The Legislative Assembly of El Salvador has published Decree 487 on reforms to the tax code. The decree enables the use of Electronic Tax Documents (Documentos Tributários Electrónicos – DTE) in the country, introduces new articles to the tax code and reforms existing ones. The decree incorporates new articles to
Continuing our IPT prepayment series, we take a look at Italy’s requirements. In previous articles we have looked at Belgium, Austria, and Hungary. All insurers authorised to write business under the Italian regime have a legal obligation to make an advance annual payment for the following year. What is the
Update: 8 March 2023 by Kelly Muniz Spain launches public consultation for B2B mandatory e-invoicing The Ministry of Economic Affairs and Digital Transformation (Ministerio de Asuntos Económicos y Transformación Digital) has launched a public consultation on the upcoming B2B e-invoicing mandate. The mandate will enable citizens to participate in elaborating
Latest Changes 1 July begins the second half of 2022, and in line with that milestone, changes have started to be implemented in the CTC sphere. In this blog, we highlight vital developments that have taken place in and outside Europe that may influence the continuous transaction controls (CTC) landscape
Sovos ShipCompliant addresses compliance concerns around direct-to-consumer and three-tier distribution via live presentation and ebook (ATLANTA) July 18, 2022 – Widely varying state-by-state beverage alcohol laws create a daunting challenge for craft producers who want to bring new products to market and ship direct-to-consumer (DtC) with confidence that they are
The Italian government recently published Law Decree n. 73, which introduces a threshold to the mandatory cross-border invoice reporting requirement that became effective on 1 July 2022. According to article 12 of the Decree, taxpayers covered by the cross-border reporting mandate, who are obliged to transmit data relating to the
On 30 June 2022, the Romanian Government issued Act No. 106 and changed the effective date of Articles 13 and 14 of GEO, which established the penalties for non-compliance with the e-transport system requirements. As a result, the Romanian authorities will not implement fines for non-compliance with the e-transport requirements
On 27 June 2022, the decision of the Council of the European Union from 17 June 2022 which has granted Poland with the special measure derogating from Articles 218 and 232 of Directive 2006/112/EC for the period of 1 January 2024 until 31 December 2026 was published in the Official
Editor’s note: This blog was updated on November 28, 2023 Update: Since this content was published, the IRS released additional guidance further delaying and making changes to the implementation of the lowered Form 1099-K reporting threshold for 2023 returns. Read our recent blog post for additional details about the latest
On 10 June 2022, the Council of the European Union published the Council Implementing Decision authorizing the Republic of Poland to apply a special measure derogating from Articles 218 and 232 of Directive 2006/112/EC. While it was expected that the mandatory e-invoicing would start as of 1 April 2023, the recently published
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
The Sovos team will be headed to Orlando for Woodard Group’s Scaling New Heights conference this June. As one of the industry’s leading tradeshows for accounting and bookkeeping professionals, you won’t want to miss out on this year’s packed agenda. Stop by Booth #71 to learn how Sovos’ standard sales tax
The National Agency For Fiscal Administration (ANAF) has issued a draft order on April 8, 2022 to clarify products that are considered high fiscal risk products as part of the new e-transport framework. The order establishes five high-risk product categories as follows: Vegetables, plants, roots and tubers, foodstuffs falling within CN
Transition from voluntary to mandatory e-invoicing expected from 1 April 2023 From 1 January 2022, taxpayers have been able to issue structured invoices (e-invoices) using Poland’s National e-Invoicing System (KSeF) on a voluntary basis, meaning electronic and paper forms are still acceptable in parallel. Introduction of the KSeF system is
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
Poland has been moving towards introducing the CTC framework and the system, the Krajowy System e-Faktur (KSeF), since early 2021. As of 1 January 2022, the platform has been available for taxpayers who opt to issue structured invoices through KSeF and to benefit from the introduced incentives. As the taxpayers
Several states are redefining their sales tax laws to better consider gender equality in evaluating what is a necessary good. Often, this means states are looking into how the “pink tax” is applied. The “pink tax” refers to the application of sales tax or value-added tax (VAT) in a way
It seems like you can’t go a day without hearing something about cryptocurrency or the associated terms like virtual currencies, bitcoin and fiat currencies. Since the release of Bitcoin in 2009, thousands of cryptocurrencies have emerged, with Ethereum being another prominent name. The current cryptocurrency market is estimated to be