Category: Value Added Tax

Italian Import Documents Become Electronic
Tax Compliance

Italian Import Documents Become Electronic

The Italian Customs Authorities recently updated their national import system by applying the new European Union Customs Data Model (EUCDM). These new changes came into

New EU Brexit Infringement Procedures
Tax Compliance

New EU Brexit Infringement Procedures

On 22 July, the EU Commission opened four new infringement proceedings against the United Kingdom for allegedly breaching the 2021 Northern Ireland Protocol on conditions

Practical Considerations for EORI Numbers
Value Added Tax

Practical Considerations for EORI Numbers

The EU and the UK use the Economic Operators Registration and Identification System (EORI) to identify traders. What is an EORI number? Businesses and people

VAT on Non-Fungible Tokens (NFTs)
Value Added Tax

VAT on Non-Fungible Tokens (NFTs)

The recent popularity of non-fungible tokens (NFTs) has captivated investors, governments and tax authorities. An NFT is a digital asset that represents real-world objects such

How to Prepare for a VAT Audit
Value Added Tax

How to Prepare for a VAT Audit

Our previous articles covered audit trends we have noticed at Sovos and common triggers of a VAT audit. This article discusses the best practices on

The Effect of Inflation on VAT Rates
Value Added Tax

The Effect of Inflation on VAT Rates

It’s no surprise that inflation is on the forefront of everyone’s mind, with prices continuing to sky-rocket month by month. Data from the United Kingdom

Common Triggers of a VAT Audit
Tax Compliance

Common Triggers of a VAT Audit

Since many audits seem to occur at random, it’s not always possible to identify the reason why a tax office would decide to initiate one.