Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: Ukraine Signs Model 1 IGA […]
The Italian government has in recent years put in place a package of legal measures with the ambition of boosting the adoption of e-invoicing across all sectors and especially for SMEs. Not too long ago, the government went so far as to make the Sistema di Interscambio, the public platform used to issue B2G e-invoices […]
In our most recent Tax Tuesday webinar, Ashley Brody and I took a hard look at the most common filing challenges facing today’s manufacturers. We described the trends that we hear about every day from tax professionals and recommended some best practices for staying on top of rapidly changing filing requirements. In addition to the […]
60,000 companies required to implement new e-invoice reporting standard. With recent reports highlighting European Union members’ struggle with uncollected VAT, countries are focusing on initiatives that will reduce fraud and increase tax revenues. Spain, in particular, is taking a page from Latin America’s electronic invoice registration playbook. On December 6, 2016, Spain announced that certain […]
Regulatory and legislative updates to 1099 form requirements between Dec. 28, 2016 and Jan. 11, 2017. Individual states and the IRS introduce new 1099 form requirements and changes to existing legislation on a frequent basis. Sovos documents each of these updates in its Taxport Compass portal to arm clients with the most current and […]
The rules on conversion of invoice form and format are not harmonized across the EU and EEA. Thus, even though the majority of these countries allow for an invoice to be converted from paper to electronic form upon receipt, and at the same time for discarding the paper version, this is often permitted only subject […]
Employers are still required to file their ACA reporting forms. Beyond a potential extension of “good faith” relief to Tax Year 2017 filings, there will likely not be any IRS changes to employers’ reporting obligations. The IRS has implemented its first regulatory change in response to President Trump’s executive order. The narrow rule change, which […]
The use of electronic signatures for the purpose of fulfilling legal requirements for authenticity and integrity (A&I) in electronic or e-invoicing has been discussed extensively in recent years and has resulted in high-quality signatures being either mandatory (e.g. in Latain America, Russia, Turkey and China) or a well-defined option (as in the European Union) for […]
The City of Milwaukee created the “Wisconsin Center Tax District” for the purpose of acquiring and managing exposition center facilities. This local exposition district adopted several taxes to fund these facilities. Some examples of the newly-imposed taxes include a 0.5 percent food and beverage tax, a 2.5 percent basic room tax, a 7 percent additional […]
Despite major initiatives to increase visibility into commercial transactions within its borders, Mexico’s tax authority, the SAT, has been dealing with a gap in information on exports. Current e-invoices and reporting requirements are not enough to identify and link Mexican exporters with foreign customers, but that will soon change. Starting on July 1, 2017, companies […]
Tax reporting rules for remote sellers may change if Congress approves pending federal legislation. Sellers should prepare for the potential impacts of these changes. How Remote Sellers Can Prepare for Pending Sales Tax Legislation States are struggling to capture lost sales tax revenue, but many have made attempts to change existing rules detailing when sellers […]
In December 2016, Mexico announced the largest update to its e-invoicing schema in years. CFDI v3.3 is now a reality, and companies doing business in Mexico have until July 1, 2017, to go live with these significant changes. To meet this deadline, companies must begin preparing for these new government standardizations now. Are you prepared […]
India has debated moving to a Goods and Service Tax (GST) for over 16 years. However, recent developments — many of which have been reported in this blog — strongly point toward the country adopting a GST in the next several months. Since the Government ratified the GST Constitution Amendment Act on Sept. 16, 2016, […]
Automatic Exchange of Information (AEOI) legislation is constantly evolving worldwide as the standard is rolled out around the world. The Sovos research team continually monitors new regulations and updates across the globe and publishes them in our Taxport Compass tool. Here are some important changes that occurred in recent weeks: Several Countries Sign Model 1 […]
Enterprises conducting business in the EU are currently analyzing the impacts and organizational changes required to comply with the General Data Protection Regulation that will, from May 2018, redesign the legal framework in privacy. The changes will substantially affect risk management processes and privacy requirements will become essential in product development and IT infrastructure design […]
Tax information reporting can be tricky for businesses. Many organizations do not have the internal resources to assign a devoted team to compliance efforts, as their HR and IT teams are often tied up in other affairs. With this in mind, Sovos commissioned a survey to better understand how organizations are handling these challenges and […]
As informed in previous posts, from 1 of July of 2017, big taxpayers in Spain will be obliged to report invoice data on inbound and outbound invoices to the tax authority under the new SII system. Taxpayers subject to this system must communicate extracted data from issued invoices within four (4) business days following the […]