Blog

Brexit One Year On – What Do We Know?

The Northern Ireland Protocol regarding goods moving from Great Britain to Northern Ireland continues to cause problems, leading to calls to suspend it via Article 16. But at the same time, some NI politicians are looking to capitalise on the possibility of inward investment by companies that can benefit from being in both the UK […]

Read More
Eastern Europe: The Rise of CTCs

In a blog post earlier this year, we wrote about how several Eastern European countries have started implementing continuous transaction controls (CTC) to combat tax fraud and reduce the VAT gap. However, it’s been an eventful year with many new developments in the region, so let’s take a closer look at some of the changes on the […]

Read More
Understanding IOSS – EU E-Commerce VAT Package FAQs

The EU e-commerce VAT package was introduced in July 2021. The new schemes, One Stop Shop (OSS) and Import One Stop Shop (IOSS) bring significant changes to VAT treatment and reporting mechanisms for sales to private individuals in the EU. In the last of our series of FAQ blogs, we answer some of the more […]

Read More
How to Manage VAT Changes

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 […]

Read More
How Union One Stop Shop Impacts Other Declarations

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 […]

Read More
Poland: Insurance Ombudsman Contribution

Currently, Poland doesn’t have an Insurance Premium Tax (IPT). Instead, there is a parafiscal tax called Insurance Ombudsman Contribution (IOC). It is currently charged at a rate of 0.02% and was effective from 1 January 2020 for all insurance companies operating under Freedom of Services (FOS) in Poland. IOC applies to all 18 classes of […]

Read More
How to Prepare for a VAT Audit

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 […]

Read More
Norway – 2022 Digital VAT Return Coming Soon

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 […]

Read More
Saudi Arabia’s E-Invoicing Mandate is Fast Approaching

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 […]

Read More
Portugal: How to Prepare for 2022 E-Invoicing Changes

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 […]

Read More
Romania SAF-T: Updated Guidance Released

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 […]

Read More
The French CTC Mandate – Your Questions Answered: Part 2: Reporting Obligations

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 […]

Read More
The French E-invoicing Mandate: Your Questions Answered

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, […]

Read More
What the Modernisation of Intrastat Means for Businesses

What is Intrastat? Intrastat is a reporting regime relating to the intra-community trade of goods within the EU. Under Regulation (EC) No. 638/2004, VAT taxpayers who are making intra-community sales and purchases of goods are required to complete Intrastat declarations when the reporting threshold is breached. Intrastat declarations must be completed in both the country […]

Read More
Poland: Krajowy System e-Faktur moves to next phase of legislative process

Progress has been made in the roll-out of the Polish CTC (continuous transaction control) system, Krajowy System of e-Faktur. Earlier this year, the Ministry of Finance published a draft act, which is still awaiting adoption by parliament to become law. Draft e-invoice specifications have been released and there has been a public consultation on the […]

Read More
Meet the Expert: Wendy Gilby – Technical Product Manager at Sovos

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 new regulatory changes, ensuring you stay compliant. We spoke to Wendy Gilby, […]

Read More
VAT Trends of the Gulf Cooperation Council

More than 170 countries throughout the world have implemented a VAT system, and some of the most recent adopters are the Gulf countries. In a bid to diversify economic resources, the Gulf countries have spent the past decade investigating other ways to finance its public services. As a result, in 2016 the GCC (Gulf Cooperation […]

Read More
Continuous Transaction Controls – Focus on the Journey not the Destination

A current mega-trend in VAT is continuous transaction controls (CTCs), whereby tax administrations increasingly request business transaction data in real-time, often pre-authorising data before a business can progress to the next step in the sales or purchase workflow. When a tax authority introduces CTCs, companies tend to view this as an additional set of requirements […]

Read More