The Inland Revenue Authority of Singapore (IRAS) has announced the implementation of a phased adoption of InvoiceNow, the national e-invoicing framework based on the Peppol network, for GST registered businesses starting voluntarily in May 2025. The mandate will cover B2B transactions only, as the government is expected to make B2G mandatory in the coming years. What is InvoiceNow? InvoiceNow is a nationwide e-invoicing initiative by The Infocomm Media Development Authority (IMDA) for SMEs and large enterprises to streamline their invoicing for a faster and more sustainable way to transact, na ..read more

Climate-related events are an issue that impacts all industries, and the insurance industry is certainly no exception. Beyond the challenges that insurers face in assessing the likelihood of weather-related events and natural disasters, there are also difficulties affecting Insurance Premium Tax (IPT) as countries look at ways to ensure they can fund responses to the consequences of these events. Some of these are not direct IPT measures but inevitably impact IPT, whereas others are direct IPT-related measures. A gradual shift towards mandatory natural catastrophe insurance? Natural catastroph ..read more

The taxation of insurance premiums in Hungary is unique, both in terms of the technique used to calculate the tax and how it is governed. 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. It applies to both IPT and the extra profit tax on insurance premium amounts (EPTIPT), also known as the supplemental insurance tax. The insurance premium tax law (Act of 102/2012) includes the rules of IPT. However, this law can be amended by a government decree. Government Decree of 197/2022 regulates the EP ..read more

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 Doherty, of Vinicola Consulting, and moderated by Marbet Lewis, of Shutts & Bowen, we discussed the implications of increased use of artificial intelligence (AI) technology on the alcohol industry. Broadly, AI refers to a spectrum of developing software service ..read more

Guest blog written by Susan DeMatei, President, WineGlass Marketing WineGlass Marketing recently conducted a study to explore how Millennials and Gen X feel about wine, wine culture and wine country. The goal was to gain insight into how we can make wine, wine club and wine country appealing to these new audiences. We’ll showcase in-depth findings in a free webinar on July 11 — register for free live and recorded access. Here are just some of the research highlights we’ll discuss in the webinar. Millennials and Gen X drink wine What sets Millennials and Gen X apart is not just their preference ..read more

Illinois is poised to change their sourcing rules again, trying to find their way in a world where states apply their sales tax compliance requirements equally to both in-state and remote sellers. With this tweak, they will effectively equalize the responsibilities of remote sellers with no in-state presence, to those that have an Illinois location. The question remains, will this be sufficient to beat back a court case currently sitting with the Illinois Tax Tribunal alleging that Illinois tax law is both discriminatory and unduly burdensome. What Does the New Law Say Senate Bill 3362, curren ..read more

During the latest ECOFIN meeting on 21 June, Member States met to discuss if they could come to an agreement to implement the VAT in the Digital Age proposals. At the ECOFIN meeting in May, Estonia objected to the platform rules being proposed, instead requesting to make the new deemed supplier rules optional (an opt-in), allowing Member States to choose whether to implement them in their national VAT legislation or not. In today’s meeting a new compromise text was proposed. The compromise text meant that there would be an opt in for the new deemed supplier rules but for SME businesses. Whilst ..read more

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 the country will soon be able to ship their spirits, ciders and meads into the Empire State. Currently, New York only permits the DtC shipping of wines, excluding lower-ABV non-grape products that do not use “wine” in their branding. By extending DtC permissions to these additional product clas ..read more

When I became the CEO of Sovos one year ago, I knew that I was stepping into an innovative company in an industry primed for a seismic transformation. However, even with this knowledge in place, I must admit that the speed and scope of change over the past year has been extraordinary to witness. Here are my observations and predictions on the future of tax and compliance. We are in the midst of a shift in the way global business is conducted and tax revenue is recognized and collected by governments. The message to businesses all around the world is that global governments will no longer rely ..read more

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 by knowing the pinpoint location of the buyer. However, in today’s digital economy, unless a physical good is being shipped, digital sellers do not need to know the customer’s exact location and their customer may be hesitant to share that information. The Mem ..read more