Few things in VAT are ever straightforward. A notable exception is the unambiguous requirement to issue, process and archive compliant invoices for all transactions ‘within the scope of VAT’ – roughly, transactions between VAT-registered entities, whether they explicitly carry VAT or not. What constitutes a ‘compliant’ invoice is, of course, defined by applicable VAT law […]
Most of the financial news coming out of the UK currently revolves around Brexit, but a forthcoming VAT initiative is far more likely to have an immediate impact on companies doing business in the UK. Beginning April 1, 2019, the UK’s Making Tax Digital (MTD) initiative will begin to go into effect. Any company doing […]
Tax compliance is moving up the priority list as companies migrate from ECC to S/4HANA and S/4HANA Cloud. Multinationals recognize the inefficiencies of SAP-native compliance as government mandates redefine sales and use tax, e-invoicing, and VAT compliance and reporting requirements. Financial systems that were originally implemented to help manage growth are now hindering it. IT […]
In June, the United States Supreme Court announced its decision in the highly-anticipated and hotly-debated South Dakota v. Wayfair case, ruling in favor of South Dakota. Immediately, this decision triggered panic among eCommerce retailers across the country. What would this mean for their sales tax collection obligations? Would they be on the hook in a […]
Value-added tax (VAT) gaps take a toll on tax authorities around the world. Errors and tax fraud reduce what governments can invest in services for citizens or needed infrastructure improvements. Now, countries across the globe are adopting technology-driven approaches to reduce the gap and gain real-time visibility into business transactions. Throughout Latin America, countries like […]
Technology-driven initiatives to overhaul outdated VAT regulations are changing the landscape for businesses in Europe. By requiring real-time, transaction-level data, tax authorities are making businesses rethink processes and seek solutions to ease the burden. Tax authorities across Europe are cracking down on fraud and increasing tax revenue collection through new VAT initiatives. eLedger, eAccounting and […]
The right of erasure vs. the legal requirement to store data The protection and privacy of personal data has become a hot topic. Regulators across the globe implement laws which aim to provide greater protection of the privacy of personal data. One of the most significant pieces of legislation is GDPR which came into effect […]
In October, Christiaan van der Valk, Sovos vice president of strategy, will speak about the emergence of real-time VAT controls on business transactions at the CIAT/IOTA Technical Conference in Lisbon. The presentation will focus on lessons learned from ongoing work on these topics in groups at the International Chamber of Commerce (ICC) and the European […]
Following the introduction of the brand-new Value Added Tax (VAT) regime in January 2018, the Kingdom of Saudi Arabia has also started promoting a national electronic invoicing platform called ESAL. This is a joint effort between the Saudi Arabian Monetary Authority (SAMA) and the General Authority of Zakat and Tax (GAZT). These measures are in […]
It’s clear that company leaders understand that digital transformation is key for their very survival in a world of constant disruption, but only a small percentage actually have finished a company-wide transformation – opening the door to potential problems from lost customers to tax compliance issues. An SAP survey finds that 84% of 3,000 executives […]
Il 1 Settembre ha segnato il secondo passo in avanti per l’avviamento di massa verso la Fatturazione Elettronica in Italia – in questo caso si e’ trattato di coinvolgere le aziende che si occupano delle Fatture relative agli acquisti al dettaglio da parte di cittadini non facenti parte la Comunita’ Europea. Con altrettanta enfasi e’ […]
The Sovos eInvoicing solution for Colombia has achieved SAP certification as powered by the SAP NetWeaver® technology platform. The solution integrates with SAP NetWeaver and safeguards companies doing business in Colombia by automating real-time electronic invoicing processes as required by Colombian mandates. All companies doing business in Colombia must adopt electronic invoicing by Jan. 1, […]
The information technology (IT) and risk departments in most organizations have generally had little to do with each other outside of specific tasks. However, now that some of the biggest potential risks companies face involve data security, a new effort seeks to help IT and risk experts speak a common language, coming together to quantify […]
The CIAT/IOTA Conference taking place next month in Portugal demonstrates the global emergence of a major trend: real-time tax control and enforcement. The conference, which two regional tax organizations will co-host, could provide the foundation for how European tax administrations will implement their electronic invoicing and VAT control regulations for years to come. The joint […]
Governments have rapidly adopted digital models to better collect every type of transactional tax, including value-added tax (VAT), goods and services tax (GST), and sales and use tax. The SAT (Mexico’s tax authority) is no different. Interestingly, Mexico has been a trailblazer in the digitization of tax, adopting new digital models and processes to ensure […]
South Dakota v. Wayfair Decision Effects on Sales Tax Filing The South Dakota v. Wayfair decision is just a couple months behind us, and states are scrambling to impose new tax collection and remittance requirements based exclusively on economic or virtual presence. With July 1 registration deadlines in the rearview mirror and October 1 and January […]
Christian van der Valk, Sovos vice president of strategy, will speak at the CIAT/IOTA Tax Summit 2018 in Portugal. The show will take place in Lisbon Oct. 24-26. The Tax Summit is a joint effort among the Inter-American Center of Tax Administrations (CIAT), the Inter European Organization of Tax Administrations (IOTA) and the Portuguese Tax […]
Deborah Pflieger is a principal and leader of Ernst & Young’s information reporting and withholding practice. She tracks changes and trends in 1099 tax information reporting and will present on the topic at the 2018 Sovos Intelligent Reporting Summit in Denver in October. Pflieger recently spoke with Sovos about reporting trends that have caused concern […]