxpayers operating in China to voluntarily issue VAT special electronic invoices. These e-invoices can be used to claim input VAT so are generally used for […]

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What to Consider When Changing E-Transformation Service Provider in Turkey

In today’s business world, it’s common for companies to use third party providers. This includes for activities such as regulatory integrations, with organizations using third parties to assist with the processing and submitting of electronic records in Turkey including e-invoice, e-ledger, e-arşiv invoice and e-delivery note on behalf of the taxpayer in compliance with the […]

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