The European Commission recently made a big communications splash about what’s literally being positioned as the ‘final’ EU VAT system. The change in the logic to be applied as to the ‘place of supply’ is indeed fundamental to the VAT system and its legal underpinnings, and it will affect companies in their administrative practices. So […]
Changes to tax compliance requirements and legislation happen frequently at the state and IRS levels. In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable changes in 1099 reporting from this week. IRS Releases 2017 Version of Form […]
Keep current with VAT and B2G Reporting news without having to sift through the news every day. Here are the most significant happenings in the world of VAT and B2G Reporting from September: UK HMRC Opens Consultation for Further “Making Tax Digital” Legislation Last week, Her Royal Majesty’s Revenue and Customs (HMRC) announced the opening of a […]
Although financial institutions (FIs) certainly struggled to comply with the Foreign Account Tax Compliance Act (FATCA) during its first reporting season in 2015, panelists at SIFMA’s Global Tax Symposium in New York City agreed that FATCA is far less complex than the Common Reporting Standard (CRS). One panelist noted that the biggest challenge in complying […]
This week we look at three interesting sales tax compliance articles from around the Web you may have missed while manually looking up tax rates, entering exemption certificates for new customers or submitting IT help requests for changes to your ERP. 1. Over at FEI Daily, Tom Nicolosi and Carey Oven discussed the many reasons […]
Colombia has aggressively promoted the adoption of e-invoicing since 2015. That year, Decree 2242 introduced mandatory e-invoicing in XML format through regulated schemas, use of digital signatures and real-time invoice controls by the tax authority DIAN as a clearance point. This model, which represents a significant departure from the previous ‘classic’ VAT invoicing scheme, can […]
NFe 4.0 Introduces Unprecedented Product Traceability NFe 4.0 ushers forth new requirements that make a new level of product tracking possible. Specifically, the SEFAZ, Brazil’s tax authority, requires companies subject to sanitary regulations or recall cases, as well as those that produce agricultural pesticides, veterinary products, dental products, medicines, beverages, bottled waters, food packaging, etc., to […]
Changes to global FATCA and CRS compliance requirements happen frequently. In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable changes in AEOI reporting from this week. New Zealand Updates Guidance Notes for Reportable Accounts and Collective Investment […]
Norway’s tax administration recently advised Sovos regarding its previous plan to make the new SAF-T regulations mandatory by January 1, 2018, which it now says is unrealistic. Sovos’ Jeroen Wensveen discussed this development in our webinar at the beginning of September, ‘Helping companies meet their eAccounting obligations is what we do. Next up is Norway […]
On October 4, 2017, the European Commission published a set of proposals aimed at simplifying and modernizing the current VAT system. The “cornerstone” principles of the Commission’s approach are: Combating VAT fraud and reducing the €150 billion VAT Gap. Establishing a “One Stop Shop” for cross-border trade. Consistently applying the “destination principle” for VAT. Simplifying […]
Earlier today, we announced that Sovos has acquired U.K.-based FiscalReps, Europe’s leading solution for Insurance Premium Tax (IPT) compliance. The acquisition does a few important things for our clients and the market as a whole: It adds IPT to our global solution for insurance companies, helping those businesses consolidate solutions on a single platform with […]
Here at Sovos, we’ve noticed how many companies are starting to reflect on what their e-invoicing strategy should be. That doesn’t mean they view e-invoicing as an isolated process, or necessarily want to acquire it as a standalone service – but in whichever form they’ll be adopting this still way-too-often missing piece of the enterprise […]
The Affordable Care Act and its associated reporting requirements remain the law of the land after the Senate announced it will not hold a vote on the Graham-Cassidy bill. Here are three things businesses need to keep in mind when planning for ACA reporting season: You’re on the hook for reporting. Senate Republicans have tried […]
The speed and complexity of sales and use tax compliance is outpacing solutions most businesses use to comply. As a result, IT leaders are approaching tax compliance more strategically, implementing modern cloud applications to reduce audit risk, impede rising compliance costs and prepare for the digital future of this dynamic regulatory industry. How involved is […]
Changes to tax compliance requirements and legislation happen frequently at the state and IRS levels. In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable changes in 1099 reporting from this week. IRS Releases 2018 Draft Form 1098-T, […]
Why the First Year of CRS Reporting Isn’t Really Over Yet Don’t break up your Automatic Exchange of Information (AEOI) team just yet. The first round of reporting under the Common Reporting Standard (CRS) might be over, but jurisdictions themselves will soon begin exchanging information using the Common Transmission System (CTS). For financial institutions (FIs), […]
Norway’s government planned to officially require SAF-T reporting beginning in January 2017, but pushed the deadline back to 2018 as it finalizes details. With the 2018 deadline looming, companies need to start implementing their Norway SAF-T compliance solution now, or risk fines, penalties and business disruptions. SAF-T mandates have already been implemented in several EU […]
In 2016, China’s Business Tax to VAT reform legally enabled many consumer-facing industries to issue electronic normal VAT invoices (not eligible for input VAT claim) to their customers. Since this tax reform, the past year has seen China make an increased effort to focus on the electronic normal VAT invoice (not eligible for input VAT […]