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UUIDs – or unique identifying codes – are what allow tax authorities to track every single taxpayer document and verify VAT payments and credits based on the original source documents. The specific code structure varies by country. In Mexico, for example, the UUID is a 32-character code formed from the numbers 0-9 and lowercase letters […]

As expected, the combined tax bill that recently passed both the House and Senate does not eliminate the employer mandate to provide health insurance, nor does it change Affordable Care Act reporting requirements for eligible organizations. President Trump is likely to sign this version of the bill into law. It does eliminate the individual mandate […]

The future of business transaction compliance with tax and other legal requirements calls for government approaches that cater for the unlimited diversity of business processes; real-time controls are one promising avenue to do that, but on the condition that business data to be sent to government platforms maps organically onto existing business definitions of trading […]

After announcing the largest change to its eInvoicing schema in years in late 2016, Mexico also announced a major update to its eAccounting mandate in January 2017. Though the SAT, Mexico’s authority, did not announce a specific implementation timeline for eContibilidad 1.3, it caught businesses off-guard when it began enforcing the measures in October. The […]

International News OECD Issues New Advice on VAT Administration On Oct 24, the Organization for Economic Co-operation and Development (OECD) released guidance on how countries can implement effective VAT collection systems for cross-border trade, particularly concerning digital/electronic supplies. The guidance, which is entitled, Mechanisms for the Effective Collection of VAT/GST, relates mostly to design options […]

Goodin Company adds Sovos Global Tax Determination to their ERP to increase accuracy, reduce penalties, and free up staff time. The Company Goodin Company is the “Source of Supply” for plumbing, heating, and air conditioning parts for residential, commercial, and industrial builders, plumbers, and contractors. Their fully computerized sales transaction system allows employees direct access to […]

Regardless of what products you sell or what service you provide, managing sales and use tax exemptions is a critical part of a strong tax compliance process. However, tax exemption certificate management often falls through the cracks, opening the door for confusion, lost time, audits, penalties and additional expenses for both your business and your […]

One of the reforms implemented in 2017 which has had a significant impact for Mexico’s fiscalization is the introduction of ‘proof of payment’. This reform outlines how in certain circumstances, when a buyer’s payment is executed as part of a commercial or financial transaction, the seller has an obligation to issue and deliver an electronic […]

Sovos indirect tax experts, Matthew Walsh and Chuck Maniace, recently presented webinar attendees with valuable information on how to automate tax compliance on the AP side in our Webinar, “Leading Practices in Automating Tax Compliance Along the Procure-to-Pay Process.” They discussed the benefits and drawbacks of manual, semi-automated, and fully automated (real-time or batch) compliance […]

In late November, Colombia executed its authority to mandate electronic invoicing compliance prior to the official January 2019 deadline. The DIAN, Colombia’s tax and customs administration, published a draft of this resolution, which specifies the companies will be subject to eInvoicing. Specifically, this resolution will apply to: a) Those designated by the DIAN as “large […]

Some of the biggest business buzzwords of 2017 are without a doubt tied to the themes of privacy, integrity and personal data protection. Rightly so; these are important considerations for any organisation, and with the entry into force of the EU General Data Protection Regulation (more commonly referred to as GDPR) looming only 6 months […]

Interview with Christiaan van der Valk, Vice-Chair of the ICC Commission on the Digital Economy. This interview was originally published by the International Chamber of Commerce at: https://iccwbo.org/media-wall/news-speeches/real-time-controls-changing-trade-know/ What ICT trends are currently on your business’s radar? There are many trends, but I’d say that one of the most significant is where companies are increasingly […]

The tax reform bill that just passed the Senate does not eliminate the employer mandate to provide health insurance, nor does it change Affordable Care Act reporting requirements for eligible organizations. The bill does eliminate the individual mandate to purchase health insurance, meaning individuals who choose not to buy insurance will no longer be subject […]

Massachusetts has become the first state to take action toward collecting tax money lost in the sharing economy. The commonwealth recently lowered the threshold for reporting income on the 1099-K to a level far below federal requirements. Sharing-economy companies that are third-party settlement organizations (TPSOs) use form 1099-K to report payments to non-employee service providers. […]

The tax compliance playing field has gone global, with a complex web of intersecting, and sometimes conflicting, tax laws and jurisdictions. The digital era of tax compliance requires tax compliance software that can support centralized control and oversight – otherwise, companies will be vulnerable to missed deadlines, missed regulation changes, errors and discrepancies, fines, penalties and […]

Multichannel and Internet Retailers Benefit from 40 Percent Performance Gains in Tax Determination Transactional Performance If you read the recent Black Friday and Cyber Monday reports for 2017 in the media, many sourced from the National Retail Federation (NRF) or Adobe Analytics, the main takeaway was the accelerated evolution from brick-and-mortar to online retail. This […]

The PATH Act is back for a sequel to last season’s confusion over compliance requirements, and this time, states have joined the show. For the upcoming 1099 tax season, it’s more important than ever for organizations to keep up with new deadlines and other potential surprises. As part of the provisions of the PATH Act, […]

By January 2019, all companies that pay VAT in Colombia will be required to comply with mandatory e-invoicing as the country aims to curb tax evasion and increase collections. However, businesses with operations in Colombia must begin preparing now. Here are 5 considerations that every company planning their VAT compliance strategies in Colombia should know: […]