On September 18, 2015 and September 30, 2015, House Bill 97 and House Bill 117, respectively, were signed into law by North Carolina Governor, Pat McCrory. Together, these bills expand the sales tax base in North Carolina. This new expansion of the sales tax base will impact retailers who provide repair, maintenance, and installation services. […]
The following is intended as a brief update on some late breaking news on the implementation of a Value Added Tax in the Commonwealth of Puerto Rico effective April 1, 2016 New VAT Regs The highly anticipated “proposed VAT regulations” were published on the Hacienda website recently. Sovos is deep into the process of reading […]
Global companies with operations in Latin America are often faced with a paradox. They’ve invested heavily in a global instance of SAP, and yet that investment doesn’t cover the unique financial compliance initiatives required by governments throughout Latin America. To combat this issue, some companies expend even more by managing compliance internally – requiring up […]
Alabama will be holding its fifth annual Severe Weather Preparedness Sales Tax Holiday at the end of this month, offering tax exemptions on qualifying items purchased between 12:01am (CST) on Friday, February 26, 2016 and midnight on Sunday February 28, 2016. During this time, purchases of items such as batteries, radios, flashlights, ropes, duct tape, […]
Colombia is the eighth country in Latin America to mandate electronic invoicing. This latest requirement from Colombia comes as no surprise as Colombia has been planning to standardize electronic invoicing for the past decade, starting with decree 1929 in 2007. The old model had a few flaws and in 2013 the DIAN (tax authority) proposed […]
Are sales and use taxes making life difficult for your retail business? Do you know the full scope of your company’s sales and use tax obligations? There are a number of unique tax laws that retailers must know, stay up-to-date on, and abide by. Join Erik Wallin, Senior Tax Counsel at Sovos Compliance, to learn […]
Last week we had the pleasure of hosting our first exclusive VAT technology event. The topic for the event was the rise of e-audits in relation to VAT and how to tackle the challenges with technology. The increasing complexity of the VAT environment, and the constant technological development on the tax administration side to overcome […]
Countries around the globe are making FATCA updates to regulations every day. Check out the most recent updates from the past week, compiled by our team of tax and compliance experts. Lichtenstein Updates FATCA Reporting Transmission Guide for Tax Year 2015 Lichtenstein has updated their FATCA Reporting Transmission Guide for Tax Year 2015, which contains […]
The much anticipated news from Colombia has arrived. On November 24, 2015, the Colombia DIAN (tax authority) announced in Decree 2242 that electronic invoicing will be mandated for specified companies starting January 2016. Similar to mandates already in place in Mexico and Chile, for example, this is a way for Colombia to combat tax evasion […]
Sometimes it’s good to go back to basics. Want to learn more about value added tax (VAT)? You are not alone. Since most of Europe and around the world uses a VAT system, here is a good overview about how it works and how it is similar, but different, to sales tax in the United […]
We recently examined the 10 new financial compliance regulations expected to hit companies operating in Latin America this year. None present more challenges than those going into effect in Brazil. Couple this wave of changes and expansions with Brazil’s current complex mandates, and companies are in for a turbulent ride, risking significant fines, penalties and […]
New Year’s Day 2016 brought numerous indirect tax changes to the state of Maine. These changes were varied and intended to complement reductions in the state’s income tax. One of the biggest changes that became effective January 1, 2016 relates to the sale of food and now there are new snack food taxes. In the […]
The Benefits to Adhering to the Original ACA Reporting Timeline for Tax Year 2015 Although the IRS has extended the deadlines for the first year of mandatory ACA filing, it is still possible to fulfill your obligations early—and doing so will greatly benefit your employees and organization in the process. Help Your 1040 Filers You […]
Over this past week, there weren’t any new global updates to FATCA regulations. However, there is always information to stay well-versed on. For this week’s update, check out the chart below about UK CDOT reporting: UK CDOT Jurisdiction Due Date Guidance eFile Format Nil Reporting Anguilla TBD Not yet available Bermuda 9-30-2016 Currently, no formal Guide; […]
The rate of change of business-to-government compliance mandates in Latin America continues compounding, with no less than 10 (ten!) new regulations expected in 2016. Managing these changes can be challenging at all levels of a corporation – from IT integration to new processes and controls in finance and supply chain management to operational delays and […]
If you buy a 50” flat screen TV in California, you might notice California Sales Tax is not the only additional charge on your invoice; there is also a $5 “eWaste” fee. Consumers can sometimes be caught off-guard by additional fees when checking out at the register, however retailers should always be aware of such […]
On December 15, 2015, the Korea National Assembly enacted legislation that amends the application of Korean Value Added Tax (VAT) on foreign suppliers of electronic services in Korea. With retroactive effect from July 1, 2015, only supplies of electronic services by a foreign business to a non-VAT registrant in the Republic of Korea (Business-to-Consumer transactions) […]
On Wednesday, January 27th, the US Justice Department announced that it had reached its final non-prosecution agreement under Category 2 of its Swiss Bank Program, this completing the Swiss Bank Program phase 2. The NPA was signed with HSZH, a one-time UBS acquisition. The Department of Justice (DOJ) launched its Swiss Bank Program in August […]