2018 was a volatile year in indirect tax compliance for tax, finance and IT professionals worldwide. With an increase in globalization and tax gaps surpassing tens of billions in some countries, it’s not surprising that one of the biggest challenges governments are addressing is revenue collection. Like enterprises, governments are creating new, technology-driven processes to […]
On January 1, 2019, as we ring in the New Year, the number of states that have implemented economic nexus rules will rise to 32. Georgia, Iowa, Louisiana, Nebraska, Utah and West Virginia will all join the ranks of states requiring ecommerce sellers to collect and remit tax. If your company does business in any […]
The Decree 119/2018, first published in draft in late October of this year in Italy, has now been converted into law, but with a number of changes to its content. The main changes to the previously published version of the e-invoicing rules of this decree are: Extension to the grace period for delays in the […]
Automatic Exchange of Information, or AEOI, has picked up serious momentum since 2015 and continues to grow, a new European Commission study shows. One important element in managing AEOI is assigning tax identification numbers (TINs), a trend that should grow as AEOI expands. AEOI involves the exchange of asset information among countries via a protocol […]
With electronic invoicing sweeping Europe and much of the rest of the globe just as it did Latin America, organizations need to be prepared to meet the challenges of new mandates. The 2018 Sovos TrustWeaver global e-invoicing eBook leaves absolutely no stone unturned in offering the most comprehensive information and analysis available regarding e-invoicing compliance. […]
Season for Tax Year 2018 has arrived, meaning tax professionals will have to carry out reporting while keeping in mind all the regulatory and policy changes that went into effect in the previous year. But what should tax pros know about the developments likely to take place in 2019? Here are a few trends worth […]
Affordable Care Act (ACA) reporting requirements for eligible employers remain in effect for Tax Year 2018 despite a ruling last week from a federal judge that held that the law is unconstitutional without penalties to enforce an individual mandate to purchase health insurance. With no injunction in place to shut down the law, the ACA […]
In the wake of the South Dakota v Wayfair Supreme Court decision, and new sales tax nexus rules taking effect across the United States, I wanted to share some thoughts about what ecommerce sellers should be thinking about with respect to registering and meeting ongoing tax compliance obligations in potentially dozens of new states. The […]
Narrowing the VAT gap has been one of the main priorities for the Polish government since 2015 and is one of the flagship goals of the governing political party ‘Law and Order’. The main reason is economic as VAT revenue constitutes around 40% of the country’s budget. However, this topic is also a national political […]
In a news release published on December 11, the California Department of Tax and Fee Administration formally announced their intent to join 30+ other U.S. states in the taxation of remote commerce. While formal rules have yet to be issued, California has been contemplating action since the Supreme Court issued their ruling in South Dakota […]
Increasingly complex VAT regulations are sweeping across Europe, demanding technology adoption to support compliance and reporting-related activities. Now is the time for businesses to reevaluate their processes and technology to ensure they can meet complex VAT compliance and reporting initiatives, tightly integrate with government tax authorities, support real-time access to transactional data and adapt for […]
Los cambios relacionados con el nuevo proceso que permite anular facturas electrónicas en México no son triviales, ya que repercuten de manera importante tanto en las operaciones de las AP (cuentas por pagar), como en las AR (cuentas por cobrar). El nuevo mandato, que pretende llenar el gran vacío que hasta ahora existía en la […]
SAP Central Finance delivers on the promise of pulling data from multiple sources into a single view for reporting and analysis. Channeling disparate data sources into a single source of truth can be massively valuable to organizations, especially those that have a sprawling number of billing, accounts payable and general ledger components, or even multiple […]
Mandated e-invoicing and tax reporting requirements in Latin America make SAP implementations in this region more complex than anywhere else in the world. Here, we examine the Top 10 Hurdles to Implementing SAP in Latin America: 1. Consistency Consistency between transactional invoices and accounting reports is essential. Any slight discrepancy triggers audits and fines, which […]
Hungary is seeking to close a massive VAT gap with new requirements that mandate real-time reporting. What does this mean for companies doing business in Hungary? Download the Hungary VAT Reporting Infographic to learn more about the country’s requirements or find out more about how Sovos keeps companies prepared for new VAT enforcement mandates.
More than six months ago the Greek authorities announced their intention to introduce mandatory e-invoicing and e-bookkeeping rules, and enough information is now available to assess what the proposed rules will mean for Greece. Although formal legislation has yet to be published, it’s expected the new e-invoicing measures by the Independent Public Revenue Authority, the […]
If you are the one tasked with filing unclaimed property reports for your company, you may be looking for the easiest way to complete this task. For some, reciprocal filing looks like the “one and done” option – until you look a little closer. One misconception holders of unclaimed property have is filing reciprocally will […]
La autoridad fiscal de Colombia, DIAN (Dirección de Impuestos y Aduanas Nacionales), anunció esta semana el retraso a su mandato de facturación electrónica para todas las empresas, exceptuando a los mayores contribuyentes que operan en el país. La DIAN había declarado previamente que todas las compañías que pagan IVA en Colombia tendrían que adaptar el […]