Blog

How to Capture VAT from Offshore Sellers: New Guidance for Governments

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, […]

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A Guide to CRS Reporting Requirements for Insurance Companies

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 […]

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Evaluate Your Tax Team for Regulatory and Business Change

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 […]

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Brazil Announces Official Launch of NFSe Pilot Program

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.

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Building a Tax Team to Meet Future Compliance Requirements

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 […]

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Peruvian Distributed Clearance Model Launched

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 […]

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Building the Tax Team of the Future to Navigate the Regulatory Storm – Webinar

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 […]

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Colombian E-Invoicing Adoption – An Ambitious Deadline with Good Progress

Colombia has aggressively promoted the adoption of e-invoicing since 2015. That year, Decree 2242 introduced mandatory e-invoicing in XML format through regulated schemas, use of digital signatures and real-time invoice controls by the tax authority DIAN as a clearance point. This model, which represents a significant departure from the previous ‘classic’ VAT invoicing scheme, can […]

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Brazil’s IoT Advancements Lead to “Google of Fiscal Goods”

NFe 4.0 Introduces Unprecedented Product Traceability NFe 4.0 ushers forth new requirements that make a new level of product tracking possible. Specifically, the SEFAZ, Brazil’s tax authority, requires companies subject to sanitary regulations or recall cases, as well as those that produce agricultural pesticides, veterinary products, dental products, medicines, beverages, bottled waters, food packaging, etc., to […]

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4 Reasons Why Your Archiving Strategy Can Help Your E-Invoicing Strategy

Here at Sovos, we’ve noticed how many companies are starting to reflect on what their e-invoicing strategy should be. That doesn’t mean they view e-invoicing as an isolated process, or necessarily want to acquire it as a standalone service – but in whichever form they’ll be adopting this still way-too-often missing piece of the enterprise […]

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159.5 Billion Reasons Why the Global Tax Landscape Is Changing 

The VAT Gap in the EU was estimated to be €159.5 billion in 2014, and the enormity of that gap is one of the reasons why the global tax landscape is changing so dramatically. Sovos explained this development to attendees of the FD Exchange conference, which took place in the Steigenberger Airport Hotel in Amsterdam. […]

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A Year of Changes in Brazil (Part 3): Bloco K Presents Inventory Management Challenges

What Is Bloco K?

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Updated: The Definitive Guide to Latin American Compliance

What began as an e-invoicing mandate in Brazil just over 10 years ago has significantly transformed the way businesses operate – not just in Latin America, but across the globe. Governments are progressively turning to technology to close tax gaps, crack down on tax evasion and gain visibility into transactions that happen within – and […]

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A Year of Changes in Brazil (Part 2): New Digital Bookkeeping Mandate – REINF

REINF Defined

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Costa Rica E-Invoicing: Top 8 Requirements to Know

After 8 years of voluntary e-invoicing, Costa Rica has begun its transition to mandatory e-invoice submissions. The first 10 companies began compliance in March 2017 as a pilot, and the DGT, Costa Rica’s tax authority, will continue to roll the program out to additional enterprises over the next two years via email notifications. Like other […]

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2017 Marks Year of Changes in Brazil: Brazil Overhauls NFe and CTe

Already known as a worldwide leader in technology-driven tax compliance, Brazil has announced several changes and additions to its requirements starting in 2017. These changes, designed to close reporting loopholes and gather even more information to improve validations, affect Brazil’s e-invoicing and transportation tracking processes, as well as introduce new measures to monitor social security […]

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2017 Marks Year of Changes in Brazil (Part 1): Brazil Overhauls NFe and CTe

A Closer Look at NFe 4.0 Nota Fiscal (NFe) version 4.0 marks the first new release of Brazil’s e-invoicing schema in two years, and companies can expect a major change from their previous compliance processes. NFe 4.0 requires a new XML structure, new fields, new data, new communication protocols and new web services, impacting both […]

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How Manufacturers Keep Pace with Global Tax Compliance – Infographic

It’s no surprise that the acceleration of regulatory complexity is increasing manufacturers’ risk of being negatively impacted by sales and use tax compliance in ways that can hinder their growth. See INFOGRAPHIC Below Manufacturers Burdened with Regulatory Complexity 2017 has been the year that manufacturers began moving from design and concept for cloud technologies, IoT […]

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