When the first European VAT Directive was adopted by the European Union’s forbearer, the European Economic Community all the way back in 1967, the ambition was to establish a definitive system for the collection of VAT from trade between Member States. The directive put forward a plan to create a unified system for intracommunity transactions […]
For those active in the world of e-invoicing and global VAT compliance, you’ll know that in the past month all eyes have been on Italy and the first deadline for its e-invoicing reform. Since our last update, concerning the possible delay to the July 1 deadline, speculation has been rife about how volatile the mandate’s […]
More countries are transitioning from electronic VAT filings to real-time VAT reporting, automated audits, eInvoicing and eReceipts. Learn terminology key to understanding real-time tax reporting. Latin America (LATAM) is deemed the most complex tax compliance environment in the world. Over the last decade, it has become synonymous with real-time value-added-tax (VAT) compliance and reporting. In […]
On the heels of revealing our S1 cloud platform to drive the modernization of tax software in the face of mounting digital disruption from businesses, financial systems providers and governments, as well as announcing support and an early adopter program for SAP S/4HANA cloud, we’re excited to also announce the following key appointments to our leadership […]
Companies dealing with complex sales and use tax determination, VAT regulations and other tax challenges across the globe know that SAP alone is not equipped to support the varying requirements from country to country. As SAP sunsets support and updates for ECC and R3, companies must move to HANA to keep their systems up to […]
Country-by-Country News Mexico Allows Temporary Penalty Waiver for 2017 CFDI of Nomina The Tax Administration Service of Mexico (SAT) has announced that it will allow, until May 15, 2018, the correction of CFDI of Payroll (CFDI de Nomina) issued during 2017. For that purpose, SAT issued a new Rule 2.7.5.7 in the First Modification of […]
A silent revolution is spreading across Europe. As governments across the EU seek to close their VAT gaps, increasingly we’re seeing the trend towards government-controlled, real-time invoice control platforms, known as the ‘clearance’ model. Post-Audit vs Clearance In the standard post-audit model of invoice compliance, invoices are exchanged between the supplier and the buyer. Both […]
Facebook was open to the public for more than a decade before most users thought all that much about what companies do with the data they share on social media. In the wake of the Cambridge Analytica scandal, that’s not the case anymore. And with Europe’s groundbreaking General Protection Data Regulation (GDPR) having kicked in […]
Countries within the European Union (EU) are losing billions of euros in value-added tax (VAT) every year because of VAT fraud, VAT evasion, VAT avoidance and inadequate tax collection systems. As of 2016, the VAT gap in the EU was 159.5 billion euros, or 14% of the total expected VAT revenue for the EU. As […]
Global companies are increasingly using different tactics to address today’s onerous tax compliance burdens. Some rely on outsourcing to third parties, some have in-house teams to manage VAT compliance and reporting, and others look to shared services to centralise tax filing and reporting tasks. In each approach, technology is essential to keep pace with today’s […]
Ask any business student what the secret to commercial success is and they’ll tell you it’s profit margin, not just sales volume. Therefore, to be good at selling things you have to excel at buying them. Usually, companies have a strong incentive to tightly manage what’s called ‘direct supplies.’ These are the raw materials and […]
Rapidly changing VAT compliance and reporting regulations sweeping across Europe are forcing companies to determine the best – and most cost-effective – way to minimize the risks and burdens of these measures. These companies need to evaluate three key areas – tax/finance, IT and implementation – to calculate the potential return on investment (ROI) of […]
Change is a constant when it comes to VAT compliance throughout Latin America. Pioneers in leveraging technology to support electronic data transmission, tax filing and reporting, Latin American countries continue to evolve their regulations to further streamline processes and extract additional data from companies. If your business operates in Latin America, here are some of […]
By Andy Hovancik – President & CEO Today, we announced the acquisition of Stockholm-based TrustWeaver to create a clear leader in modern tax software. TrustWeaver has become a seal of approval for the world’s largest procure-to-pay and AP systems. This is a testament not only to the effectiveness of its e-invoicing software and integrations, but […]
Hoje nós anunciamos a aquisição da empresa sueca TrustWeaver para criar uma clara liderança na nova era de software fiscal – e expandir nossa cobertura de e-Invoicing (faturação eletrônica) a 60 países em seis continentes. Nós estamos assistindo à faturação eletrônica espalhar-se por todos os continentes, adicionando complexidade e risco ao seu processo financeiro e […]
Hoy, anunciamos la adquisición de TrustWeaver con sede en Estocolmo, para crear un claro líder en software impositivo moderno – y expandir nuestra cobertura de facturación electrónica a 60 países en 6 continentes. Hemos visto el cumplimiento de facturación electrónica expandirse a cada continente, agregando complejidad y riesgo a tus procesos financieros claves. TrustWeaver se […]
International News European Council Clears Way for Italy e-Invoicing Requirement On April 16, 2018, the European Council approved Italy’s derogation request from Articles 218 and 232 of the EU VAT Directive, bringing Italy one step closer to implementing its mandatory e-Invoicing requirement. Article 218 requires that Member States accept invoices in paper or electronic form. […]
With implementation of technology-enabled tax compliance and reporting initiatives, Spain is leading the way throughout Europe not only in closing the VAT gap but also in obtaining visibility into business data. As more and more countries move toward requiring transactional data in real-time, most notably Italy and Hungary, it’s important for companies to consider lessons […]