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VAT Transitional Systems in the EU

Total Control: Three Ways Global Tax Administrations Are Cracking Down on VAT Liability (Part III: Transitional Systems in the European Union)

April 27, 2017, 3:00 am EDT in Blog, Value-Added Tax

In this conclusion to our three-part series on how tax authorities in VAT jurisdictions are using e-invoicing to control the VAT return process, we’ll look at some of the transitional systems E.U. governments are leveraging prior to or in lieu of mandating ex-post remittance/validation or ex-ante/real-time invoice validation.Governments are reporting...

Automatic Exchange of Information (AEOI) Updates

AEOI Updates: April 7-21

April 24, 2017, 9:00 am EDT in Blog

Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: Germany...

60% of Filings Submitted to ‘Early Adopter’ Tax Jurisdictions for First CRS Exchange May be Rejected

60% of Filings Submitted to ‘Early Adopter’ Tax Jurisdictions for First CRS Exchange May be Rejected

April 24, 2017, 3:00 am EDT in AEOI Reporting, Blog, News, Press Release, Press Releases

Sovos is predicting the majority of transmittals submitted by qualifying financial institutions to early adopter tax jurisdictions in the next two months may be rejected and returned for correction and resubmission. As a result, institutions may require several rounds of resubmissions before their data is accepted.The majority of transmittals submitted...

ACA Regulatory Update: Why a “Good Faith” Reporting Year Doesn’t Zero Out Penalties

ACA Regulatory Update: Why a “Good Faith” Reporting Year Doesn’t Zero Out Penalties

April 21, 2017, 3:59 pm EDT in Affordable Care Act, Blog

The Affordable Care Act Employer Mandate is in full force for tax years 2016 & 2017, despite the ongoing dialogue in Washington DC.  Although it is a “good faith” filing year, corrections and replacements are still required and penalties can be enforced.The Affordable Care Act Employer Mandate has been a...

Massachusetts Economic Nexus

Massachusetts Adopts an Economic Nexus Standard For Remote Sellers and Vendors

April 20, 2017, 12:42 pm EDT in Blog, Enterprise Sales Tax

Remote sales continue to be an ongoing concern for vendors trying to stay compliant with state and local taxing authorities.  Massachusetts joins a growing list of states that have adopted their own laws and regulations.On April 3, Massachusetts joined the ranks of states defying the Quill decision with its variation...

Total Control: Three Ways Global Tax Administrations Are Cracking Down on VAT Liability (Part II: Brazil)

Total Control: Three Ways Global Tax Administrations Are Cracking Down on VAT Liability (Part II: Brazil)

April 18, 2017, 3:00 pm EDT in Blog, Value-Added Tax

In this article, we turn our focus to the second and most widely used system - ex-ante and real-time invoice validation.In our previous blog, we began discussing how certain tax administrations are implementing new processes to ensure VAT compliance. These tax authorities, of course, want the money they are owed...