Recent VAT Decisions The Court of Justice of the European Union (CJEU) has recently published two decisions related to VAT: In Case C-592/15 (British Film Institute), published February 15, 2017, the CJEU held that Member States have discretion to determine the scope of an exemption for “certain cultural services and goods closely linked thereto supplied […]
The Employer Mandate — along with all associated reporting obligations and penalties — will live on throughout Tax Year 2017, and likely beyond. This news emerged in the wake of the showdown between the recently introduced American Health Care Act and the incumbent Affordable Care Act. The short-lived AHCA legislation came to an anticlimactic end […]
The Brazilian government is considering several proposals to reform their indirect tax system, widely considered to be one of the most complex in the world. One such proposal is being crafted by the Special Commission on Tax Reform within the Chamber of Representatives. The Commission is proposing the introduction of a value added tax to […]
The Brazilian government is considering several proposals to reform their indirect tax system, widely considered to be one of the most complex in the world. One of those proposals, offered by the Brazilian President, suggests a significant tax overhaul to take place over multiple stages. Stage 1, slated for June, would involve a simplification of […]
The United Kingdom took the long-anticipated first formal step towards officially leaving the European Union when on March 29, the UK Envoy to the EU hand delivered the “Article 50 Letter” to the EU Council President. As of today, the clock begins ticking on a 2 year window in which the UK can negotiate its […]
Brazil’s tax authority, SEFAZ, recently announced new specifications for its e-invoicing program, set to take effect later this year. This is the first new release in two years for Nota Fiscal (NFe), and version 4.0 presents several challenges – both operational and technical – for multinationals in Brazil. With this new version in place, the […]
Amazon sellers will now have to collect and remit sales tax in every state in which it is required. What are the business implications? Amazon completed its 180-degree turn on sales tax policy this week, agreeing to voluntarily collect sales and use tax in every state that imposes such requirements. While this development does not […]
Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: Germany Releases Infobriefs for FATCA […]
There is much speculation about the potential of blockchain in the context of B2B automation. This speculation normally focuses on open or public blockchains, which are distributed databases where different types of transactions can be securely recorded and transparently verified by all parties without depending on a trusted third party. The scheme was first used […]
As governments across Latin America continue to refine their e-invoicing and fiscal reporting processes to improve the accuracy of transaction-level insights, change has become the norm in this region. Ecuador is no exception, announcing in 2015 that it would move to an offline e-invoicing model to help streamline compliance for enterprises by providing a buffer […]
In part I of this three-part blog series, we examine how Spain is implementing electronic invoicing to better control the VAT return process. Over the course of the last decade, there has been a huge shift in the way countries collect value-added tax (VAT). Tax revenue agencies are no longer waiting for taxpayers to fill […]
The eventual fate of the American Health Care Act remains uncertain one week after its release. Conservative and moderate Republicans alike have expressed opposition to the bill, indicating the eventual legislation passed into law will likely be significantly different from last week’s proposal. Members of Congress do not seem particularly concerned regarding the AHCA provisions […]
Sovos recently partnered with Aberdeen Group to survey 179 compliance decision makers across a number of industries to find out how they have handled Affordable Care Act (ACA) reporting. This is the second in a series of four blogs that detail some of the survey’s more notable results and findings. This installment will address strategies […]
Understanding all the moving parts of Unclaimed Property can be a challenge. In this 30-minute recorded seminar, we have covered a few topics to assist you and your organization in understanding unclaimed property a little better. We have covered topics such as: Speaking the Language – Reviewing property codes and terms you need to know for […]
There are still many who view the convenience of online shopping as the real lure of Internet shopping rather than the presence or absence of sales tax. While many people shop online for convenience, others turn to e-commerce to avoid paying sales tax. According to the Supreme Court case Quill v. North Dakota, retailers are […]
In September 2016, Mexico’s tax authority (the SAT) implemented electronic audits to review discrepancies between taxpayers’ e-invoicing and e-accounting reports and taxes paid. Just two months later, the SAT touted the program’s initial successes, and now, it has announced the first resolution under its new electronic audit mediation process.
Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: Hong Kong Updates CRS XML […]
The fate of the Affordable Care Act employer mandate is becoming clear. Proposed ACA replacement legislation released Monday, entitled the American Health Care Act, aims to dismantle the employer mandate by zeroing out the associated penalties. Despite this, the AHCA maintains both employer and insurer reporting requirements. The employer mandate is one of the key […]