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
Editor’s note: This blog was updated on November 27, 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 Form
Insurance Premium Tax: Your IPT Guide Who should read this IPT Guide? This guide to Insurance Premium Tax (IPT) is for insurers, brokers and anyone needing to understand IPT compliance. From tax managers to financial controllers and compliance managers, this guide provides information and advice for all those working in
The Greek Tax Authority, IAPR, published a press release on 1 November, announcing the extension of the deadline until 31 December 2022 for the transmission of accounting data of wholesale transactions, data of invoicing expenses, and self-invoicing income in the cases of discrepancies in the aforementioned transmitted data.
On 21 September, the Greek Parliament passed a bill introducing penalties for non-compliance with rules requiring taxpayers to transmit retail sales data issued via the Information System of Electronic Tax Mechanisms (F.I.M). According to Article 54H of the Tax Procedures Code, IAPR will impose the following penalties for non-transmission of
Tax regulations in Eastern European countries are complex but that shouldn’t be a reason not to do business there. If you’re responsible for VAT compliance, this ebook provides key details of the varying VAT digitization mandates and business requirements across the region.
The Great Resignation may technically be behind us, but the ripple effects are far from being complete. More than ever people are pursuing a side gig in addition to a job (full- or part-time). In some cases it’s out of economic necessity, while in others it can be for a
It might not quite be THAT red phone that’s ringing, but rest assured, management is currently dealing with a serious problem, and they are looking at IT to solve it for them. There are two things that make Boards and C-Suites nervous beyond all else. Risks that have the potential
Part IV of V – Ryan Ostilly, vice president of product and GTM strategy EMEA & APAC, Sovos Click here to read part III of the series. Government-mandated e-invoicing laws are making their way across nearly every region of the globe, bringing more stringent mandates and expectations on businesses. Inserted
The Italian Revenue Agency has now released version 1.8 of the Compilation Guide of the Electronic Invoice and Esterometer (Guida alla compilazione FE ed esterometro). The updates reflect the latest changes in the FatturaPA technical documentation, valid from 1 October 2022, of which the main point is the inclusion of
The world of Insurance Premium Tax (IPT) is ever changing, with countries updating rates and thresholds whenever the need arises, introducing new taxes regularly and adjusting tax rates to adapt to changes within a country. But how do you keep up with so much change when you’re already busy doing
In another blow to proponents of expanded direct-to-consumer (DtC) shipping of wine, a court in the Southern District of Ohio earlier this week ruled in favor of the state, rejecting plaintiff’s claims that Ohio’s DtC shipping laws for retailers were discriminatory and harmful to consumers. What happened in this case?
Switzerland along with other countries, such as Portugal and India, is endeavoring to support automation in financial processes without introducing structured invoice files. The method for automation in these cases has been through the introduction of mandatory QR codes on financial documents. The concept of a QR bill was already
It’s time to return to Insurance Premium Tax (IPT) prepayments – a continuation of our blog series on the important IPT topic. You can find the first entry in our blog series here. Throughout Europe’s different countries and jurisdictions, IPT is declared and settled in different ways. Monthly, quarterly, biannually
In Italy, the discipline of transfer pricing states that in intra-group transactions between entities from different countries, where one is resident in Italy, transactions must take place on an arm’s length basis. In other words, transactions are based on freely competitive prices and under comparable circumstances. Companies carefully treat the
There are some countries across Europe where declaring and settling insurance premium tax (IPT) and parafiscal charges on time is not enough to prevent late payment penalties. You may ask why. Or you may say it’s unfair. The answer is simple. Some European countries collect insurance premium tax and parafiscal
A lot has changed in the direct-to-consumer (DtC) wine shipping channel since the January release of our Direct-to-Consumer Wine Shipping Report—changes in volume and value that have the market resembling pre-pandemic patterns. Note: The proprietary data featured in this mid-year report is compiled from an algorithm measuring total DtC shipments
An increasing insurance premium tax (IPT) trend is using transactional level information in various returns and reports. Preparation and education are key to ensuring details are being captured on an ongoing basis rather than at the last moment. Furthermore, in some cases where legacy systems are being utilised and don’t