
Indonesia’s VAT requirements
Indonesia’s VAT requirements Indonesia’s e-invoicing system and continuous transaction controls After experiencing challenges in its tax control system, Indonesia adopted an e‑invoicing system, locally known
Keep up on what’s happening in the digital transformation of tax worldwide.
Indonesia’s VAT requirements Indonesia’s e-invoicing system and continuous transaction controls After experiencing challenges in its tax control system, Indonesia adopted an e‑invoicing system, locally known
Israel E-Invoicing Plans for a continuous transaction controls system In an effort to combat VAT fraud, Israel is undergoing a tax reform. Currently under an
Lithuania’s VAT Requirements Lithuania’s SAF-T Framework Seeking to modernise and digitize its tax systems, the Lithuanian Customs Office of the State Tax Inspectorate announced sweeping
Thailand’s New Approach to Electronic Invoicing New regulations for e-tax invoicing solutions and receipts expected soon Thailand’s current e-invoicing legal framework has been in effect
Luxembourg VAT Requirements VAT in Luxembourg Luxembourg is one of many European countries to implement SAF-T and e-invoicing to provide greater visibility into a wide
Slovakia VAT Requirements Slovakia expands continuous transaction control The modernisation of tax and tax controls remains a high priority for Slovakia’s tax authority. The Slovakian
Philippines VAT Requirements VAT in the Philippines There have been improvements in recent years to VAT revenue collection in the Philippines, but there are a
China’s E-Invoicing Regime The move to customer facing e‑invoicing grows in China. China’s VAT digitization journey began nearly two decades ago with the rollout of
Romania’s VAT regime Romania introduces measures to digitally transform its tax administration and close the VAT gap Seeking to close its VAT gap, the Romanian
Saudi Arabia – E-Invoicing Saudi Arabia leads the way to continuous transaction controls in the Gulf Saudi Arabia e-invoicing from December 2021 Saudi Arabia will
Portugal’s VAT Regime Portugal pushes further ahead with VAT digitization Back in 2019, Portugal passed a mini e-invoicing reform consolidating the country’s framework around SAF-T reporting and
India’s Continuous Transaction Control e-invoicing model applies to both domestic and cross-border transactions India E-Invoicing Under the new Goods and Services Tax (GST) framework, the
Greece to introduce Continuous Transactions Controls (CTCs) for domestic and cross-border transactions Greece myDATA Greece introduced a new Continuous Transaction Controls (CTC) scheme, myDATA –
South Korea’s long standing e-Tax Invoice System South Korea E-Invoices South Korea introduced its Electronic Tax Invoice System i.e. e-Tax in 2010. Since 2011, this
MEXICO E-INVOICING Mexico has one of the oldest and most complex sets of electronic invoicing regulations in the world. For more than a decade, Mexico
e-invoicing Colombia’s tax authority, the DIAN, has introduced changes to its e-invoicing model With lessons learned from the first iteration of e-invoicing in Colombia, the
Brazil e-invoicing regulations Brazil has a mature but extremely complex e-invoicing system In 2008, Brazil adopted a clearance electronic invoicing model in which the country’s
Norway’s VAT Requirements Norway’s SAF-T reporting requirements are evolving as tax continues to digitize ReformDesigned to reduce the compliance burden and administrative costs associated with
Making Tax Digital (MTD) for VAT Requires Taxpayers to Maintain Records and Submit VAT Returns Digitally Via an API Making Tax Digital The UK introduced
Poland’s VAT Requirements Poland’s CTC and SAF-T framework In an effort to modernise its tax systems and close the VAT gap, Poland’s tax authority, the
Spain has a near real-time reporting system for domestic transactions Spain SII Spain is one of the first EU nations to adopt the Continuous Transaction
Hungary has been a pioneer in Continuous Transaction Controls (CTC) approach in the EU RTIR Hungary In 2018, Hungary established a legal framework requiring taxpayers
France, One of the EU’s Largest Economies, introduces Continuous Transaction Controls France E-Invoicing from 2024 France is introducing continuous transaction controls (CTCs). From July 2024 to January 2026, France
Italy Is the first Clearance E-Invoicing Model in the EU for all VAT transactions. Italy: a pioneer of the automated e-invoice process. Italy has been
Turkey’s E-Transformation Journey Turkey has one of the most established Continuous Transaction Controls (CTC) systems in place outside of Latin America Turkey’s e-transformation started with
Post-Brexit: Businesses Must Have a VAT Compliance Plan-of-Action in Place Brexit is here UK and EU businesses need to rise to the VAT compliance challenge
The 2021 EU E-Commerce VAT Package and One Stop Shop (OSS) Simplifying cross-border B2C trade in the EU From 1 July 2021, the EU will
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 […]
Tax compliance in Italy – where do we start? From monthly tax settlements to an annual declaration, prepayment, additional reporting and treatment of negative premiums – all these factors make Italy unique and one of the most challenging jurisdictions from an insurance premium tax (IPT) compliance perspective. Let’s break it all down: Insurance taxes IPT […]
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 […]
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 […]
In line with the obligations set by the European Directive 2014/55 on electronic invoicing in public procurement, Belgium introduced a mandate for public entities to receive and process electronic invoices in 2019. For Brussels, Flanders, and Wallonia the initiative went beyond the bare minimum of the EU Directive requirements and introduced obligations to also issue […]
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 […]
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 […]
There are many taxes (IPT) and parafiscal charges levied on insurance premiums throughout Europe. As a consequence of the lack of tax harmonisation, no general rules can be applied to establish which taxes exist in which countries and how to calculate the correct IPT amounts. Some insurers do not have a dedicated IPT team; this […]
