When the French Tax Authority published its report last fall, unveiling the continuous transaction control (CTC) plans for France, we questioned whether it would be possible to finalise all the details of this system in less than a year, to allow sufficient time for businesses to adapt. Although the French Treasury (DGFiP) has made good […]
The Zakat, Tax and Customs Authority (ZATCA) announced the finalized rules for the Saudi Arabia e-invoicing system earlier this year, announcing plans for two main phases for the new e-invoicing system. The first phase of the Saudi Arabia e-invoicing system is set to go live from 4 December 2021. With the mandate just around the […]
Having originated in Latin America, the next region set to embrace continuous transaction controls is Asia. Several jurisdictions in the region have announced their intent to introduce a new invoicing system as soon as possible. In this episode of the Sovos Expert Series, Harri Vivian sits down with Victor Duarte, Senior Regulatory Counsel at Sovos […]
The Ministry of Economic Affairs and Digital Transformation in Spain has recently published a preliminary draft law for the creation and growth of companies in the country. This law aims to promote productive investment, innovation, and modernisation, with regulatory reforms to improve the business climate and promote entrepreneurship. The new project also aims to fight […]
Back in 2019, Portugal passed a mini e-invoicing reform consolidating the country’s framework around SAF-T reporting and certified billing software. Since then, a lot has happened: non-resident companies were brought into the scope of e-invoicing requirements, deadlines have been postponed due to Covid, and new regulations were published. This blog summarises the latest and upcoming […]
Progress has been made in the roll-out of the Polish CTC (continuous transaction control) system, Krajowy System of e-Faktur. Earlier this year, the Ministry of Finance published a draft act, which is still awaiting adoption by parliament to become law. Draft e-invoice specifications have been released and there has been a public consultation on the […]
Moving goods from one place to another is a quintessential part of business. Manufacturers, wholesalers, transporters, retailers and consumers all need to carefully orchestrate the shipping and handling of raw materials, parts, equipment, finished goods and other products to keep business flowing. This supply chain harmony is what makes production and trade possible in society. […]
More than 170 countries throughout the world have implemented a VAT system, and some of the most recent adopters are the Gulf countries. In a bid to diversify economic resources, the Gulf countries have spent the past decade investigating other ways to finance its public services. As a result, in 2016 the GCC (Gulf Cooperation […]
A current mega-trend in VAT is continuous transaction controls (CTCs), whereby tax administrations increasingly request business transaction data in real-time, often pre-authorising data before a business can progress to the next step in the sales or purchase workflow. When a tax authority introduces CTCs, companies tend to view this as an additional set of requirements […]
Turkey’s e-transformation journey, which started in 2010, became more systematic in 2012. This process first launched with the introduction of e-ledgers on 1 Jan 2012 and has since reached a much wider scope for e-documents. The Turkish Revenue Administration (TRA), the leader of the e-transformation process, has played an important role in encouraging companies to […]
Since 1993, supplies performed between Italy and San Marino have been accompanied by a set of customs obligations. These include the submission of paperwork to both countries’ tax authorities. After the introduction of the Italian e-invoicing mandate in 2019, Italy and San Marino started negotiations to expand the use of e-invoices in cross-border transactions between […]
Following recent acquisitions in Latin America, Sovos announced today we are establishing operations in Portugal with the acquisitions of PetaPilot and Saphety. The two companies both count tax authorities and businesses as customers, and they both solve challenges related to mandates that are accelerating across Europe and beyond, as VAT and business-to-government (B2G) reporting regulations […]
In the digital age we live in, speed is essential. For companies wanting to compete on a global scale, acting fast is just as important as having the digital solutions to advance. Taking into consideration the effect of digitalization on globalization, businesses are outsourcing processes to specialists to keep pace and focusing on their core […]
On 28 June 2021 the Greek Ministry of Finance announced that the myDATA mandate has been postponed to autumn 2021. This is due to the adverse financial impact of the pandemic on businesses and the country. The phased roll-out begins in September 2021 and is scheduled to be completed in November 2021. Retroactive reporting of […]
Earlier today, Sovos announced the acquisition of Ecuador-based Stupendo, which provides automated e-invoicing services and processes that are regulated by the Internal Revenue Service (SRI) of Ecuador. While this news should be of particular interest to businesses headquartered or doing business in Ecuador, it also re-emphasizes something important to all our customers about the way […]
The General Authority of Zakat and Tax’s (GAZT) previously published draft rules on ‘Controls, Requirements, Technical Specifications and Procedural Rules for Implementing the Provisions of the E-Invoicing Regulation’ aimed to define technical and procedural requirements and controls for the upcoming e-invoicing mandate. GAZT recently finalized and published the draft e-invoicing rules in Saudi Arabia. Meanwhile, […]
The Turkish Revenue Administration (TRA) has published updated guidelines on the cancellation and objection of e-fatura and e-arsiv invoice. Two different guidelines are updated: guidelines on the notification of cancellation and objection of e-fatura and guidelines on the notification of cancellation and objection of e-arsiv. The updated guidelines inform taxable persons about the new procedures […]
The Colombian electronic invoicing system is reaching maturity level. Since its inception in 2018, Colombia has been steadily consolidating and expanding the mandate to make it more stable, reliable and comprehensive. As a result of the enactment of the recent Resolution 000013/2021, the Colombian tax administration (DIAN), officially expanded the electronic invoicing mandate to also […]