International News European Commission Proposes VAT Overhaul On October 4, 2017, the European Commission published a set of proposals aimed at simplifying and modernizing the current VAT system. The “cornerstone” principles of the Commission’s approach are: • Combating VAT fraud and reducing the €150 billion VAT Gap • Establishing a “One Stop Shop” for cross-border […]
These states are making the move away from free e-invoicing software for several reasons, including the sheer difficulty involved in managing technology capable of meeting Brazil’s compliance requirements. As they do for companies, compliance measures have been forcing these governments into the business of change management, constantly updating and maintaining software, but now they are […]
Changes to global FATCA and CRS compliance requirements happen frequently. In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable recent developments in AEOI reporting. Singapore Releases Updated CRS FAQ Singapore has updated its CRS FAQ. The updated […]
Back in June, we wrote about how Italy has declared its intention to make e-invoicing fully mandatory – not only for B2G but also now for B2B transactions. This isn’t a bad thing. Adoption in Europe is lagging embarrassingly far behind many countries such as Mexico, Chile, and Turkey who all introduced e-invoicing much later. […]
Many people hear about the exemptions that states allow for unclaimed property reporting, and they get very excited. Free money, right? What could go wrong? I will share what I know about exemptions and let you decide. Let’s start with a simple kind of exemption. Some states exempt reporting of gift cards or gift certificates […]
Congratulations! Your business is expanding. Sales are up and in order to meet the client demand, you’ve opened new facilities and distribution centers in new locations. You are starting to enter different product lines and offer implementation services. You’ve even started a reseller program so you can reach new markets. The downside is that now […]
Indirect taxes contribute to almost half of Hungary’s total tax revenues, making accurate, efficient VAT collection critical to keeping the government running. With a VAT Gap (the difference between the amount of VAT actually collected and total VAT owed) of 13.7%, well above the E.U. median of 10.9%, Hungary’s tax authority has implemented several efforts […]
The Common Reporting Standard (CRS) is fast becoming the global standard for tax information reporting outside the United States. As more countries adopt CRS, and as penalties for late, incorrect or missed CRS filings become more severe, financial institutions need to know what their compliance requirements are. Following are clarification and detail about what insurers […]
Implications of OECD VAT Guidance for Businesses On Oct 24, the Organisation for Economic Co-operation and Development (OECD), released further guidance on how countries can implement effective VAT collection systems for cross-border trade, particularly concerning digital/electronic supplies. Business should take particular note of this development as history proves that OECD guidance, particularly in this space, […]
The ISO Invoice Tax Report and SAF-T specifications for online tax administration invoice controls exemplify fundamentally different directions in the rapidly evolving electronic invoice compliance space; these models affect businesses in very different ways. If you want to know if trading parties respect indirect tax requirements in their dealings, there are essentially two ways to […]
Our October 24 Webinar, “Building the Tax Team of the Future to Successfully Navigate the Regulatory Storm,” is now available onDemand. During the webinar, we asked attendees a series of four detailed polling questions to help them measure their tax teams’ ability to deal with regulatory and business change. Questions were based on a Reactive-to-Proactive […]
Currently, companies in Brazil must submit two separate types of invoices to the tax authority – product invoices (NFe) and service invoices (NFSe). Product invoices for goods and raw materials are standardized throughout the country, allowing companies to centralize their compliance processes; however, service invoices vary heavily depending on the city.
It’s clear business evolution, technology disruption and related tax compliance laws are creating increased complexity and becoming tremendous business liabilities. In today’s regulatory environment, businesses must view tax compliance as a critical function, committing the right resources, technology and process discipline necessary to maintain compliance and respond to the associated audits so the business can […]
In both the House and Senate, Congress is looking to change the thresholds for Form 1099-MISC and Form 1099-K reporting. Form 1099-MISC, which is used to report miscellaneous income, currently has a general threshold of $600 with some exceptions (e.g. royalties of $10 or more, or direct sales of at least $5,000 of consumer products […]
Changes to global FATCA and CRS compliance requirements happen frequently. In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable recent developments in AEOI reporting. Cyprus Extends Country-by-Country Reporting Deadlines for CRS Cyprus recently announced that the submission […]
The Peruvian Tax Administration SUNAT recently authorised the first two e-invoicing operators that will eventually take over the current centralised clearance service at SUNAT: Peruvian/Danish owned eFact and Chilean/US owned Paperless/SOVOS. SUNAT’s new model is a distributed one, named “OSE” (Operador de Servicios Electrónicos) in Peru and has both similarities and differences with the Mexican […]
A recent move by the IRS to reject 1040 forms that don’t properly indicate taxpayers’ health-insurance status shows that the Affordable Care Act is both still in effect and relevant to tax reporting. After a summer of attempts to repeal the ACA, the law survived, as did the tax information reporting requirements it carries. Now, […]
There’s a growing regulatory storm on the horizon, impacting tax professionals’ roles and skills. This is causing a shift in how businesses are preparing their compliance teams to keep their businesses ahead of the curve. Join Matt Walsh, Principal Indirect Tax and Mark Christenson, Director, of Sovos on October 24 at 2:00 PM Eastern […]