Northern European Jurisdictions: CTC Update The European Commission’s VAT in the Digital Age (ViDA) proposal continues to unfold with the latest details published on 8 December 2022. As a result, many EU countries are stepping up their efforts towards digitising tax controls – including mandatory e-invoicing. While we see different approaches to initiate this transition […]
Update: 14 March 2023 by Enis Gencer Israel closer to introducing continuous transaction controls (CTCs) in tax system Israel’s government approved the 2023-2024 budget on 24 February 2023 to introduce a continuous transaction control (CTC) model in its tax system. This long-awaited move will have significant implications for businesses operating within the country. It is essential to know […]
Electronic invoicing in France (to enter into force from July 2024) requires using a (partner) dematerialization platform. The already enacted legislation leaves the choice of which platform up to companies. Should you use the public platform (‘PPF – Portail Public de Facturation’, i.e. Public Invoicing Portal) or a third-party private platform (‘PDP – Plateforme de […]
It’s essential to stay on top of your company’s VAT requirements. This requires sound knowledge of the rules and what authorities expect of businesses. This includes dealing with supplies of goods and services outside standard VAT obligations. Not every product or service incurs VAT. This is VAT exemption. VAT exempt supplies of goods and services […]
The EU Commission’s VAT in the Digital Age proposals include a single VAT registration to ease cross-border trade. Due to enter into force on 1 January 2025, the proposals are part of the commission’s initiative to modernise VAT in the EU. The single VAT registration proposals would mean only registering for VAT once across the […]
In the past year, the Greek tax authority published a series of legislative acts introducing new requirements (the QR code and prefilling of VAT returns) and amending existing ones. It’s been more than three years since the rollout of myDATA as a voluntary scheme, but the system is far from complete. myDATA is a broad […]
Did you know? Over 170 countries worldwide have implemented VAT or GST. Despite how common VAT is, the tax is difficult at the best of times to understand. Knowing who pays VAT – the buyer or the seller – is straightforward, though, if you take the time to learn about the tax or have help. […]
Following the publication of various circulars by the Federal Ministry of Finance in Germany in 2021, rules on the taxation of guarantee commitments were made effective 1 January 2023. This blog explains how this affects insurers and other suppliers. Scope of the rules for guarantee commitments The Ministry of Finance published its initial circular in […]
VAT Registration Threshold of EU Countries The European Union is a collective but its Member States have their own rules and nuances where VAT is involved. Knowing what rules are at play is essential when trading in the EU, and that’s where Sovos’ EU VAT Buster comes in. Each Member State has its VAT threshold […]
What is the EU VAT Reform? Aimed at making life easier for businesses, the EU E-Commerce VAT Package simplifies the VAT reporting requirements when trading across European Union Member States. This package is part of wider EU VAT reform. Our live blog collates vital information on the package, with updates whenever governments or tax authorities […]
It can be difficult to know where you stand regarding EU VAT changes and European tax laws. There have been sweeping changes implemented in recent years. This blog breaks down the major updates, including the EU VAT reform, to help ensure your business is on the right path. Additionally, you can speak with our team […]
All European countries charge VAT on goods and services. VAT is a consumption tax added during each production stage of goods or services. Although VAT is near-universal according to the EU VAT Directive, VAT rates within the EU do differ. This is because the EU VAT Directive allows Member States to choose whether to implement […]
The EU VAT E-Commerce package has been in place since 1 July 2021. This applies to intra-EU B2C supplies of goods and imports of low value goods. Three schemes make up the package. These are based on the value of goods and the location of the sale of goods. All OSS schemes are currently optional. […]
Tax has always been challenging and ever-changing VAT regulations across Europe add to the complexity, requiring technology adoption to support compliance- related activities. It’s time for businesses to evaluate how efficiently they’re handling their VAT compliance obligations. We created this checklist to help you assess whether you already have an effective, scalable solutions that’s optimized […]
Nearly every major economy has a form of VAT. That’s 165 countries, each with its own compliance and reporting rules. The main exception is the United States. VAT is by far the most significant indirect tax for nearly all the world’s countries. Globally VAT contributes more than 30% of all government revenue. Levying VAT is […]
Changes are coming to Portugal’s Billing SAF-T reporting requirements for non-resident taxpayers that trade in the country. The process may be stringent but that doesn’t mean it has to be difficult for your company. Here are four things you need to be aware of about Portugal’s billing SAF-T obligations. 1: Non-resident taxpayers must file the […]
Serbia is on the final straight to implementing its mandatory e-invoicing, which will come into effect from 1 January 2023. Legislative changes are still being proposed before that deadline to allow for a complete introduction of mandatory e-invoicing to the whole B2B sector. On 12 December 2022, the Ministry of Finance published the following Laws […]
The European Commission’s “VAT in the Digital Age” proposal brings significant modifications to the VAT treatment of the platform economy related to the operators in the short-term accommodation (max. of 45 days) and passenger transport services. VAT treatment of the platform economy It is worth mentioning that the ‘VAT treatment of the platform economy’ only […]