Blog

E-invoice Data Reveals the Impact of COVID-19 on Brazil’s Economy

Increased visibility into, and control over, taxpayer financial and trade data is the key benefit highlighted by governments that have introduced continuous transaction controls (CTC) regimes. Its importance cannot be overstated. Transactional data cleared by or exchanged through a tax administration authorised platform becomes the new source of truth for tax authorities to assess the […]

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Will Bulgaria be the Next EU Member State to Introduce Continuous Transaction Controls?

Bulgaria could be the next EU Member State to introduce continuous transaction controls (CTCs) following Italy, France and Poland. Introducing CTCs provides tax administrations with more granular and continuous visibility into tax-relevant business data. Bulgaria announced it’s considering mandating e-invoicing and the transmission of invoices to the tax authority. This could be done either via […]

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Saudi Arabia Publishes Draft Rules for E-invoicing

The General Authority of Zakat and Tax (GAZT) has published draft rules for the controls, requirements, technical specifications and procedural rules for implementing the provisions of the e-invoicing regulation. In addition to the draft rules, the associated technical specifications (Electronic Invoice Data Dictionary, Electronic Invoice XML Implementation Standard and Electronic Invoice Security Implementation Standards) are […]

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How the World can Meet the Post COVID-19 Automation Challenge

It’s good to see light at the end of the tunnel. Nonetheless, it’s too little, too late for many smaller – but also plenty of larger – companies. Thousands couldn’t weather the storm because they were particularly dependent on human contact. Others were affected disproportionally simply because COVID-19 hit them just as they traversed a […]

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Breaking News: E-invoicing Scope in India Expanding from 1 April 2021

During the past few months, in the absence of formal clarification, there has been much speculation on whether the Indian authorities would move forward with the expansion of the mandatory e-invoicing scope. While some have raised concerns that the Indian mid-market to SME segment would not be ready for such a change, others, including government […]

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Albania: Updated CTC System Roll-out Timeline and Further Details Published

Following the introduction of ‘fiscalization’, Albania’s Continuous Transactions Controls scheme (CTC), in early 2020, the Albanian government published more information about the CTC system and in late 2020 updated the roll-out timeline. During 2020, the Albanian government published a series of secondary legislation about different elements of the CTC scheme. The Albanian CTC scheme is […]

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India Signals an Expansion in the Scope of E-Invoicing

The new Indian e-invoicing system has been live since October 2020 and it has been rolled-out in phases. The first phase started in October 2020 with taxpayers with a 500 Cr. rupees threshold or more and the second phase continued in January 2021 covering taxpayers with a threshold of 100 Cr. rupees or more. The […]

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From Tax Control to Tax Collaboration: Russia’s Pioneering a New Approach

The trend of real-time data collection as a tax control mechanism by tax authorities across the world is not much of a surprise now, quite the contrary. One by one and at increasing speed, governments are rolling out local adaptions of Continuous Transaction Controls regimes, more commonly referred to as CTCs. However, new trends are […]

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Costa Rica: Taxation of Foreign Supply of Digital Services

Overview: The days when suppliers of digital content or services were considered out of reach of local tax authorities because they supplied products and services remotely are quickly fading. The exponential growth that the digital economy has experienced in the last several years has made it impossible to ignore countries looking for new sources of […]

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Audio Blog: South Korean E-Invoicing Summarized in 4 minutes

  Welcome to the Sovos Expert Series, today we will be talking with Selin Ring, Regulatory Counsel at Sovos about your e-invoicing obligations when operating in South Korea and how these differ from your VAT requirements elsewhere. South Korea was one of the first countries to adopt an e-invoicing regime. The first mandate came into […]

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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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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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Brazil introduces new rules for NF-e invoices

Although Brazil is known for its complex tax laws that make compliance a difficult task in the country, it is undeniable that the Continuous Transaction Control (CTC) system implemented more than a decade ago is one of the most stable in the world. However, even a sophisticated CTC system continues to evolve and mature, and […]

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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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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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