As Uruguay continues to formalize its e-invoicing requirements, with new mandates taking effect in 2016 based on revenues, several factors distinguish its compliance processes. Today, we’re examining the common compliance challenges enterprises will face, as taxpayers with revenue greater than or equal to ~$3.1M USD (UI 30,000,000) prepare for the June 1, 2016, electronic invoicing […]
Last month, Colombia’s Finance Minister, Mauricio Cardenas, officially announced the country’s impending e-invoice mandates in an interview with El Tiempo. Using regional neighbors Chile and Mexico as models, Colombia DIAN is tackling tax evasion and reducing government expenditures through a three-pronged approach that focuses on the implementation of e-invoicing, tighter scrutiny of tax-exempt nonprofit organizations […]
There is major shift in the way governments in Latin America regulate businesses – particularly multinationals – that is distinct from anything else seen in global compliance. Unlike the United States and most European countries, which rely heavily on income taxes, Latin American governments and many other emerging markets generate the majority of their incomes […]
In the latest iteration of Latin American countries following the example set by Brazil’s e-invoicing regulations, Colombia is expected to introduce its own version of the legislation this year. The Dirección de Impuestos y Aduanas Nacionales (DIAN), Colombia’s version of the Internal Revenue Service, cites several benefits of making such a move, including: 1) Strengthening […]
Applying the correct indirect tax on sales of downloaded or online products presents a considerable challenge for global companies. This article endeavors to offer a brief overview of the different approaches taken in the United States (“US”) and the European Union (“EU”) regarding the proper tax treatment of such items. Before we begin, when using […]
Brazil may have set the stage for economic growth (and e-invoicing mandates) in Latin America, but its current prospects are quickly being overshadowed by some of its overlooked counterparts. In 2012, Mexico, Peru, Colombia and Chile joined forces as the Pacific Alliance, and soon will add Costa Rica as a full member to their ranks. […]
Latin American governments aren’t introducing and expanding e-invoicing mandates at a rapid rate simply to create more data. These invoices are used to support and verify tax deductions, ensuring that the government receives an accurate (and the maximum) amount of tax revenue. Remember, mandated e-invoicing covers all sales and in-country purchased via XML, so the […]
Latin American compliance is a challenge for all businesses, especially those operating in multiple countries who are attempting to manage these processes with internal staff and on premise software solutions. From significant IT investments, internal support needs, and the cost of potential business disruptions and fines, the inability to achieve or maintain compliance can cost […]
As e-invoicing mandates continue to spread throughout Latin America, it’s becoming increasingly important for companies to have a regional compliance partner that proactively monitors and responds to the ever-changing compliance landscape. As we explored previously, three countries are beginning to enforce compliance measures this year: Peru, Uruguay and Ecuador. While the legislation in each country […]
Invoiceware will be participating in an upcoming Q&A with SAP Insider on April 16th. This is an opportunity to ask questions about the impact Latin America E-mandates to your business. Topic: How Will Latin American E-Mandates Affect Your SAP Implementation in 2015? Q&A Panelist: steve.sprague Date: Thursday, April 16 Time: 12:30pm EDT / 9:30am PDT […]
E-invoicing mandates continue to expand throughout Latin America. Just a year ago, only three countries in the region enforced compliance mandates. This year, seven countries have enacted e-invoicing legislation, with more set to join the movement in the near future.
Puerto Rico recently published (PR) DA 15-05 regarding the filing of Declaration of Imports in PR for Non-Bonded Importers. This information is particularly important for registrants that are not bonded and who have not been filing their Import Declaration via the current PICO system. This new Ruling 15-05 essentially provides that the “Temporary” Declaration on […]
Reduce Support Costs, Avoid Fines and Focus on Business Innovation We’ve recently explored the top 5 reasons why companies are switching off on premise software solutions to cloud providers, more specifically hybrid cloud. This model: Configures to your unique SAP ERP and eliminates multiple upgrades Eliminates failure points and the need for constant monitors Provides […]
One Solution Provides Multi-Country Compliance Regulations throughout Latin America are inconsistent and frequently changing. Brazil’s new requirements under NFe version 3.1 look vastly different than what’s required in Chile, Uruguay, Argentina and elsewhere throughout the region. Most on-premise solutions cannot support the full spectrum of these requirements and the processes that must be included to […]
Hybrid Cloud Model Streamlines Compliance Process and Frees Finance and Technical Staff On-premise compliance solutions require multiple staff positions to maintain internally, taking away valuable resources that could be focused on business innovation. Effective compliance requires input from sales and distribution, materials management, FICO analysts, business users, middleware architects, subject matter experts and ABAP developers. […]
With Peru’s latest round of electronic invoicing mandates set to take effect in only a few short months, it is important to understand that your solution selection criteria should include more than e-invoice connectivity. If you don’t understand how you will meet the certification process as well as how you will manage issues related to […]
Printed Books vs. E-books in France and Luxembourg: European Commission Cries Unfair Advantage in Violation of the EU VAT Directive – Update to previous post. Update 3/5/2015 Taxware, a Sovos Compliance Company (“Sovos”) has continued to monitor this issue very closely and would like to report on some major developments since our last blog posting. First, […]
*** Update on Puerto Rico Tax Reform Measures, April 30, 2015 ** The latest tax reform measure in Puerto Rico, known as the CoBYS (Tax on Goods and Services) failed to pass the House of Representatives—the first step needed to enact the law. CoBYS replaced the previously proposed VAT measure (known as IVA in PR) […]