Blog

Financial Institutions Struggle with First UK CRS Transmittal

The first round of UK CRS filings didn’t go quite as well as some tax professionals at financial institutions thought it would. Just before the filing deadline, a survey of FIs revealed an air of confidence about the first transmittal, despite the fact that the first FATCA filing in the US was challenging. But participants […]

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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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Press Release: Sovos Acquires Largest eReceipt Compliance Solution, Paperless, Creating First Global Solution for Business-to-Government Reporting

With the acquisition, Sovos adds eReceipts to its real-time tax reporting solution, expands its presence in Brazil and extends Latin American operations to Chile, Colombia and Peru. Wilmington, Mass. – Global tax compliance and reporting software leader Sovos announced today that it has acquired Chile-based Paperless to expand its real-time government reporting capabilities with electronic […]

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Eight Points to Assess Your Readiness Level for Globally Compliant E-Invoicing

To ensure globally compliant e-invoicing on an ongoing basis, you should keep a close eye on the following eight functional domains: Technical and legal document rules: Are there mandatory technical rules for the file format? What is the minimum required content for an invoice? Do you have means to ensure the correct calculation of all […]

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VAT Country News Summary for July 2017

Keep current with VAT news without having to sift through the news every day. Here are the most significant happenings in the world of VAT reporting from July: United Kingdom Announces Change in Timetable for “Making Tax Digital” Initiative for Businesses On July 13, 2017, the parliament of the United Kingdom, along with Her Majesty’s […]

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Sovos Acquires Largest eReceipt Compliance Solution, Creating First Global Solution for Modern Business-to-Government Reporting

We’re excited to announce the acquisition of Paperless, which expands our real-time government reporting capabilities with electronic receipts and consumer point-of-sale tax reporting – and extends our presence in Latin America. Paperless, which is based in Santiago, Chile, is the world’s largest eReceipts and eDocuments company, processing more than two billion transactions last year across […]

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Sovos adquiere la mayor solución de cumplimiento fiscal en facturas electrónicas, creando la primera solución global para modernos informes de transacción en el ámbito B2G

Nos complace anunciar la adquisición de Paperless, que amplía nuestras capacidades de informes al gobierno en tiempo real con boletas electrónicas e informes fiscales de puntos de venta al consumidor y extiende nuestra presencia en América Latina. Paperless, con sede en Santiago, Chile, es la mayor compañía del mundo en facturas y documentos electrónicos, procesando […]

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Sovos adquire a maior solução de conformidade de e-Receipt, criando a primeira solução global para relatórios modernos entre as empresas e o governo

Temos prazer em anunciar a aquisição da Paperless, que amplia nossas capacidades de relatórios governamentais em tempo real com Cupom Fiscal Eletrônico eReceipts e relatórios fiscais de pontos de venda do consumidor, ampliando a nossa presença na América Latina. A Paperless, com sede em Santiago do Chile, no Chile, é a maior empresa no segmento […]

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Spain SII Requirements Expanded; New Mandates Begin January 1

Businesses in two of Spain’s autonomous communities – Basque Country and Navarra – will soon be subject to Spain’s Immediate Supply of Information on VAT (SII) mandate. On July 1, 2017, Spain launched SII, requiring companies operating in the country to electronically submit ledger and invoice details. With the extension into two of Spain’s autonomous communities, […]

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The SAF-T Series Part 1: Periodical Tax Reporting in Poland

At Sovos, we often find ourselves researching many different areas of compliance. Periodical tax reporting is one of the areas we’ve had reason to keep a close eye on. It wouldn’t be an overstatement to argue that tax authorities are getting increasingly more creative when it comes to finding new areas to come down hard […]

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United Kingdom Announces Change in Timetable for “Making Tax Digital” Initiative for Businesses

On July 13, 2017, the parliament of the United Kingdom, along with Her Majesty’s Revenue and Customs (HMRC), announced that the roll-out of the ‘Making Tax Digital for Businesses’ will be delayed until April of 2019. This initiative, first decided upon in December of 2015, is an effort by the government of the U.K., to digitize […]

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SII Reporting to be Adopted in the Basque Region

Organizations operating in the Basque region of Spain will soon be required to comply with SII reporting requirements. As reported in this forum, effective July 1 most companies operating in Spain are now required to transmit information to the Spanish Tax Administration (AEAT) regarding purchase and sale transactions within a few days of invoicing. Today, […]

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United Kingdom to Modify Place of Supply Rules for Telecommunications Services

The United Kingdom has announced plans to eliminate its “use and enjoyment” provision for VAT on business-to-consumer (B2C) telecommunications services used outside of the European Union. Schedule 4A of the VAT Act of 1994 currently treats telecommunication services used outside of an EU member state as taking place where consumed, even if the service would […]

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France Updates CRS Technical Guidance

France has updated its technical guidance, Transfert d’Informations to version 1.3.  The new version contains some schema changes including the addition of the Address Type attribute that was previously not required, even though it is required under the OECD’s schema.  Reporting French Financial Institutions, who have Reportable Accounts, should give close attention to the new guidance to […]

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Bahrain Published Competent Authority Arrangement

Bahrain has recently published the Competent Authority Arrangement between itself and the United States for the purposes of FATCA reporting.  The agreement is required by the Inter-Governmental Agreement between the two states to facilitate FATCA reporting.

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Cayman Islands Extends AEOI Reporting Deadline to August 31

The Cayman Islands’ Department for International Tax Cooperation has recently announced a “final extension” for reporting under the FATCA and CRS regimes in a “AEOI News & Updates” release. Reporting under both systems will now be due August 31, 2017. Reporting entities must register with the Department by July 31, 2017 to ensure they meet […]

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French Court Strikes Down Google VAT Bill

On July 12, 2017, the Tribunal Administratif de Paris struck down a bill of more than 1 billion euros assessed by the French government against Google for back taxes, including VAT. The Tribunal found in particular that Google did not have sufficient human and technical resources in France to subject the company to VAT; instead, the […]

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Germany Publishes Guidelines on VAT Exemption for Frozen Gametes

The Federal Ministry of Finance has released guidance related to a VAT exemption on storage fees for frozen reproductive material. When frozen gametes are stored for therapeutic purposes – such as contributing to a pregnancy as part of fertility treatment – the storage fee is properly VAT exempt. Absent a direct therapeutic purpose, however, storage fees for […]

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