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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: Several Countries Sign Model 1 […]

Enterprises conducting business in the EU are currently analyzing the impacts and organizational changes required to comply with the General Data Protection Regulation that will, from May 2018, redesign the legal framework in privacy. The changes will substantially affect risk management processes and privacy requirements will become essential in product development and IT infrastructure design […]

Tax information reporting can be tricky for businesses. Many organizations do not have the internal resources to assign a devoted team to compliance efforts, as their HR and IT teams are often tied up in other affairs. With this in mind, Sovos commissioned a survey to better understand how organizations are handling these challenges and […]

As informed in previous posts, from 1 of July of 2017, big taxpayers in Spain will be obliged to report invoice data on inbound and outbound invoices to the tax authority under the new SII system. Taxpayers subject to this system must communicate extracted data from issued invoices within four (4) business days following the […]

Regulatory and legislative updates to 1099 form requirements between Dec. 28, 2016 and Jan. 11, 2017. 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 […]

In June 2016, Sovos Compliance acquired Invoiceware International, supplementing our Latin American regional compliance platform with its global solutions. Our shared clients, such as The Coca-Cola Company, Brown-Forman, and Sun Chemical are already benefitting from the centralized solutions provided by this alliance. While Sovos offers a variety of products that benefit businesses small to large, […]

President Trump took immediate steps to fulfill his campaign promise to repeal the Affordable Care Act on his first day in office. The President signed an executive order on Friday, which he said was intended to “ease the burdens of the Affordable Care Act.” The broad-reaching order is the manifestation of Trump’s plan to begin […]

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: IRS Releases New FFI Agreement […]

One Latin American country that currently does not mandate e-invoicing, Costa Rica, will soon join the 10 countries where this business process is required. The country is currently running a voluntary e-invoicing program as it works toward implementing its own e-invoicing system.

The future of the Affordable Care Act is coming into focus. Last week, the Senate and House of Representatives held “budget blueprint” votes, setting the stage to dismantle the ACA during the budget process. However, the incoming Trump administration and Congress continue to disagree on some of the “repeal and replace” specifics, including timing. These […]

India’s GST Council announced changes early this week that make movement to GST on July 1 likely, providing much needed clarity for business preparing for the change. The announced measures include the following: State authorities will assess 90% of the GST registrants with annual turnover of Rs 1.5 Crores or less. The Centre will assess […]

Congress approved a budget blueprint last week that sets up a vote on a formal repeal measure as soon as January 27th. However, Republicans remain committed to a “repeal and replace” approach, and have suggested that any changes to the employer mandate may take years to go into effect. Republican Chris Collins, part of Donald […]

If your company is currently doing business in Latin America, then you’re no stranger to the complex and ever-changing fiscal compliance regulatory environment. The compliance momentum won’t subside in 2017, with major initiatives planned in Brazil, Colombia and Mexico. Let’s examine what’s in store. Brazil Block K – Requiring significant changes to the way companies […]

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 […]