At Sovos, we are committed to keeping current with VAT compliance changes from around the world. Check out these recent updates compiled by our dedicated research team: European Union EU Council Approves Minimum VAT Rate Extension On May 25, 2016, the Council of the European Union adopted a directive extending the minimum standard VAT rate of […]
Here’s a full list of weekly FATCA updates compiled by the experts in our Tax Department to help you. The FATCA reporting deadline of May 31 is right around the corner and countries have kicked up efforts to issue guidance so financial institutions can comply on time or changes to systems and other important information that […]
Dispatches from The Commonwealth of Puerto Rico: The Final Installment (For Now!) At last, the legislation repealing the VAT in Puerto Rico is official law and we can say with certainty that the existing sales tax will apply on transactions on and after June 1, 2016. The route to VAT repeal was circuitous and somewhat […]
Did you know that sweetened iced tea is considered a soft drink in Vermont? The state of Vermont passed Legislation effective July 1, 2015, imposing its sales and use tax on soft drinks. House Bill 489 (H.489) revised the definition of food and food ingredients found in 32 V.S.A. § 9701(31) by indicating that “food […]
As the second largest exchanger of e-invoices in the world – behind only Brazil – Mexico is quickly becoming one of the most sophisticated financial compliance governments in the world. In some ways, it is even starting to supersede Brazil in terms of complexity – particularly in the way it can now link individual business […]
We would like to invite you to a special VAT automation event, “VAT in a Digital Age”, taking place on the 9th of June at the Brown’s Hotel in London, 1.30pm – 6.30pm. Are you part of the 80% of organisations that are still using manual labour for VAT compliance processes? Do you want to […]
At this point, you’re likely preparing to send your transmittal for ACA reporting if you haven’t already, which means you may be anxious about any corrections you’ll need to perform. Generally, transmitting correction files are required to correct errors found on original filings, replacement filings, or other corrections filings. As a filer, you may discover […]
Stop by the Sovos Compliance booth (#1573) during the Internet Retailer Conference & Exhibition (IRCE) from June 7-10 at McCormick Place West in Chicago. We welcome the chance to update you on the exciting ways we can help your company improve operational efficiency and reduce compliance risk, including the benefits of automating your process using our robust and […]
This week’s global update covers FATCA, CDOT, and CRS modifications as we near the first-ever reporting deadline for CDOT and a critical deadline for FATCA. Check out all the different types of changes compiled by our expert research team, including countries that are shifting their FATCA due date late in the game. Liechtenstein Extends due date […]
Two new mandates announced by the SUNAT, the Peruvian tax authority, are set to take effect starting July 1, 2016. The companies mandated to comply with these measures – Comprobantes de Retencion (CRE) and Comprobantes de Perceptcion (CPE) – can expect cash flow repercussions as the SUNAT seeks to keep tax payments from foreign invoices […]
UPDATE on the Legislative Future of VAT – May 16, 2016 The future of the VAT in Puerto Rico, including the rate increase for B2B and designated professional services, is now in the hands of the Governor. While both the House and the Senate of Puerto Rico passed legislation to repeal the VAT, the Governor is […]
Maquiladoras, a special class of manufacturers in Mexico, benefit from reduced tax obligations, making business-to-government compliance accuracy even more critical for the companies holding this status. A change in a manufacturer’s Maquiladora certification would impact its tax rating, increasing tax liabilities and affecting cash flow. Introduced in the 1960s to increase employment in Mexico, the […]
The Proposed Changes to Japan’s Consumption Tax In Japan, consumption tax is paid by consumers when they purchase goods and services. Presently, Japan’s consumption tax rate is 8%. On March 29, 2016, the Japanese Diet (National Parliament) approved the Fiscal Year 2016 Budget, including various tax reforms. The reforms include an increase in the consumption […]
Today you are in luck. This Friday the 13th round-up covers FATCA, CDOT, and CRS changes from around the world for a truly global update that covers all three of these new reporting regimes. Poland Announces New FATCA Filing Form (FAT-1) Poland has announced the impending release of a new form (FAT-1) that will assist […]
Businesses of all sizes and in all types of industries often have problems achieving full sales and use tax compliance. This can be especially problematic when an organization is growing, but still aiming to provide excellent goods and top-notch customer services by using sophisticated back-end systems. The Challenge for Goodin: Accuracy, Audits & Expansion This […]
Once again, close to a regulatory deadline, the IRS has recently released an updated Publication 5165 for ACA information return transmittals. This guide outlines the communication procedures, transmission formats, business rules, and validation procedures for returns transmitted electronically through the AIR system. Do you know how to implement all the following technical changes? Here at […]
For companies currently or considering managing compliance in Latin America on-premise, it can be difficult to fully calculate the total cost of compliance. Between hardware, software, middleware, implementation and support staff, troubleshooting, change management and more, in-house compliance takes multiple internal resources, and costs can add up quickly. When evaluating your compliance costs, have you […]
Here at Sovos, we are committed to keeping you up-to-date with current VAT compliance updates from around the globe. Check out these recent changes from our expert research team: European Union: European Commission publishes “Action Plan” for VAT On April 7, 2016, the European Commission published “An Action Plan on VAT,” a 14-page report […]