Blog

Mandatory E-Invoicing in Italy: How Clearance Came to Europe

During the past year, much has been said and many rumors have flourished about the direction of e-invoicing in Italy – and more specifically about whether or not Italy would (and could!) make the exchange of e-invoices mandatory for all supplies. We have repeatedly reported about these developments as they have unfolded and now we […]

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VAT Compliance Lessons Learned from Latin America

Brazil, Chile, Mexico and other Latin American countries have been on the bleeding edge of technology-driven value-added tax (VAT) initiatives for more than a decade. These countries have set the stage for similar compliance and reporting requirements that are now sweeping across more than 30 European countries. Businesses operating in Europe have a distinct benefit. […]

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SAF-T is a Red Herring and is a Misleading Way to Describe What’s New in the EU Market

When European or American companies talk about Europe increasingly adopting VAT reporting solutions based on the OECD SAF-T standard, they are mostly showcasing their ignorance of the revolution in tax controls that is really brewing. Europe is playing catch-up with many other parts of the world which are utilizing the Internet and associated technologies to […]

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The Future of VAT Compliance and Reporting: Automation

In the complex and ever-changing landscape of VAT Compliance and Reporting, automation is critical to drive operational simplification, cost reduction, audit risks mitigation and capability acquisition. “Routine tasks do need to be automated, but for the purpose of freeing up people to explore new approaches to create even more value.” This statement from a June […]

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VAT & B2G Reporting Newsletter: January 2018

International News European Commission Proposes Changes to VAT Regime On January 18, 2018, the European Commission proposed an overhaul of the European VAT System, building on the 2016 VAT Action Plan. The main goal of the proposed changes is to create a European VAT area that operates more efficiently in a globalized world and aids […]

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Turbulence Ahead: The Evolution of VAT Compliance and Reporting

As tax authorities move to technology-driven value-added tax (VAT) reporting requirements, businesses operating in Europe will need to strap on their seat belts and prepare for turbulent times ahead, according to a new study by Sovos that examines the compliance-related disruptions that are sweeping across the globe. In the report – The Evolution of Value-Added […]

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Why is Scanning Resurrecting Across Much of the Globe?

Most professionals in the e-invoicing world naturally strive towards a paper-less community, where financial transactions are exchanged as electronic messages in formats such as EDIFACT and XML. This is a vision that is worth pursuing and is a near reality in Latin American countries, such as Mexico and Peru where progressive government initiatives and requirements […]

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Italy Finalizes Expanded eInvoicing Requirements

Businesses Selling in Italy Must Prepare Over the last few years, Italy has proposed a series of tax reforms intended to close their substantial “VAT Gap.” At the beginning of this year, Italy finalized their plans to impose a significant new compliance obligation on businesses selling in Italy, B2B eInvoicing. Businesses will need to deploy […]

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IT’s Critical Role in VAT Compliance and Reporting

VAT compliance and reporting can place a major burden on IT teams. With customizations required for every jurisdiction, constantly changing regulations, necessary integrations with government portals and a variety of data submissions and reports required, compliance can quickly erode IT’s time for other projects and innovation. Constant fire drills are only the tip of the […]

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Significant VAT Changes on the Horizon for Companies Operating in the UK

Even though the year is just underway, 2018 is already bringing a flurry of activity around indirect taxation in the United Kingdom. While much of the detail still needs to be sorted, one thing is clear – significant compliance changes are on the horizon and companies operating in the UK will need to adapt. Specifically, […]

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Top 3 Challenges of SAP-based eInvoicing and VAT Reporting

As tax authorities in Latin America, and now Europe, adopt new eInvoicing and eAccounting initiatives, companies are realizing that SAP is not equipped to support the unique needs from country to country. When faced with this challenge, some companies either opt to manage compliance internally or move compliance outside of SAP, both of which are […]

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VAT Compliance and Reporting Watch: Six Countries Facing Dramatic Changes

Tax authorities in countries around the world are changing VAT compliance and reporting rules in an effort to minimize tax gaps, improve efficiency and accuracy, simplify auditing and ultimately achieve real-time visibility into companies’ operations. While every country is at a different stage in rolling out these initiatives and they all take slight different approaches, […]

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VAT and B2G Reporting Newsletter: December 2017

International News EU Council Approves Overhaul of VAT System The Council of the European Union has adopted a legislative package that will substantially modify Europe’s VAT law from 2019. This package – consisting of a Directive and two Regulations – represents the first step towards enacting the European Commission’s 2016 Action Plan on VAT, which […]

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How to Get Control of Your Invoice Archives: It’s Not Too Late
Three Decades After the Birth of EDI, Scanning is Still a Big Thing

The future of business transaction compliance with tax and other legal requirements calls for government approaches that cater for the unlimited diversity of business processes; real-time controls are one promising avenue to do that, but on the condition that business data to be sent to government platforms maps organically onto existing business definitions of trading […]

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VAT and B2G Reporting Newsletter: November 2017

International News OECD Issues New Advice on VAT Administration On Oct 24, the Organization for Economic Co-operation and Development (OECD) released guidance on how countries can implement effective VAT collection systems for cross-border trade, particularly concerning digital/electronic supplies. The guidance, which is entitled, Mechanisms for the Effective Collection of VAT/GST, relates mostly to design options […]

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GDPR Compliance: What it Means for Your Global Business E-Archive

Some of the biggest business buzzwords of 2017 are without a doubt tied to the themes of privacy, integrity and personal data protection. Rightly so; these are important considerations for any organisation, and with the entry into force of the EU General Data Protection Regulation (more commonly referred to as GDPR) looming only 6 months […]

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Are Cloud Based Real-Time Controls Changing Trade As We Know It?

Interview with Christiaan van der Valk, Vice-Chair of the ICC Commission on the Digital Economy. This interview was originally published by the International Chamber of Commerce at: https://iccwbo.org/media-wall/news-speeches/real-time-controls-changing-trade-know/ What ICT trends are currently on your business’s radar? There are many trends, but I’d say that one of the most significant is where companies are increasingly […]

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The Art of Archive Off-Boarding: Can You Be Held Hostage By Your Archiving Vendor?

One of the aspects of Sovos’s checklist for ‘globally compliant archiving’ that we get most questions about is off-boarding. We’d like to share the answers to key frequently asked questions regarding this notion below. What do we mean by archive off-boarding? Put simply: it should be possible – operationally, technically and legally – to leave […]

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