UPDATE on the Legislative Future of VAT – May 16, 2016 The future of the VAT in Puerto Rico, including the rate increase for B2B and designated professional services, is now in the hands of the Governor. While both the House and the Senate of Puerto Rico passed legislation to repeal the VAT, the Governor is […]
Maquiladoras, a special class of manufacturers in Mexico, benefit from reduced tax obligations, making business-to-government compliance accuracy even more critical for the companies holding this status. A change in a manufacturer’s Maquiladora certification would impact its tax rating, increasing tax liabilities and affecting cash flow. Introduced in the 1960s to increase employment in Mexico, the […]
The Proposed Changes to Japan’s Consumption Tax In Japan, consumption tax is paid by consumers when they purchase goods and services. Presently, Japan’s consumption tax rate is 8%. On March 29, 2016, the Japanese Diet (National Parliament) approved the Fiscal Year 2016 Budget, including various tax reforms. The reforms include an increase in the consumption […]
Today you are in luck. This Friday the 13th round-up covers FATCA, CDOT, and CRS changes from around the world for a truly global update that covers all three of these new reporting regimes. Poland Announces New FATCA Filing Form (FAT-1) Poland has announced the impending release of a new form (FAT-1) that will assist […]
Businesses of all sizes and in all types of industries often have problems achieving full sales and use tax compliance. This can be especially problematic when an organization is growing, but still aiming to provide excellent goods and top-notch customer services by using sophisticated back-end systems. The Challenge for Goodin: Accuracy, Audits & Expansion This […]
Once again, close to a regulatory deadline, the IRS has recently released an updated Publication 5165 for ACA information return transmittals. This guide outlines the communication procedures, transmission formats, business rules, and validation procedures for returns transmitted electronically through the AIR system. Do you know how to implement all the following technical changes? Here at […]
For companies currently or considering managing compliance in Latin America on-premise, it can be difficult to fully calculate the total cost of compliance. Between hardware, software, middleware, implementation and support staff, troubleshooting, change management and more, in-house compliance takes multiple internal resources, and costs can add up quickly. When evaluating your compliance costs, have you […]
Here at Sovos, we are committed to keeping you up-to-date with current VAT compliance updates from around the globe. Check out these recent changes from our expert research team: European Union: European Commission publishes “Action Plan” for VAT On April 7, 2016, the European Commission published “An Action Plan on VAT,” a 14-page report […]
Countries all over keep taking steps to ensure they are on track to fully participate in CDOT and CRS. Here are the weekly CRS updates compiled by our tireless research team. British Virgin Islands Opens Portal for UK CDOT Filings and Issues Revised BVIFARS User Guide with CDOT-Specific Updates The British Virgin Islands has announced […]
The world keeps spinning and countries keep taking steps to ensure they are on track to fully participate in FATCA. Here are the weekly FATCA updates from different countries across the globe compiled and presented for you to stay in the know when it comes to AEOI and global reporting. Slovak Republic Releases Competent Authority Arrangement […]
UPDATE – April 29, 2016 As predicted, legal challenges to the South Dakota Economic Sales Tax Nexus standard were swift to arise. On Thursday, April 28, 2016, South Dakota filed a suit against several prominent internet retailers in the South Dakota Sixth Circuit Court. (State of South Dakota et al. v. Wayward Inc. et al). […]
The SAT (Mexican tax authority) has announced a new transaction requirement that could affect your e-invoicing process. The new requirement specifically addresses “Exportaciones Definitivas Clave A1,” or foreign trade transactions, which the SAT defines as final exports. The SAT will mandate that all companies incorporate a new “complemento” (additional information) for foreign trade CFDIs starting […]
The last two weeks have seen countries from all over the globe make strides in preparing to accept information for FATCA, CDOT, and CRS. Take a look through the list compiled by our in-house research department to stay in the know. Germany Releases New InfoBrief; Updates Prior Testing InfoBrief Germany recently released InfoBrief 04/2016. […]
Even though the first main form creation and delivery deadlines for federal tax information reporting may have passed for Tax Year 2015, there is still plenty your organization should do throughout the year to prepare and handle other obligations such as state reporting, penalty notices, and back-up withholding just to name a few in order […]
In a survey of 1,000 CFOs in companies with revenues greater than $500 million, Ernst & Young discovered that confidence is waning, particularly when it comes to the effectiveness of their compliance efforts. In fact, only 55% of the CFOs responding said that they are at least somewhat confident in their degree of compliance. That’s […]
We are proudly sponsoring one of the largest Shared Services Conferences in Europe – The 16th Shared Services & Outsourcing Week. This three day event from the 24th to the 26th of May will take place in Dublin this year under the theme of “driving strategic value through Automation, Process, Excellence and Data.” According to […]
Join Sovos and Cheryl Riedlinger at the 30th annual Tax Reporting & Withholding Conference to be held April 25 – 27, 2016 at the Renaissance Arlington Capital View Hotel. If you are beginning to operationalize and mobilize for 2016-2017 tax season, this is a great opportunity to learn about all the latest updates and network with some of […]
Managing the sales tax complexities and the compliance process manually can be cumbersome, complex, expensive, and prone to error. How much time, energy, and resources are you and your team spending researching and interpreting tax laws, updating spreadsheets, and implementing various calculations? Join Chuck Maniace, Antonio Di Benedetto, and Tim Roden on April 25 at […]