Blog

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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How the EU-UK Trade and Co-operation Agreement Affects Business

The EU-UK Trade and Co-operation Agreement (TCA) was finally agreed on 24 December 2020, a week before the end of the transition period. The TCA has been fully implemented into UK law but remains provisional as it needs to be ratified in the European Parliament. It is therefore being applied on a provisional basis until […]

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How Technology Can Help Businesses and Governments Measure and Mitigate the Impact of Covid-19

With further waves and recessions biting, technology offers an unparalleled opportunity for governments and business alike to gain a clearer picture of the current panorama. Digital tax returns and real-time or near-real time reporting offer up-to-date financial insight and many tax authorities are pressing ahead with digitisation plans. Damage assessment and mitigation The most powerful […]

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European Commission Proposal of VAT Reforms for Financial and Insurance Services Explained

We recently shared news of the European Commission (EC) opening a feedback period concerning an initiative to review VAT rules for financial and insurance services. The feedback period has now ended, and a public consultation period is set for the first quarter of 2021. The consultation will gather stakeholders’ views on the current VAT treatment […]

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Trends: Previewing the Four Tax Compliance Mega-Trends Facing Multinational Companies

We recently launched the 12th Edition of our Annual Trends Report that put a spotlight on current and near-term legal requirements across regions and VAT compliance domains.  The report, “VAT Trends: Toward Continuous Transaction Controls” is authored by a team of international tax compliance experts and provides a comprehensive look at the regulatory landscape as […]

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VAT E-Commerce Package – The One Stop Shop (OSS)

The European Union’s VAT e-commerce package has been delayed until 1 July 2021. Consequently, in the New Year businesses will have to contend with both Brexit related changes and the impact of OSS – amounting to two new set of rules for VAT reporting in 2021. Treatment of B2C goods and services after 1 July […]

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Goods and Services Post-Brexit – Supply Chain Planning

The UK left the European Union on 31 January 2020, and the current transition period – due to end on 31 December 2020 – is just days from its end. On 1 January 2021, major changes are coming which will impact the UK’s trade relationships with its closest neighbours. To help businesses understand the impact, […]

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Will Poland beat France in the race to CTC?

The Polish Ministry of Finance yesterday announced a timeline for its plans to introduce a Continuous Transaction Controls (CTC) scheme, with a roll-out to start in a year’s time from now. Earlier this year, ministry officials described their intention to introduce an Italian-style clearance e-invoicing system, however since then, not much has been announced in […]

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Audio Blog: VAT Trends: Toward Continuous Transaction Controls Part Two

Today we will be concluding our preview of the upcoming release of the 12th edition of the Sovos Trends in Continuous Global VAT Compliance report. Hear from Christiaan Van der Valk as he jumps back in: 1.     In your opinion, when is the right time for businesses considering major platform upgrades to involve tax? What […]

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Audio Blog: VAT Trends: Toward Continuous Transaction Controls Part One

Today we will be previewing the upcoming release of the 12th edition of the Sovos Trends in Continuous Global VAT Compliance report.  In this episode of the Sovos Expert Series, Harriet Vivian sits down with Sovos’ VP of Strategy, Christiaan Van Der Valk as he digs into what the Trends Report will look like this […]

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UK: HMRC Update Policy Paper on Goods Moving Between the UK and Northern Ireland

Following our last article published on 25 November 2020, HMRC has recently updated its policy paper outlining the VAT accounting processes that will apply to goods moving between Great Britain and Northern Ireland 1 January 2021. The latest update includes changes made to the policy paper on the following topics: VAT retail exports; Personal exports […]

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Temporary VAT Cut Passed on to German Supermarket Shoppers

German VAT rates were temporarily reduced in July 2020 to alleviate the economic impact of COVID-19. A stimulus package reduced the standard rate from 19% to 16% and the reduced rate from 7% to 5% until January 2021 at an estimated cost of EUR 20 billion. A recent study indicates that the VAT cut has […]

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Saudi Arabia: Mandatory E-invoicing from 2021

These days another country adopting a continuous transaction control (CTC) regime doesn’t come as a surprise. Having seen the benefits of CTC systems, countries are increasing their efforts to implement these regimes in a way that meet their needs. Saudi Arabia is following this trend by introducing a new e-invoicing system that is expected to […]

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Egypt’s Tax Digitization Continues

Scope of mandatory e-invoice clearance extended The global trend of Continuous Transaction Controls (CTCs), having spread from Latin America to Europe and more recently to Asia, is now increasingly gaining popularity in Africa. Egypt is modernizing its tax control system, and one of the most important elements of this is implementing the digital processing of […]

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Brexit and Fiscal Representation

Recently, we outlined the need for speed in understanding fiscal representation obligations. As the UK looks set to become a third country from 1 January 2021, there will be many ramifications for businesses operating cross-border – among them the requirement to appoint a fiscal representative to register for VAT purposes. As outlined in our previous […]

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Italian Tax Controls: Five Key Facts to Know Before the New Year

While Italy rolled out its continuous transaction controls (CTC) reform in 2019, 2020 has been a year of expansion. Italian authorities plan to leverage all potential benefits of the successful implementation of the country’s central e-invoicing platform. Many of the updates will either be launched or enforced in the upcoming year, or later in 2022. […]

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Spain Extends SII Scope From 2021

The tax authority in Spain, Agencia Estatal de Administración Tributaria (AEAT), aiming to enhance the Immediate Supply of Information (SII) version 1.1, has introduced new validations and fields to the schema expected to be enforced from 1 January 2021. The new fields will record the sales of goods in consignment (Venta de bienes en consigna) […]

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Hungary Expands Real-Time VAT Controls

The scope of Hungary’s real-time reporting has been extended. From 1 January 2021, reporting obligations will also include invoices issued for domestic B2C transactions in addition to invoices relating to intra-community supplies and exports. However, the Ministry of Finance has granted a sanction-free three month grace period from 1 January to 31 March 2021 allowing […]

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