Hungary Insurance Premium Tax (IPT): An Overview
Regarding calculating Insurance Premium Tax (IPT), Hungary is the only country in the EU where the regime uses the so-called sliding scale rate model.
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The Prospects and Perils of AI in Beverage Alcohol
I recently had the privilege of speaking on a panel at the National Conference of State Liquor Administrators (NCSLA) Annual Conference, a regular meeting of regulators, attorneys and other members of the beverage alcohol industry to discuss important issues affecting our trade. Alongside Claire Mitchell, of Stoel Rives, and Erlinda
SAPinsider Finance Innovation Summit
The Sovos team welcomes you to Dallas and invites you to learn more about our SAP-certified Indirect Tax tools. Add our thought leadership and demo sessions to your conference agenda and launch into 2025 with a compliance strategy to complement your clean core initiatives.
New York Poised to Expand DtC Shipping
The New York legislature recently passed A3132A, a bill that will expand the range of products that residents of the state can have direct-to-consumer (DtC) shipped to them. The bill is now in the hands of Governor Kathy Hochul—meaning that unless she decides to exercise her veto power, producers across
IRS Releases Update to Form 941-X And Accompanying Instructions
The IRS recently released an update to Form 941-X and the accompanying instructions. Form 941-X is the form for reporting Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund to the IRS. Generally, the form is updated yearly. This year, the updates to the form are in conjunction with
Streamlined Sales Tax (SST) Attempts to Simplify Compliance for Digital Sellers
Accurate sales tax determination is historically predicated on the seller knowing the precise street address of their customer. Since sales tax jurisdictional boundaries do not necessarily correspond to governmental boundaries (e.g., state, county, city) and don’t tightly align with zip codes, the only way to apply correct local rates is
Unlocking VAT Recovery: Guidelines, Deadlines and Essentials
Following a webinar covering regulatory updates alongside key points of the VAT recovery process, this blog aims to shed light on the crucial aspects of VAT recovery – especially fast-approaching deadlines. Understanding the nuances of VAT recovery applications is essential for businesses seeking to optimize operational costs by recovering VAT
IRS Releases Draft of New Form 1099-DA
The IRS recently released a draft version of the long and highly anticipated Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The form will be used for reporting proceeds from (and in some cases, basis for) digital asset dispositions to the IRS and recipients. The form treats digital assets such
IRS’ New Extension of Time Impacts 2023 Recipient Statements
Unbeknownst to many issuers of 1099 and other information returns, Form 15397 Application for Extension of Time to Furnish Recipient Statements was debuted by the IRS in November 2023 and was required to be submitted by filers requesting an extension of time (EOT) for 2023 recipient statements. However, the IRS did
Why the Math for Point Solutions Simply Doesn’t Add Up
A couple weeks back, Sovos introduced the Sovos Compliance Cloud. The industry’s first and only solution that unifies tax compliance and regulatory reporting software in one platform, providing a holistic data system of record for global compliance. Accompanying this launch, our CEO Kevin Akeroyd wrote about the global landscape of
Taxation of Motor Insurance Policies
When considering motor insurance, it’s worth remembering that everything is high – from tax rates to the amount of administration required. This blog includes general information about the taxation of motor insurance policies in Europe, covering the types of applicable taxes, how they are calculated, vehicle exemptions and more. We
Washington Wine the Positive Exception
By Andrew Adams, Editor, Wine Analytics Report With another year of winery direct-to-consumer shipments tallied and analyzed, the state of Washington was the only major region tracked by Sovos ShipCompliant and WineBusiness Analytics to enjoy growth over the previous year. Compared to 2022, shipment value by Washington’s wineries grew 11%
Is Beverage Alcohol Self-Distribution the Next Big Thing?
A number of recent lawsuits filed by beverage alcohol producers have raised new interest in self-distribution rights, an often-overlooked area of the industry. Self-distribution is when a supplier of alcohol, such as an importer or domestic manufacturer, is authorized to sell directly to retailers without having to work with a
Poland VAT Compliance
VAT Compliance in Poland: An Overview for Businesses Poland VAT compliance can be a tall task for those yet to devise a future-proof strategy. Considering legislation changes frequently and the ongoing phased implementation of e-invoicing, it takes a lot of time, money and energy to meet your obligations. This is
Consequences of Non-Compliance with Unclaimed Property Laws
Building and maintaining a program to ensure compliance with the ever-changing unclaimed property laws is challenging, costly and time consuming. As a result, many companies put off or delay coming into compliance or do not put enough resources into creating a robust program. Those delays, erratic reporting and even ignorance
Most Popular Wine Varietals Shipped in 2023 and More
Last month, Sovos ShipCompliant and WineBusiness Analytics released the 2024 Direct-to-Consumer Wine Shipping Report, marking the fourteenth consecutive collaboration between the two companies. Alex Koral and Andrew Adams presented an overview of the data and analysis from the report, highlighting key trends and statistics. Here, we summarize some of the
Peru: GRE Grace Period Extended
On December 24, SUNAT resolution 000042/2023 was published, extending the grace period for the non-application of penalties for infractions related to Electronic Transportation Guide (GRE) The resolution indicates that the subjects required to issue the GRE as of 1 January 2024 require an adaptation period and it is advisable to
The Biggest Beverage Alcohol Regulatory Changes of the Year
As 2023 comes to a close, now is a great time to review the regulatory changes that impacted the beverage alcohol industry this year. From California’s bottle bill to the direct-to-consumer (DtC) shipping legal battles that occurred around the country, a lot has happened this year. These updates were covered