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) […]
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, […]