Blog
Over this past week, there weren’t any new global updates to FATCA regulations. However, there is always information to stay well-versed on. For this week’s update, check out the chart below about UK CDOT reporting: UK CDOT Jurisdiction Due Date Guidance eFile Format Nil Reporting Anguilla TBD Not yet available Bermuda 9-30-2016 Currently, no formal Guide; […]
The rate of change of business-to-government compliance mandates in Latin America continues compounding, with no less than 10 (ten!) new regulations expected in 2016. Managing these changes can be challenging at all levels of a corporation – from IT integration to new processes and controls in finance and supply chain management to operational delays and […]
If you buy a 50” flat screen TV in California, you might notice California Sales Tax is not the only additional charge on your invoice; there is also a $5 “eWaste” fee. Consumers can sometimes be caught off-guard by additional fees when checking out at the register, however retailers should always be aware of such […]
On December 15, 2015, the Korea National Assembly enacted legislation that amends the application of Korean Value Added Tax (VAT) on foreign suppliers of electronic services in Korea. With retroactive effect from July 1, 2015, only supplies of electronic services by a foreign business to a non-VAT registrant in the Republic of Korea (Business-to-Consumer transactions) […]
On Wednesday, January 27th, the US Justice Department announced that it had reached its final non-prosecution agreement under Category 2 of its Swiss Bank Program, this completing the Swiss Bank Program phase 2. The NPA was signed with HSZH, a one-time UBS acquisition. The Department of Justice (DOJ) launched its Swiss Bank Program in August […]
Once again, there was a variety of changes to FATCA over the past week. Take a look below to see the most recent updates, gathered by our expert compliance and research team. Ireland Revenue Temporarily Suspends Online FATCA Filing Ireland has temporarily suspended online FATCA filing. Beginning January 29, 2016, and continuing until early April, […]
Global companies are expending significant resources on their shared services departments as they realize the benefits of standardized operations. In fact, a recent Deloitte study found that more than 90 percent of a pool of 300 private-sector organizations saw cost reductions and improved efficiencies from leveraging shared services, and such proven successes are resulting in […]
In mid-January the National Retail Federation held their 105th convention & expo at the Jacob K. Javits Convention Center in the heart of Manhattan. The event boasted over 33,000 attendees, 500 exhibitors, and at least one child-sized robot. Omnichannel, the New Philosophy The definitive unifying idea of the show was centered on the move to […]
This month’s VAT updates: European Union Extension of the 15% Minimum Standard VAT Rate Requirement Under the existing language of Article 97 of the EU VAT Directive, the requirement that no Member State apply a standard rate of VAT less than 15% would have expired effective December 31, 2015. However, the European Commission has adopted […]
The IRS recently announced significant modifications to FATCA reporting duties, affecting Chapters 3 and 4 of the Internal Revenue Code. Read more about this update, among others, in this week’s global recap from the Sovos expert compliance and research team. IRS Post Notice 2016-08 Announces Amendments of Chapter 3 and 4 Regulations The IRS posted […]
Tax information reporting presents many challenges for organizations due to the high demands of compliance regulations in addition to the frequent changes that need to be continually monitored and absorbed into current systems and processes. How organizations approach these challenges and the priority they place on tax compliance activity is a critical component to managing […]
Aside from the landmark decision of the European Court of Justice on March 5, 2015 that ebooks cannot benefit from the same reduced rate of VAT as paper books, there have been several noteworthy Value Added Tax (“VAT”) changes in the European Union (“EU”) over the past year. Below is a synopsis of some of […]
One of the more interesting and important things in tax research is learning about the imposition of new fees and taxes on specific and somewhat unexpected items. These taxes allow us to keep our research skills sharp as well as point us in the right direction of exciting new client possibilities. Recently, we are seeing […]
CMO, Troy Thibodeau, Discusses the Challenges of Complying With FATCA and the Harbinger of CRS In the first quarter issue of Risk & Compliance e-magazine for 2016, Troy Thibodeau, CMO of Sovos provides an update on the progression with regards to the implementation FATCA, the challenges that the IRS has encountered, and what this could […]
Countries around the globe are making major movements towards FATCA compliance from Spain to Iceland to Anguilla. Check out this week’s recap from our compliance and research team of experts: Anguilla Releases Tax Information Exchange (International Co-Operation) Act of 2015 Anguilla has released the Tax Information Exchange (International Co-Operation) Act of 2015. The Act […]
One of the best things you can do to ensure success for your organisation in 2016 is to confirm you have a strong VAT compliance structure in place. Sovos has some ideas about four ways you can start this year on the right note: Review 2015’s VAT filings to make sure data is reconciled, worksheets […]
When Brazil announced its e-invoicing mandate in 2008, such strict and comprehensive regulatory measures were unprecedented. However, Brazil set the stage for business-to-government compliance initiatives, with 10 countries in Latin America plus others worldwide now enforcing similar measures. As we approach 2016, what should companies operating in Brazil know? Here’s a look ahead. Audits expected […]
IRS Releases Announcement 2016-03: Limited Penalty Relief for Filers of Form 1098-T As tax season is upon us, the IRS has released Announcement 2016-03 providing notice that the IRS will not impose penalties under section 6721 or 6722 on eligible educational institutions required to file Forms 1098-T, Tuition Statement, for the 2015 calendar year solely because […]