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) […]
Note: This blog has been updated as of April 3, 2015 with important information regarding Mexico eContabilidad. Once again the Mexico SAT announced a delay on the initial filings for Contabilidad Electronica until April 30th (Chart of Accounts and Trial Balances) and September 3rd for Polizas (Journal Entries). Since there have been lots of questions […]
The Bahamas Finance Ministry has selected Convey Compliance (now a Sovos Compliance Company) and EY (Ernst & Young) to work in conjunction to put the country’s solution for the Foreign Account Tax Compliance Act (FATCA) in place. The two companies will work with the Finance Ministry to create a secure process for submitting tax information for […]
Peru’s government (SUNAT) is putting time sensitive mandates into effect this year for multinational companies. Below is a comprehensive checklist of all mandates for this year in Peru: Libros Reporting: As of 2016, companies that did more than 3000 UIT (~4,000,000 USD) of revenue in 2014 must file This is requirement is […]
We have a new name! As many of you already know, last year, Convey, Taxware and VAT Resource came together as one organization. We now have a new corporate name: Sovos Compliance. This new name represents a broader vision and scope for the combined business. The name Sovos is inspired by the roots of Greek words, […]
Hybrid Cloud Solutions Provide Real-Time Day-to-Day Support In the third part of our series examining how the transition to Brazil Nota Fiscal Version 3.1 can be simplified using a hybrid cloud compliance model, let’s review how managed services offer economies of scale to reduce annual support costs. On-premise solutions force you to monitor, design and […]
Shipping Issues and Audit Risks now back to 2009 are key areas of potential business impact Companies over the last 6 months have been working diligently on upgrading Brazil Nota Fiscal environments to version 3.1. And while the IT projects is almost over, the business impact has yet to begin. Are you at risk of not […]
The Hybrid Cloud Compliance Model Eliminates Failure Points and the Need for Constant Monitors As we continue to examine the benefits of leveraging a hybrid cloud model for Latin American e-invoicing compliance in preparation for the transition to Nota Fiscal (NFe) Version 3.1, let’s take a look at the traditional failure points that can be […]
The IRS’ Criminal Investigation (CI) Division and Her Majesty’s Revenue & Customs (HMRC) from the U.K. recently collaborated on a symposium held over three days in the District of Columbia. The event focused on international financial crimes and cross-border tax evasion, indicating governments are putting a lot of effort into preventing these crimes. Both IRS CI […]
The March deadline to transition to version 3.1 of Brazil’s Nota Fiscal process is quickly approaching. As the largest change to NFe since the 2010 introduction of 2.0, the new mandates pose a significant challenge to companies operating in Brazil. There is no room for error in the transition – support for 2.0 will be […]
Corruption is not an issue that’s confined to any one country or part of the world. It takes place virtually everywhere and authorities are cracking down on the practice by penalizing companies and lawmakers who run afoul. Recent electronic invoicing legislation and eAccounting reporting will bring further transparency to fraud as the legislation takes full effect […]
Don’t forget Brazil – the leader in compliance regulations. It is important to remember that Brazil has just as many mandates coming down the pipe this year. As you evaluate your solutions approach to this mission critical economy, make sure you are addressing the inbound Nota Fiscal process known as Manifestação do Destinatário, especially if […]
The Mexico eAccounting mandates are set to take effect on March 3rd, 2015 and there is still no end to end solution from SAP. Actually, there are some very glaring gaps to take into consideration. You still have time to address these issues with end to end solution providers. Continuing to wait puts you at […]
It’s that time of year again where business owners look back on the past 12 months, take an assessment of where they are and what they should prepare for the 12 months that are yet to come. While 2014 had a lot to do with compliance, given the heightened regulatory climate, that theme will continue […]
Risk management is a key component of a business’s structure. Compliance is one of the ways in which companies deal with these risks, which can come from a variety of sources. Some of these mechanisms are required for businesses to engage in commerce over state lines or overseas, but there are also internal compliance schemes […]
International law officials are cracking down on corporations and firms that break the rules by bribing legislators and governmental leaders. The latest example comes out of Texas, where a well-known aircraft maintenance company confessed to having participated in a backroom deal that aimed to skirt the Foreign Corrupt Practices Act. Dallas Airmotive, Inc, which specializes […]