For financial executives new to Latin American business-to-government requirements, it may be tempting to write off compliance as a local issue to be managed by local IT and accounting teams. However, this approach leaves companies vulnerable to severe penalties and operational disruptions that can be felt throughout global companies. In our new whitepaper, Business-to-Government Financial […]
The Puerto Rican indirect tax system has gone through a remarkable number of changes during the last 10 years. Back in 2004, the expansion of the fiscal deficit of the Commonwealth and the cities of Puerto Rico started to become unbearable for the government and a serious source of concern for the international bond market. […]
The first round of FATCA reporting may have only recently passed, but now is the time to redouble your efforts. Why? CRS is coming online in 2016 with reporting beginning in 2017. It’s vital that you have the regulatory and operational know-how to turn global information reporting projects into a normalised part of your business. […]
What Causes Problems for Companies When it comes to VAT Compliance? According to Aberdeen Group, a leading research organisation, staying up-to-date with the many and varied rate and rule changes is the single most challenging aspect of VAT compliance. Given the ever-changing nature of the VAT regulatory environment, it is easily possible to lose sight […]
Did you know that in this first year of mandatory ACA tax reporting there is expected to be over 700 million forms filed with the IRS? Are you prepared to do your part and report on time? Although you have been working diligently to provide minimum essential coverage healthcare plans for your full time employees […]
As Brazil continues to expand its business-to-government regulatory requirements to affect an ever-growing list of business processes and units, Block K is presenting drastic challenges to manufacturing, inventory management, supply chain and accounting teams. Starting February 1, 2016, companies will have to submit monthly inventory and production reports. Those that have yet to start preparing […]
The IRS has issued Notice 2015-66, which announces the IRS and Treasury’s intent to amend Sections 1471- 1474 of the Foreign Account Tax Compliance Act (FATCA). This Notice extends the time period applicable to the following transitional rules: The date for when withholding on gross proceeds and foreign pass thru payments will begin. The expected […]
There is no avoiding FATCA, a Canadian court has recently ruled. FATCA continues to withstand legal challenges, eliminating the last hope that some businesses had that FATCA will go away. The latest court ruling further proves FATCA and the expansion of global reporting are here to stay. The lawsuit was filed by two American expatriates – Virginia […]
Growing Trends in the Digital Economy: Japan and the Cross-Border Supply of Electronic Services The Destination Principle The fusion of globalization and digital commerce has sparked a trend in the world of indirect taxation. Effective October 1, 2015, Japan became the latest country to adopt the “Destination Principle” for the cross-border supply of electronic services, […]
Compliance with complex e-invoicing and e-accounting legislation in Latin America requires a dedicated, multi-tiered, flexible solution. While corporate governance and risk management dictate that such compliance be managed through corporate ERP systems, SAP’s support of these regulations has historically been fragmented, leaving gaping holes that result in severe audit and penalty risks. For example, SAP […]
Sovos recently published a new Smart Brief called Top Five Reasons to Automate Your VAT Compliance Process. The Smart brief describes the most important reasons to automate, including: Reducing Processing Time Increasing Accuracy and Consistency Staying Up-To-Date Refocusing on Higher-Level VAT Work Improving Staffing Plans Learn more about these reasons and about the VAT reporting cycle […]
European Union: Right of Input VAT Deduction for Holding Companies On July 16, 2015, the Court of Justice of the European Union (“ECJ”) delivered a judgment in joined cases C‑108/14 and C‑109/14 regarding the applicability of input VAT deduction for holding companies. The full names of the cases are Beteiligungsgesellschaft Larentia+Minerva GmbH & Co. KG […]
The IRS has released the 2015 reporting Forms for the Affordable Care Act (ACA). These Forms include the 1094-B, 1095-B, 1094-C, and the 1095-C. The 1095-B is for reporting Health Coverage and will generally be used by the Insurance Provider, while the 1094-B is the Transmittal of Health Coverage Information Returns. The purpose of the […]
As October 1 is just about here, it may be helpful to review those areas of tax reform brought about by Act 72-2015, which will go into effect on October 1, 2015. What Professions are Subject to the New 4% Tax in Puerto Rico? The new provisions of this Act, which impact organizations doing business […]
Although Peru’s e-invoicing requirements don’t go into full effect until the middle of next year, libros reporting extensions are due at the beginning of 2016. Companies MUST prepare now to meet these reporting requirements or risk fines and penalties. And unlike libros requirements throughout much of Latin America – Peru’s are significantly complex, more similar to […]
End-of-summer sales tax holidays may be fun, helpful and welcome to consumers, but they are no picnic for the tax departments of retailers. For different periods in July and August of this year, consumers in 19 states saved money by not having to pay sales tax on certain items. It is also not a coincidence […]
Governments around the world are joining the U.S. in its efforts to eliminate tax evasion by signing onto the Foreign Account Tax Compliance Act. While discussion surrounding FATCA has been ongoing for several years now, policies are just now going into effect in various parts of the world. The latest government to join the global tax […]
Over the last few years, I have spoken with many organizations who have implemented SAP ERP across Latin America as well as many that have either canceled the project or have support and change management nightmares on their hands. Here are the top 5 reasons I see projects fall off the rails. Thinking that […]