Value Added Tax
6 Things to Consider When VAT Rate Changes Occur
In recent months, we’ve been helping clients with VAT rate changes within and beyond the EU. The reason for these VAT rate changes ranges from
Category: Value Added Tax
Value Added Tax
VAT Retail Export Scheme – Tax Free Shopping is not Returning
Update: 19 October 2022 Since taking up his new duties as Chancellor of the Exchequer on 14 October, Jeremy Hunt has reversed the previous mini-budget
Value Added Tax
New UK Penalties and VAT Interest Charges in 2023
HMRC has announced a new penalty regime to replace the default surcharge regime for VAT periods starting on or after 1 January 2023. The new
Value Added Tax
Virtual Events and the Risk of Double Taxation
When organising a virtual event, it’s important to determine how this supply will be treated for VAT purposes. We have previously discussed VAT rules and
Value Added Tax
Supply of Digital Services Abroad: What to Consider
The expansion of the Value Added Tax (VAT) and Goods and Services Tax (GST) indirect tax to include business to consumer (B2C) sales of digital
Tax Compliance
Customer as Importer – EU VAT Compliance Implications
For the UK and other non-EU businesses it’s vital to determine the importer of the goods into the EU as this will impact the VAT
Tax Compliance
Upcoming Changes to UK’s Customs Systems
It seems such a short time since HMRC sent a reminder letter in March 2022 recalling the upcoming changes to the UK’s customs systems and
Value Added Tax
Italian Transfer Pricing Adjustments and VAT
In Italy, the discipline of transfer pricing states that in intra-group transactions between entities from different countries, where one is resident in Italy, transactions must
Value Added Tax
The Future of the One Stop Shop and Import One Stop Shop
It’s been just over 13 months since the introduction of the EU’s E-Commerce VAT Package in the guise of the One Stop Shop (OSS) and
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
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
Electronic Invoicing
Philippines’ CTC E-Invoice Reporting System is Officially Live
The Philippines continuous transaction controls (CTC) Electronic Invoicing/Receipting System (EIS) has been officially kicked off for the 100 large taxpayers selected by the government to
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
Value Added Tax
What is Indirect Representation, and How Does it Affect UK Businesses?
According to European Customs Law, non-EU established businesses must appoint a representative for customs purposes when importing goods into the EU. In particular, the Union
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
Value Added Tax
Reciprocity Agreements and Why They Matter When Recovering VAT
Sovos recently hosted an online webinar on VAT recovery where we covered reciprocity agreements between the UK and EU Member States when making 13th Directive
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
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