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Update from the IRS as of October 24th Revised Date Information for e-Service Users To ensure a smooth transition, the IRS has decided to delay the October 24 date for requiring e-services users to re-register and validate their identities through Secure Access authentication. In the next few weeks, the IRS plans to have discussions with […]
Overview Sovos Compliance kicked off its networking series with in New York on September 22nd with an event focused on Automatic Exchange of Information (AEOI) reporting. The agenda included a panel discussion with Alex Crenshaw from Wells Fargo, Chris Liguori from State Street, and Josh Herrera from Morgan Stanley. Lani Chou (Pricewaterhouse Coopers) and Fred Cibelli (Ernst […]
Louisiana has two upcoming changes effective October 1 that were not highly publicized. Changes in taxability have become almost routine in Louisiana over the past few months. While most of the major changes were completed as of July 1, 2016, additional adjustments that have not been well-publicized will go into effect on October 1, 2016. […]
When Mexico announced its eContabilidad (eAccounting) legislation in 2014, several multinational companies filed a lawsuit, stating that the requirements were unconstitutional, technically unsound, and unfeasible. Many were granted amparos – legal stays delaying the electronic filing requirement – and the case recently made its way to the Supreme Court. In its July 2016 verdict, the […]
Automatic Exchange of Information (AEOI) legislation and technical updates are top concerns for financial institutions. The Sovos Compliance Research Team continually monitors new regulations and updates from around the world and publishes them in our tool, Sovos Taxport Compass. Contact us today to start your subscription and have access to all the latest Tax Information […]
Sovos Compliance attended the 14th Automatic Exchange of Information (AEOI) Congress Sept. 14-15 in London. Attendance nearly tripled that of last year’s conference and attendees included representatives from a variety of financial institutions, finance and legal experts, and U.K. and U.S. tax agencies (IRS and HMRC). Topics included changing AEOI requirements, compliance trends and best practices, […]
When it comes to e-invoicing and tax reporting compliance in Latin America, Mexico and Brazil often dominate the discussion as the earliest and most comprehensive to enact such requirements. However, complexities abound throughout Latin America – and Argentina, Chile and Uruguay are no exception.
The IRS plans to migrate to a new schema format for next year’s Foreign Account Tax Compliance Act (FATCA) filing and the IRS has recently released its long awaited Publication 5124, which is the user guide for the IRS’s FATCA XML schema. While the Publication is listed in draft, the IRS has been clear that […]
A number of countries have started implementing a process for submitting transaction data to taxing authorities. Standard Audit File for Tax (SAF-T) was initially agreed upon by the 38 member states of the Organisation for Economic Co-operation and Development (OECD) in 2005. On July 1, 2016, Poland was the first country to mandate monthly online […]
Accounts payable is a vital function in compliance with Mexico’s eContabilidad accounting requirements. Once a vendor XML e-invoice is accepted by the accounts payable team, the government views it as accurate and complete, then uses this invoice to verify corresponding tax obligations. If an invoice includes errors and tax liability is inaccurate, correcting these mistakes […]
For financial institutions looking to proactively comply with global reporting standards including Foreign Account Tax Compliance Act (FATCA), Crown Dependencies and Overseas Territories (CDOT) legislation and the Common Reporting Standard (CRS) while minimizing costs and risks, our recent report showed that an Automatic Exchange of Information (AEOI) solution is key. In evaluating such solutions for […]
With a new Value Added Tax (VAT) system expected to be introduced in the Gulf Cooperation Council (GCC) countries beginning January 1, 2018, businesses need to start planning and preparing to comply with the new tax regime. The GCC countries include Saudi Arabia, Bahrain, Oman, Qatar, Kuwait, and the United Arab Emirates. Sovos Compliance was […]
In our recent survey – Stop Playing with Fire: Use Centralized AEOI Solutions to Prepare for FATCA, CRS and CDOT – financial institutions revealed several challenges related to complying with complex and ever-changing global reporting standards, including Foreign Account Tax Compliance Act (FATCA), Crown Dependencies and Overseas Territories (CDOT), and the impending Common Reporting Standard […]
We’ve recently discussed the challenges regarding inbound logistics and service invoices in Brazil. Now, let’s turn our focus the another complex aspect of compliance with Brazil’s NFe requirements: procurement and accounts payable. Buying a product or supplies in Brazil is no simple task for a business. Unlike traditional transactions that take place directly between a […]
B and P Notice season is upon us. In order to avoid penalties, it’s important you understand how the cycle works and how you can stay compliant. Review our B-Notice Process infographic to help your team understand the cycle and plan ahead. Tax information reporting is a year-long process. In January, you print and mail […]
Since the beginning of the new Millennium, India has repeatedly flirted with the idea of imposing a nationwide Goods and Services Tax (GST). However, legislative activity that has taken place over the last few weeks indicates concrete momentum towards this long-standing goal. The GST Constitution Amendment Bill The GST Constitution Amendment Bill (GST Bill) passed […]
Let’s talk a bit about the complexity of Unclaimed Property Due Diligence. Think about it; there are more than 50 unclaimed property reporting jurisdictions. Each of these can have varying due diligence requirements. Trying to stay on top of constant changes will make you quickly realize the difficulty of performing proper due diligence. Due diligence, […]
Overview The main indirect tax of Mexico is the Value Added Tax (locally known as IVA), which generally applies to all imports, supplies of goods, and the provision of services by a taxable person unless specifically exempted by a particular law. The tax is imposed by the federal government of Mexico and ordinarily applies on […]