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The Protecting Americans from Tax Hikes Act (PATH Act) enacted in December 2015 creates, extends and permanently implements a number of exemptions and deductions that affect individual and business taxpayers alike. The PATH Act also contains a number of provisions intended to cut down on potential tax fraud. One of these Tax Information Reporting provisions […]

Here is a country by country summary of value-added-tax news that transpired during the month of December 2016. Belgium: Draft Bill on Tax Fraud Prevention On December 9, 2016, the Belgian Council of Ministers submitted to the Council of States a draft bill intended to implement tax fraud control measures. These measures are meant to […]

Here is a summary of news and updates related to value-added-tax in the European Union during the month of December 2016. Consultations on VAT Reform On December 20, 2016, the European Commission opened public consultations on three aspects of its recently-introduced “Action Plan on VAT:” Business-to-Business (B2B) transactions involving goods Special schemes for small enterprises […]

Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: UK Updates Schema Guidance HMRC […]

Online sellers around the country have been waiting for nearly a year to see if Colorado’s controversial use tax notice law, which some characterize as a contrast to the Supreme Court’s physical presence standard, would stand up to an aggressive legal challenge. And it did! As we detailed last week in this post, after two […]

Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. Sovos documents each of these updates in its Taxport Compass portal to arm clients with the most current and accurate information and ensure that they are on the right track in their compliance efforts. Here are […]

The following post is authored by Juan Francisco Echevarria, Senior Researcher, America Economia At AméricaEconomía, our goal is to be the leading source of news for businesses operating in Latin America. With a monthly regional publication and country-specific editions in Chile, Brazil, Ecuador, Bolivia, Paraguay, Peru, Mexico and Central America we’re constantly talking to businesses […]

In a perpetually evolving tax landscape, tax administrators are constantly pushing the traditional bounds of the collection responsibility of taxpayer.  The most recent developments are set against the backdrop of the current “physical presence” standard and state and federal attempts to repeal or overturn the Supreme Court case of Quill v. North Dakota. Quill and […]

Final Disposition of DMA v. Brohl Litigation Could Pave the Way for Vendor Notice Rules. On December 12, 2016 the United States Supreme Court denied certiorari to review the Tenth Circuit’s holding in Direct Marketing Association v. Brohl, No. 12-1175 (10th Cir. Feb. 22, 2016). By denying cert the Court essentially let stand the lower […]

Financial Institutions grappling with the advent of the Common Reporting Standard (CRS) will need to stay abreast of another important piece of new UK legislation that will come into force at the same time next year and which will be a further test of their compliance procedures and systems. The Criminal Finances Bill sets out […]

The implementation of automated electronic audits in Mexico is a pivotal transition in global compliance. Triggered anytime there is a discrepancy between a company’s tax payments and its e-invoicing, fiscal reporting or vendor/customer records, these audits have the dual benefit to Mexico’s government of eliminating error-prone manual processes and minimizing the resources needed to conduct […]

Organizations will have until July 1, 2017 to go live. The much anticipated CFDI v.3.3 has finally been mandated by the Mexico SAT.  This is one of the biggest changes to the CFDI schema since 2011. Versions 3.2 and 3.3 will apply simultaneously during the first half of 2017. Some of the new validations for […]

With one month to go before the Common Reporting Standard (CRS) comes into force in the UK, delegates attending the 3rd Sovos AEOI Networking Event welcomed the opportunity to question a speaker from the HMRC on the progress being made and hear what the financial regulator might be expecting from financial institutions. Entitled ‘Fail to […]

With a month to go before the Common Reporting Standard comes into force in the UK, Sovos organised four financial institutions to hear first-hand from the UK’s financial regulator, the HMRC, and get a 360 degree view on how to prepare for CRS. In 2017, fifty four ‘first wave’ jurisdictions will begin automatically exchanging data […]

Welcome to our monthly summary of Value Added Tax news and insights curated and summarized by the Sovos Compliance Tax Research Team. Here is the country-by-country report for November 2016. European Council Adopts Conclusions on Cross-Border VAT Rules On November 8, 2016, the Council of the European Union officially adopted a set of draft conclusions […]

Effective November 1, 2016, the District of Columbia (DC) is imposing a paint recovery fee (also known as a PaintCare fee) on qualifying architectural paint products. This new PaintCare fee will make compliance slightly more difficult for paint retailers accustomed to the current size-based product fee structure. History PaintCare fees are nothing new in the […]

Mexico’s tax authority, the SAT, announced its implementation of real-time, electronic audits earlier this year. Since going live with this initiative in September, it recently issued a new statement regarding its progress and goals for the program. Designed to speed up the auditing process and minimize the time it takes for taxpayers to correct compliance […]

On October 26, 2016, Colombia’s DIAN (Dirección de Impuestos y Aduanas Nacionales) announced the successful completion of its e-invoicing pilot program, meaning that mandated participation will soon begin to roll out. As the leader in Latin American electronic invoicing and fiscal reporting, Sovos participated in Colombia’s pilot program with key customers. With the announcement of […]