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As countries continue to refine their processes and make FATCA changes, they are also clearing up some CDOT issues and gearing up for CRS to come online for the first time next year. Our expert research team has compiled the relevant updates from all over the map for your viewing pleasure this week. South […]
In December of 2015, the six member states of the Gulf Cooperation Council (GCC) – Saudi Arabia, Kuwait, Bahrain, Oman, Qatar, and the United Arab Emirates – agreed in principle to implement a regional Value Added Tax (VAT) system, intended to bolster and diversify Gulf Coast state economies following a drop in global oil prices. […]
Earlier this month, the SAT, Mexico’s tax authority, announced changes in its e-invoicing, payroll receipts (nomina) and payment receipt (comprobantes de pago) processes. In a recent web session by the SAT, here are the adjustments being discussed: Automatic RFC validation. The SAT will validate the recipient’s RFC (tax identification number) on all invoices paid to […]
Did you know that on December 18, 2015 the Protecting Americans from Tax Hikes Act, or PATH Act, was signed, causing new regulations and compliance requirements? What is the PATH Act, and how will it impact your organization? What steps must be taken to ensure compliance in the future? Join our group of experts from […]
The Arizona Department of Revenue (DOR) has been working toward the objective of simplifying the way that taxpayers report the Arizona Transaction Privilege Tax (TPT) for all localities (program and non-program) within the state. Arizona intended for the state DOR to become the single point of licensing, filing and payment for all localities on January […]
This week’s global update focuses primarily on FATCA with one CDOT press release and alternative reporting regime template change announced by the HRMC for Bermuda. Check out the compilation this week from our expert research team. (Btw, last week’s rumblings about the IRS changing the withholding requirement deadline was just that, a rumor.) Slovenia Publishes […]
Effective January 1, 2017, there will likely be new VAT obligations for foreign sellers of electronic services to customers in Russia. On June 15, 2016, the State Duma (the lower chamber of the Russian Parliament) has approved Bill № 962487-6 in the third reading. The Federation Council (the upper chamber) will now consider the bill. […]
Recent corporate trends designed to reduce costs and streamline operations are fundamentally at odds with the global movement of governments toward intervention in corporate operations. As global enterprises move toward single instances of their ERPs, shared service centers and cloud-based solutions, local governments worldwide are introducing legislation requiring corporations to comply with detailed processes for […]
From June 7-9, Sovos was at the Internet Retailer Conference and Exhibition (IRCE) in Chicago. Technology solutions abounded over this three-day conference, solving everything from order management to email campaigns. One common thread in the breakout sessions and exhibition hall was: Automate! Retailers are looking to accomplish more with fewer resources – and focusing their […]
Effective August 11, 2016, the Province of Yukon, Canada is expanding and complicating the scope of its beverage container regulations. By way of background, Canadian provincial beverage rules usually provide a distinction between beverage containers greater than 1 liter (L) and those less than a liter. For example, in Alberta, most plastic containers are subject […]
We organised our first UK VAT event “VAT in a Digital Age” that took place in London on June 9th at the beautiful Brown’s Hotel in Mayfair. The interactive discussion focused on the different internal and external drivers that push for a move towards technology solutions for VAT. The increasing complexity of the VAT environment, […]
As part of this week’s global update rumor has it that the IRS is about to announce a delay in terms of when financial institutions must begin withholding for FATCA. In the meantime, jurisdictions are continuing to be made throughout the world for FATCA, CDOT and CRS. Check out this weeks compilation from our expert research […]
Global compliance software leader adds the industry’s only multi-country solution for e-invoicing and tax reporting in the world’s most complex tax compliance region. Boston, MA — Sovos Compliance, a global leader in tax and business-to-government compliance software, announced today that it plans to acquire Atlanta-and Sao Paulo-based Invoiceware International, expanding the company’s capabilities in Latin […]
We recently examined the complexities involved in calculating all of the costs associated with compliance in Latin America. It’s not just a matter of implementing a set-it-and-forget-it technology; avoiding the fines, penalties and operational disruptions that result from compliance errors requires changes to operational processes, continual updates and complex validations to avoid potential issues. When […]
Penalties increase. In fact, they have done so twice already in the last year for 1099-MISC and other 10-series reporting. Deadlines change. This is a common occurrence and not always helpful, even when deadlines are extended. Rules and forms are amended. Even changing one box on a form can trigger you to change your process […]
Do you still have questions about the required 1094 transmittal part of ACA reporting and the corrections process that will follow? Keep in mind, the deadline to transmit the 1094 electronic file to the IRS is June 30th, which is right around the corner and failure to comply can result in steep penalties, which have […]
Another week has come and gone, here is your weekly FATCA round-up, including important changes made by the IRS. Peruse these updates, another Jersey CDOT set of changes as well as a CRS implementation compiled by our stellar research team. IRS Has Released a Draft Version of the FATCA XML v2.0 and Will Update […]