Blog

Romania SAF-T: Updated Guidance Released

In our last look at Romania SAF-T, we detailed the technical specifications released from Romania’s tax authority. Since then, additional guidance has been released including an official name for the SAF-T submission: D406. Implementation timeline for mandatory submission of Romania SAF-T Large taxpayers (as designated by the Romanian tax authorities) – 1 January 2022 Medium […]

Read More
Proposed Amendments to Saudi Arabia’s VAT Implementation Regulations (VATIR): What is Changing?

The Saudi Authorities are proposing changes to the VAT Implementation Regulations (VATIR). The proposed changes are open to public consultation, with interested parties able to submit their opinions until 23 October 2021. Why are changes being proposed to VATIR? According to the Zakat, Tax and Customs Authority (ZATCA), the changes aim to harmonise e-invoicing related […]

Read More
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 […]

Read More
Sovos Named a Leader in Multiple IDC MarketScapes

Three new MarketScapes have been released by IDC and all three recognize Sovos as a leader in their respective categories. As noted by Kevin Permenter, IDC research director, financial applications, “Sovos combines local expertise with a seamless, global customer experience across its full suite of compliance solutions. They are a strong choice for companies of […]

Read More
Poland: JPK V7M/K Schema Changes from 1 January 2022

Poland implemented its version of a mandatory SAF-T file (the JPK_V7M/K reports) back in October 2020. Since then, businesses must submit detailed information on invoices, along with summary reporting details typically seen in a VAT return. The Ministry of Finance recently adopted amendments to the mandatory JPK_V7M/K reports, effective 1 July 2021. However, in order […]

Read More
Meet the Expert: James Brown, Principal Compliance Services Representative

Meet the Expert is our series of blogs where we share more about the team behind our innovative software and managed services. As a global organisation with indirect tax experts across all regions, our dedicated team are often the first to know about new regulatory changes and latest developments on tax regimes across the world, […]

Read More
EU E-Commerce VAT Package FAQs: Understanding IOSS and Imports

The EU e-commerce VAT Package is here. The new schemes, One Stop Shop (OSS) and Import One Stop Shop (IOSS) bring significant changes to VAT treatment and reporting mechanisms for sales to private individuals in the EU. Sovos recently held a webinar on Back to Basics: The EU VAT E-Commerce Package. There were a number […]

Read More
Global Supply Chains and VAT: a Crimp in Cash Flow

Corporations in a wide variety of sectors are rapidly transforming their supply chains. The core goals of supply chain globalisation and automation are operational and to achieve financial benefits. However, many companies overlook the impact of indirect taxes – like value added taxes (VAT) – that are assessed by the countries in which they operate. […]

Read More
Where Does France Stand After the Publication of Last Week’s CTC Specifications?

September was unusually eventful for French businesses. A new ordinance was published, specifying the different parts of the upcoming continuous transaction controls (CTC) regime and at the same time postponed the entry into force of the system by 18 months. On top of this, specifications of process flows, and document formats were released at the […]

Read More
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 […]

Read More
Getting VAT Compliance Right for Black Friday Success

On 26 November, Black Friday presents another opportunity for retailers to drive e-commerce sales and boost revenue. It has become one of the biggest global retail events of the year, with shoppers increasingly turning to online retailers for the best deals. Retailers will be working hard to prepare the best deals to entice shoppers but […]

Read More
EU E-Commerce VAT Package FAQs: Understanding OSS

The EU E-Commerce VAT Package is here. The new schemes, One Stop Shop (OSS) and Import One Stop Shop (IOSS), bring significant changes to VAT treatment and reporting mechanisms for sales to private individuals in the EU. Our recent webinar, Back to Basics: The EU E-Commerce VAT Package, discussed the basic principles of the three […]

Read More
EU E-Commerce VAT Package FAQs: Understanding Marketplace Liability

The EU E-Commerce VAT Package is here. The new schemes, One Stop Shop (OSS) and Import One Stop Shop (IOSS) bring significant changes to VAT treatment and reporting mechanisms for sales to private individuals in the EU. Our recent webinar, Back to Basics: The EU E-Commerce VAT Package, discussed the basic principles of the three […]

Read More
Looking to Cut Tax Compliance Costs? Consider Tax Solutions Before Migrating to SAP S/4HANA

As the digitization of tax continues, many organizations are looking to reduce the complexity and cost of tax compliance. In our latest spotlight report, created in partnership with Americas’  SAP Users’ Group (ASUG), “Boost Tax Compliance Capabilities and Visibility with SAP S/4HANA”, we discuss the most optimal time in the SAP S/4HANA migration process to […]

Read More
Fiscal Representation Post-Brexit – Requirements for UK Companies Trading in the EU

Non-EU companies are required to appoint a Fiscal Representative in order to be registered for VAT in many Member States. Following the end of the Brexit transition agreement on 31 December 2020, this was a consideration for UK companies who wanted to remain registered or had to register as a result of changes to supply […]

Read More
French E-invoicing Mandate Update: Government Revises Rollout Schedule

When the French Tax Authority published its report last fall, unveiling the continuous transaction control (CTC) plans for France, we questioned whether it would be possible to finalise all the details of this system in less than a year, to allow sufficient time for businesses to adapt. Although the French Treasury (DGFiP) has made good […]

Read More
Saudi Arabia’s E-Invoicing Mandate is Fast Approaching

The Zakat, Tax and Customs Authority (ZATCA) announced the finalised rules for the Saudi Arabia e-invoicing system earlier this year, announcing plans for two main phases for the new e-invoicing system. The first phase of the Saudi Arabia e-invoicing system is set to go live from 4 December 2021. With the mandate just around the […]

Read More
VAT Trends: Aggregator Liability – What You Should Know

This blog is an excerpt from Sovos’ annual VAT Trends report. Governments are increasingly putting liability for reporting and/or paying VAT on platforms that already process many taxable transactions and associated data flows, instead of putting such liability on each individual taxable person transacting on such platforms. Why is this happening? With the introduction of […]

Read More