Blog

Italy to Introduce Pre-Completed VAT Returns by July 2020

The Italian government has introduced an ambitious new program for collecting VAT, under which the tax authorities will pre-populate VAT returns on behalf of taxpayers. This program is aimed at reducing the VAT gap in Italy, which reached 33.5 billion Euros in 2017 – in absolute terms, the largest loss of revenue in the European […]

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The Top 5 Most Common Unclaimed Property Compliance Mistakes

Full compliance when it comes to unclaimed property requirements can be difficult to determine. For many businesses, it isn’t until they are audited and fined that they find out they made a mistake. Below are the most common mistakes businesses make when complying with unclaimed property requirements. 1. Reporting is mandatory Reporting unclaimed property is […]

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Revisiting the EU VAT “2020 Quick Fixes”

Part 3:  Chain Transactions This is the third in a series of four blogs providing explanatory detail to the EU’s “2020 Quick Fixes” that aim to standardise certain VAT rules throughout the EU. Part one of this series focussed on VAT Identification of the Customer, whilst part two provided guidance on the Exemptions of Intra-Community […]

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Revisiting the EU VAT “2020 Quick Fixes”

Part 2: The Exemptions of Intra-Community Supplies of Goods This is the second in a series of four blogs providing explanatory detail to the EU’s “2020 Quick Fixes”. This article focuses on updated guidance around the Exemption of Intra-Community Supplies of Goods coming into effect on 1 January 2020.    The EU Implementing Regulation contains a […]

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Central Asia’s Adoption of E-Invoicing Mandates Grows

It’s no longer controversial to say that real-time VAT control initiatives such as e-invoice clearance or real-time reporting are becoming increasingly popular with governments and tax authorities across the world. Such initiatives, commonly referred to under the umbrella term CTC, or Continuous Transaction Controls, are now largely considered to be the new normal as governments […]

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Crypto Exchange and Custodian Gemini Chooses Sovos as its Tax Reporting Solution Provider

Gemini, one of the world’s most trusted cryptocurrency exchanges and custodians, has selected Sovos, the largest private filer of 10-series tax forms, to automate Gemini’s 1099 forms and filings. Sovos will enable Gemini to eliminate potential errors and get automatic regulatory updates on the everchanging cryptocurrency compliance landscape.   The growing confusion related to crypto tax […]

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VAT Mini One Stop Shop – Part 3

What to Expect Next In Parts One and Two of this series on the VAT MOSS scheme for digital services we provided a background, considerations for applying and a recent update on the existing MOSS scheme. This recent update is the first stage that will pave the way for a smooth transition to the new VAT […]

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VAT Mini One Stop Shop – Part 2

An update and the effects of Brexit In the first part of this series on the VAT MOSS scheme for digital services we provided a background on this scheme and considerations for applying.  In this second part we provide you with a recent update and describe how Brexit will affect the scheme. Our third and […]

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Unclaimed Property Reporting: Well Begun Is Half Done!

If you have ever had a child wait until the night before an assignment is due to ask for help, or had a client push a deadline as far back as possible to start, you know the frustration of rushed and ineffective project completion. With your unclaimed property reporting process, you can reduce this last-minute […]

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Brazil Implements New E-Invoice Type NF3e

Brazil is often viewed as one of the most complex tax jurisdictions in the world.  But, at the same time, it has been very successful in automating tax authority controls, and in doing so has replaced paper invoices with electronic invoices automating their exchange through clearance platforms. While the ambitious Brazilian plans to simplify the […]

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Key Steps for MTD Second Stage Filers

In our previous piece reflecting on the aftermath of the initial MTD deadlines for ‘First Stage filers’ we also noted that the first submission experiences of ‘Second Stage’ filers should hopefully run more smoothly.  To recap, Second Stage filers are often referred to as ‘complex’ businesses, as HMRC have determined certain features to their operations […]

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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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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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Is India on a Path toward Mandatory B2B E-invoicing?

As more and more countries across the world depend on VAT, GST or other indirect taxes as the single most significant source of public revenue, governments are increasingly asking themselves what technical means they can use to ensure that they maximize the collection of the taxes due under the new tax regimes. India is the […]

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