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6 Possible Pitfalls in the Pursuit of VAT Compliance

The convergence of traditional Value Added Tax (VAT) and transactional compliance regimes is creating new obligations and responsibilities for companies doing business around the world. When it comes to VAT, compliance is so much more than just reporting. Here are six pitfalls you should avoid in the pursuit of VAT compliance:   1. Making the […]

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Greece’s VAT reform: What you need to know

Greece’s VAT reform started back in 2020 and it has manifested itself in three continuous transaction control (CTC) initiatives. Namely, the initiatives are: myDATA e-audit scheme Voluntary CTC e-invoicing, performed through service providers who must meet certain certification criteria New generation cash registers which report B2C data to myDATA in real time Recently, the introduction […]

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5 Tips for Manufacturers When Navigating Value Added Tax Obligations

How can manufacturers navigate the ever-evolving and increasingly complex world of value added tax (VAT)? There are several, key ways to evaluate your current and future approach to VAT, maintaining compliance the entire way. 1. Ensure alignment between IT and tax teams Far too often we have seen IT-centric processes miss (or at least misunderstand) […]

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Intrastat Thresholds: Current Exemption Values

Intrastat thresholds are value thresholds which decide if companies in an EU Member State qualify to file a return to tax authorities, based on their intra-community trading. These thresholds change annually, prompting businesses to conduct an annual recalculation to know their obligations. This blog contains all the Intrastat reporting thresholds for 2024, as well as […]

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Intrastat Guide: Reporting, Numbers, Thresholds

Intrastat is an obligation created in 1993 that applies to certain businesses that trade internationally in the European Union. Specifically, it relates to the movement of goods – arrivals and dispatches – across EU Member States. The requirements of Intrastat remain similar across the EU, though certain Member States have implemented rules differently. As a […]

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OSS VAT Returns: Deadlines, Exclusions and Penalties

Sovos’ recent observations of audits by EU Tax Authorities are that Tax Officers are paying more attention to the contents of One Stop Shop (OSS) VAT Returns. They have challenged, and even excluded, companies from this optional scheme. OSS VAT returns must contain details of supplies made to customers in each Member State of consumption […]

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Achieving a Clean Core with Certified SAP S/4HANA Add-Ons

Implementing certified add-ons in SAP S/4HANA on-premise or a private cloud environment will allow you to expand the capabilities of your system. However, it is necessary to maintain a pristine core by strictly adhering to the most effective procedures. This blog details the most important steps companies should take to design an add-on with a […]

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The Value of SAP S/4HANA Add-On Software Certification

Many companies utilise SAP for their tax processes, but limitations in native software functionality add a layer of complexity. Custom coding is often required for businesses to achieve their desired results, producing the need for ongoing customisation and optimisation – this creates a hefty burden for companies, in addition to their tax compliance obligations. SAP-certified […]

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Bizkaia: What is Batuz LROE?

The Ledger of Economic Operations (Libro Registro de Operaciones Económicas), also known as LROE, is a main compliance element of the Batuz tax control system. This system is under implementation in the province of Bizkaia, located in the autonomous Basque community in Spain. Taxpayers under the Batuz mandate must comply with both TicketBAI and LROE […]

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VAT and Art: What you need to know

Significant inflation increases have impacted most of the world’s economies, with the UK still above 10% in 2023. This increase means a reduction in the purchasing power of consumers. Together with increases in the cost of raw materials, this has created uncertainty regarding growth of entire industrial departments and reduced profit margins for companies. The […]

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France e-invoicing and e-reporting: choosing the right PDP

5 Questions to Ask Yourself Important Note: The Finance Law for 2024 is presently in draft form and remains subject to ongoing modifications prior to adoption. Our blog, France: B2B E-Invoicing Mandate Postponed, is promptly updated whenever there are changes to the rollout of the French mandate .   Tax compliance in France is already complicated. New e-invoicing and e-reporting […]

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E-Invoicing Developments in Northern Europe

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 […]

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Israel’s CTC system

Update: 2 November 2023 by Dilara İnal Israel Extends CTC Implementation Timeline On 23 October 2023, the Israeli Tax Authority (ITA) announced that it had extended the continuous transaction controls (CTC) implementation timeline to offer businesses more time to complete their technological development. According to the announcement, the ITA will allow the deduction of input tax from […]

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Guide to France’s Partner Dematerialization Platform (PDP)

Important Note: The Finance Law for 2024 is presently in draft form and remains subject to ongoing modifications prior to adoption. Our blog, France: B2B E-Invoicing Mandate Postponed, is promptly updated whenever there are changes to the rollout of the French mandate . France will implement a mandatory B2B e-invoicing and an e-reporting obligation. Every […]

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What items are exempt from VAT?

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 […]

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VAT in the Digital Age for the Single VAT Registration

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 […]

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Greece myDATA Deadlines

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 […]

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Who pays VAT – Buyer or Seller?

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. […]

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