In our previous blog, we completed the compliance cycle with tax authority audits. However, that’s not the end of the challenges businesses face in remaining compliant in the countries where they have VAT obligations. VAT rules and regulations change as do a business’s supply chains – these need to be carefully reviewed and appropriate action […]
The EU e-Commerce VAT Package is nearly six months old and businesses should have submitted their first Union One Stop Shop (OSS) return by the end of October 2021. Union OSS provides a welcome simplification to the requirement to be registered for VAT in multiple Member States when making intra-EU B2C supplies of goods and […]
Update: 12 January 2024 by Edit Buliczka Upcoming Submission Deadline for Polish Claims Report The Polish Financial Ombudsman Office (Rzecznik Finansowy), like other regulatory bodies such as the Italian IVASS, requires insurance companies to submit various reports about their activities. One of these is the Claims Report. According to the Act on the Consideration of […]
Several EU Member States have been introducing continuous transaction controls (CTCs), aiming to close their VAT gaps, increase revenue and have more control over the data of their economy. However, the CTC regimes adopted by those countries are far from uniform. So far, Italy is the only country that obtained a derogation from the VAT […]
In our previous blog, we looked at the challenges that businesses face in submitting VAT and other declarations on an ongoing basis. However, the compliance cycle doesn’t end there as tax authorities will carry out audits for a variety of reasons to validate declarations. Why do tax authorities carry out audits? When VAT returns consisted […]
As we inch closer to the implementation date of 1 January 2022 for Norway’s new digitized VAT return, let’s take a second look at the details. Norway announced its intentions to introduce a new digital VAT return in late 2020, with an intended launch date of 1 January 2022. With this update comes the removal […]
Update: 3 January 2024 by Inês Carvalho Romania Issues Last-Minute Amendments to B2B E-invoicing Regulations After the implementation of Romania’s new B2B e-invoicing regulations, effective January 2024, the country introduced Government Emergency Order No. 115/2023 with last-minute amendments. We can summarise the key amendments from the new legislation in three categories: 1. Exemptions from the […]
Update: 25 June 2024 by Dilara İnal Ministry Publishes Draft Guideline on B2B E-Invoicing The German Ministry of Finance (MoF) released a draft guideline on 13 June 2024, detailing the upcoming B2B e-invoicing mandate which will roll out on 1 January 2025. Although the current law only obliges taxpayers to issue and receive e-invoices for […]
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 […]
On 1 July 2021 the EU E-Commerce VAT Package was introduced. The package replaced existing distance-selling rules and extended the Mini One Stop Shop (MOSS) into a wider-ranging One Stop Shop (OSS). The implementation of the EU E-Commerce VAT Package was designed to simplify the VAT reporting requirements for sellers and improve the tax take […]
The widespread adoption of electronic invoicing regimes has given tax authorities access to enormous quantities of taxpayer data. In many jurisdictions, this data enables tax authorities to summarise a taxpayer’s transactional information for a given filing period. It also enables them to present the taxpayer with a draft VAT Return, filled in ahead of time […]
In Insurance Premium Tax (IPT) compliance, the Aviation Hull and Aviation Liability policy is defined under Annex 1, Classes of Non-Life Insurance, as described in DIRECTIVE 138/2009/EC (SOLVENCY II DIRECTIVE). But there are variations and identifying which class the policy is covering can be a challenge. This article will cover what insurers need to know […]
Back in 2019, Portugal passed a mini e-invoicing reform consolidating the country’s framework around SAF-T reporting and certified billing software. Since then, a lot has happened: non-resident companies were brought into the scope of e-invoicing requirements, deadlines have been postponed due to Covid, and new regulations were published. This blog summarises the latest and upcoming […]
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 […]
Welcome to our Q&A two-part blog series on the French e-invoicing and e-reporting mandate, which comes into effect 2023-2025. That sounds far away but businesses must start preparing now if they are to comply. The Sovos compliance team has returned to answer some of your most pressing questions asked during our webinar. We have outlined […]
A tax authority audit can come in various forms, whether it be directly to the insurer itself or indirectly through a policyholder or broker. It can be targeted, for example, where an insurer has been specifically identified to be investigated due to a discrepancy on a tax return, or it can be indiscriminate in its […]
Insurance Premium Tax in Germany is complex. From IPT rates to law changes, this quick guide will help you navigate the challenges of IPT in Germany. For an overview about IPT in general, read our Insurance Premium Tax guide. Last update: 24.01.2023 What is the filing frequency for IPT declarations in Germany? Based on IPT […]
In our recent webinar, Sovos covered the new French e-invoicing and e-reporting mandate, and what this means for businesses and their tax obligations. We are witnessing a global move towards Continuous Transaction Controls (CTCs), where tax authorities are demanding transactional data in real-time or near real-time, affecting e-invoicing and e-reporting obligations. As such, from 2023, […]