Blog

How to Determine Your EU VAT Obligations

In our previous blog, we focused on VAT registration and the steps a business needs to go through to determine where it needs to be registered. Once the registration is in place, there are a wide range of obligations that need to be met on an ongoing basis. The first step is fully understanding these […]

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How to Prepare for VAT Registration and Fiscal Representation in the EU

Registering for VAT in the EU remains an overly complicated task, with each Member State having its own processes and procedures to obtain a VAT number. The various One Stop Shop schemes that were introduced on 1 July 2021 show what the future could look like, with online application and a similar registration process in […]

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Korea Takes Steps to Avoid Tax Evasion

Korea’s National Tax Service recently shared an investigation in which it discovered several foreign companies were evading tens of billions of dollars in taxes to be reported in Korea using international transactions. A few examples of the tactics used by these companies included stealing sales through offshore companies located in tax havens, and unfairly transferring […]

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Understanding Aviation Hull and Aviation Liability

In Insurance Premium Tax (IPT) compliance, the Aviation Hull and Aviation Liability policy is defined under Annex 1, Classes of Non-Life Insurance, as described in DIRECTIVE 138/2009/EC (SOLVENCY II DIRECTIVE). But there are variations and identifying which class the policy is covering can be a challenge. This article will cover what insurers need to know […]

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G20 Ministers Agree to Move Forward with Global Tax Reform Deal

In the “Statement on a Two-Pillar Solution to Address the Tax Challenges Arising From the Digitalization of the Economy” issued on 1 July 2021, members of the G20 Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) have agreed upon a framework to move forward with a global tax reform deal. This will address the […]

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Latest Updates in E-Documents: Impact of Acceleration in E-Transformation Applications on E-Documents

Turkey’s e-transformation journey, which started in 2010, became more systematic in 2012. This process first launched with the introduction of e-ledgers on 1 Jan 2012 and has since reached a much wider scope for e-documents. The Turkish Revenue Administration (TRA), the leader of the e-transformation process, has played an important role in encouraging companies to […]

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What is Japan’s Qualified Invoice System?

Japan is in the middle of a multi-year process of updating its consumption tax system. This started with the introduction of its multiple tax rate system on 1 October 2019 and the next step is expected to be the implementation of the so-called Qualified Invoice System as a tax control measure on 1 October 2023. […]

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Why Companies Operating in Turkey Should Outsource Their Tax Compliance Processes

In the digital age we live in, speed is essential. For companies wanting to compete on a global scale, acting fast is just as important as having the digital solutions to advance. Taking into consideration the effect of digitalization on globalization, businesses are outsourcing processes to specialists to keep pace and focusing on their core […]

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Norway 2022 Digital VAT Return: What Businesses Need to Know

Norway announced its intentions to introduce a new digital VAT return in late 2020, with an intended launch date of 1 January 2022. Since then, businesses have wondered what this change would mean for them and how IT teams would need to prepare systems to meet this new requirement. Norway has since provided ample guidance […]

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How SAP S/4HANA Finance Can Simplify Tax for Your Organization

Sovos recently sponsored a benchmark report with SAP Insider to better understand how SAP customers are adapting their strategies and technology investments to evolve their finance and accounting organizations. This blog hits on some of the key points covered in the report and offers some direct responses made by survey respondents, as well as conclusions […]

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Post-Brexit VAT Compliance: Your Questions Answered

Six months after Brexit there’s still plenty of confusion. Our VAT Managed Services and Consultancy teams continue to get lots of questions. So here are answers to some of the more common VAT compliance concerns post-Brexit. How does postponed VAT accounting work? Since Brexit, the UK has changed the way import VAT is accounted for. […]

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Poland VAT Reporting: Draft Amendments to JPK_V7M/V7K Published

In Poland, the Ministry of Finance proposed several changes to the country’s mandatory JPK_V7M/V7K reports. These will take effect on 1 July 2021. The amendments offer administrative relief to taxpayers in some areas but create potential new hurdles elsewhere. Poland JPK_V7M and V7K Reports The JPK_V7M/V7K reports – Poland’s attempt to merge the summary reporting […]

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Turkey: New Requirement to Notify the TRA About Objection Requests

The Turkish Revenue Administration (TRA) has published updated guidelines on the cancellation and objection of e-fatura and e-arsiv invoice. Two different guidelines are updated: guidelines on the notification of cancellation and objection of e-fatura and guidelines on the notification of cancellation and objection of e-arsiv. The updated guidelines inform taxable persons about the new procedures […]

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Mandatory Transition to E-Invoice and E-Arşiv Invoice Applications for Healthcare Organisations in Turkey

An amendment in the General Communiqué No. 509 has announced healthcare service providers and taxpayers providing medical supplies and medicines or active substances must use the e-invoice application from 1 July 2021. The mandated scope for transition to e-invoice and e-arşiv invoice applications in the healthcare industry Published in the Official Gazette the implementation will […]

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Reflection on Insurance Premium Tax Rate Increases – What’s Next for Europe?

It’s difficult to pinpoint exactly when new taxes or tax rate increases will happen. Covid-19 has impacted almost everything, including a massive deficit in the economy. Many banks have applied negative interest and governments have put funding in place to aid recovery. It’s highly likely that tax authorities will be looking at ways to bring […]

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Turkey: The Significance of Effective E-Transformation for Enterprises

Digitization has become more prevalent, especially because of COVID-19. Companies looking to improve efficiency via digital transformation are taking advantage of the benefits tax technologies can provide their business processes. Although they’re not within Turkey’s e-invoicing mandate scope, companies have been using e-document applications as part of their operational processes to save time, costs and […]

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In Its Largest Acquisition Outside the U.S., Sovos Buys Acepta’s Digital Enablement Business

Today, Sovos announced our most recent acquisition – a deal that is our largest ever outside of the United States, and one that brings our global team to more than 2,000 employees. While the acquisition of Chile-based Acepta certainly marks some milestones for Sovos, it more importantly signals even broader support for our customers throughout […]

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The Four Tax Reporting Trends SAP Customers Need to Know

The digitization of tax authorities has come a long way since its beginnings in 2003. Tax administrations have realised the benefits that technology can bring to VAT reporting. Countries around the world have adopted continuous transaction controls (CTCs) and e-invoicing, with new tax administrations joining the trend every year. There are four trends that all […]

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