In 2019, the Portuguese government enacted Law Decree n. 28/2019, introducing a full reform of the rules concerning the issuance, processing and archiving of invoices, with the main goals of implementing electronic invoicing, simplifying compliance for taxpayers and reducing the VAT gap. The expanded scope of those obliged to use a billing software certified by […]
Since becoming the first EU country to make electronic invoicing mandatory through a clearance process in 2019, Italy has kept a steady pace in improving its continuous transaction controls (CTC) system to close the gaps in VAT compliance. Over recent years, Italy has gradually expanded its system by introducing various mandates. The following changes reflect […]
Saudi Arabia´s e-invoicing system is being rolled out in two phases; the second phase’s requirements differ from the first phase. The first phase started as of 4 December 2021 for all resident taxable persons. The second phase will go live on 1 January 2023, and the impacted taxpayer group has not yet been announced. However, […]
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 and the latest developments on tax regimes across the world, […]
It’s no surprise that inflation is on the forefront of everyone’s mind, with prices continuing to sky-rocket month by month. Data from the United Kingdom shows that the Consumer Prices Index (CPI) inflation jumped to a 40-year high of 9% in the past 12 months. Governments around the world are looking for ways to reduce […]
Since many audits seem to occur at random, it’s not always possible to identify the reason why a tax office would decide to initiate one. We’ve previously spoken about an increased interest in audits from the EU and audits for e-commerce. This article covers the most common reasons behind a VAT audit to help businesses […]
Romania is introducing a mandatory e-transport system from 1 July 2022 to monitor the transport of certain goods in the national territory, an initiative that will operate in parallel with the newly launched continuous transaction controls (CTCs) system for e-invoicing. This means that in a little over a month’s time, the issuance of an e-transport document […]
Continuing our series on VAT audits, we take a closer look at the trends we’ve seen emerging in the activities of the EU Member States’ independent tax administrations throughout the European Union. In a recent report from the European Commission (EC) specific guidelines were published not only on best practices but also on how EU […]
France is known for its challenging Insurance Premium Tax (IPT) filing system. Understanding which tax authorities you need to register with, file with and talk to when you have questions is essential to meeting your business’s IPT compliance obligations. In this blog, we identify France’s IPT tax authorities and explain what makes IPT so different […]
In a recent blog, we considered the upcoming changes to the VAT treatment of virtual events. Today, we will consider some of the issues that may arise. Exemption from VAT Many hosts currently use the available educational or fundraising exemptions, especially where the delegates are private individuals without the right of deduction, e.g., doctors. For […]
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SAF-T (Standard Audit File for Tax) is an international standard for the electronic reporting of accounting data from organisations to a national tax authority or external auditors used by tax administrations to gather granular data from businesses either on demand or periodically.
France – Mandatory B2B e-Invoicing 2024 Faced with a VAT gap of nearly €13 billion, France is introducing mandatory e-invoicing for business-to-business (B2B) transactions from 2024, as well as e-reporting of additional data types. Applying to all companies established or, for e-reporting, VAT-registered in France, this new mandate is complex. It will also require significant […]
From 1 July 2021, the existing Mini One Stop Shop (MOSS) scheme transitions to a new framework. This is the 2021 EU e-commerce VAT package. This e-book guides you through the EU’s OSS, IOSS and the new VAT rules for e-commerce.
This edition of “Trends” is the first to expand its scope well beyond e-invoicing compliance to the full universe of continuous transaction controls, including e-archiving, and VAT determination and reporting.
Governments worldwide are moving rapidly toward adopting clearance e-invoicing, making them real-time trading partners in business-to-business transactions. At the same time, corporations are launching massive IT projects to migrate enterprise resource planning (ERP) implementations to a powerful new generation of systems, including SAP S/4HANA.
As a result, VAT compliance has never been as complex or as critical as it is now. Companies that mishandle it risk halting or even reversing their own digital transformations. This report provides a path to compliance, as well as comprehensive updates on global mandates.
Get the latest insights on tax compliance and government reporting.
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
Tax compliance in Italy – where do we start? From monthly tax settlements to an annual declaration, prepayment, additional reporting and treatment of negative premiums
In line with the obligations set by the European Directive 2014/55 on electronic invoicing in public procurement, Belgium introduced a mandate for public entities to
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
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
Don’t just take our word for it. There’s a reason Sovos products are used by more than half the Fortune 500 and the world’s best companies.
Sovos made multinational reporting simple for Sun Chemical, allowing it to consolidate its compliance efforts.
Ashland gained standardisation, efficiency, accuracy and tailored service in 40 VAT regimes and two shared services centers by turning to Sovos VAT Reporting.
The Sovos Business to Government Reporting solution allowed Brown-Forman to ease the burden of compliance from its IT team.
Sovos relieved the burden of managing SAP modifications and maintenance internally for W.R. Grace & Co., allowing the company to focus on its global expansion initiatives.
Bodybuilding.com eases compliance burden with scalable, customisable solution
Royal Philips eliminated unnecessary manual infrastructure maintenance and improved its reporting process by implementing the Sovos Business to Government Reporting solution.