Blog

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 inaugurate the mandate. Although taxpayers were still struggling to meet the new e-invoicing system’s technical requirements just before the go-live date, the Philippines upheld its planned deadline and went live […]

Read More
Extra Profit Tax: An Introduction to Supplemental IPT in Hungary

Update: 26 January 2023 by Edit Buliczka Hungary: Return template for 2023 published The Hungarian Tax Office (HUTA) released the 2023 insurance premium tax (IPT) return template last month. According to the government decree of 465/2017, return templates must be made available at least 30 days before the due date. The first IPT return of […]

Read More
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 wishing to trade in the EU and the UK must use the EORI number as an identification number in all customs procedures when exchanging information with customs administrations. The EU […]

Read More
Under the Bonnet: Spanish IPT Reporting

The complexities of Spain’s insurance premium tax regulations can be daunting for anyone responsible for IPT reporting and compliance for this country. Apart from the different tax authorities involved with Spanish IPT reporting and various submission processes, there are also many different declarations that tax compliance teams must be aware of. Here we’ll look at […]

Read More
SIRE: New Peruvian Electronic Record Keeping Mandate

On 1 January every year, taxpayers operating in Peru must assess their monthly income over a certain period determined by law to verify if they fall under the obligation to keep electronic ledgers. Taxpayers above the established threshold or who wish to voluntarily keep their ledgers electronically may do so by using the Electronic Ledgers […]

Read More
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 Customs Code establishes that non-EU resident businesses must appoint an indirect representative. At the end of the Brexit transitionary period, many UK businesses suddenly needed to appoint an indirect representative […]

Read More
Romania: Questions Remain as Deadline Looms

Romania has been taking steps toward introducing a continuous transaction controls (CTC) mandate since 2021. Although the Romanian tax authority only established the legal framework for implementing the e-invoicing system less than a year ago, it is set to go live soon. At the same time, the e-transport system, introduced even later, will also be […]

Read More
Phase-2 of Saudi E-invoicing: Who should comply and how?

In 2020, the Zakat, Tax and Customs Authority (ZATCA) in Saudi Arabia announced the introduction of an e-invoicing mandate consisting of two phases. The first phase of Saudi e-invoicing requires all resident taxable persons in the Kingdom to generate and store invoices electronically and has been enforced since 4 December 2021. The second phase, which […]

Read More
Determining Location of Risk: Marine Insurance

Identifying the location of risk for Insurance Premium Tax (IPT) purposes is the first step to ensuring IPT compliance in a given territory. This area perhaps isn’t as straightforward as it first seems for marine insurance. As with the location of risk rules for all classes of insurance in Europe, the starting point for marine […]

Read More
Meet the Expert, Manisha Patel, Senior Compliance Services Representative – IPT

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 regulatory changes and developments in global tax regimes, to support you in […]

Read More
Ecuador: E-Invoicing and E-Receipt Updates

Update: 7 May 2023 by Andrés Landerretche Ecuador updates how taxpayers cancel electronic receipts. Ecuador’s Internal Revenue Service (SRI) has published an updated version of its Guide for Taxpayers on Cancellation of Electronic Receipts. The guide details how to cancel electronic receipts already authorised by the tax entity. The improved and updated version of the […]

Read More
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 as a piece of digital art, an audio clip, an online game or anything else. NFTs are purchased and sold online and are typically encoded with the same software as […]

Read More
Italy IPT: A quick guide

Insurance Premium Tax in Italy is complex. This blog helps insurers navigate challenges in Italy, from IPT rates to reporting requirements. You can find all recent updates on IPT in Italy below in the update section. Read our Insurance Premium Tax guide for an overview of IPT in general. Update: 1 September 2023 by Edit Buliczka Italian […]

Read More
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 VAT refund claims. One of the questions that kept coming up is what are reciprocity agreements and why do they matter? Reciprocity When making 13th Directive refund claims, each EU […]

Read More
Draft Resolution Introduces Changes to Peru’s E-transport Document

E-invoicing was introduced in Peru in 2010, following the continuous transaction controls (CTC) trend in Latin American countries for a more efficient collection of consumption taxes. Since then, the government has rolled out measures to encompass a significant number of taxpayers under the country’s mandatory e-invoicing regime and advance new technical and institutional structures within […]

Read More
Belgium Steps Closer to Mandatory E-Invoicing

Update: 5 February 2024 by Marta Sowinska On 1 February, 2024, the Belgian Parliament approved the law implementing mandatory domestic B2B e-invoicing in the country, starting from 1 January 2026. The adopted bill can be found here. This means that starting from 1 January, 2026 all VAT-registered taxpayers established in Belgium will be required to issue/receive […]

Read More
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 how to prepare for a VAT audit. Each country and jurisdiction may have different laws and requirements related to the VAT audit process. Tax authorities can carry out audits in […]

Read More
Deep Dive – Portugal’s Stamp Duty Requirements

The most recent update to the Portuguese Stamp Duty system has included some of the most comprehensive tax reporting changes seen in recent years. Stamp Duty is the oldest tax in Portugal and has been around since the Royal Decree in 1660. Considering its age, updates to bring it in line with the global standard […]

Read More