In the latest iteration of Latin American countries following the example set by Brazil’s e-invoicing regulations, Colombia is expected to introduce its own version of the legislation this year. The Dirección de Impuestos y Aduanas Nacionales (DIAN), Colombia’s version of the Internal Revenue Service, cites several benefits of making such a move, including: 1) Strengthening […]
Applying the correct indirect tax on sales of downloaded or online products presents a considerable challenge for global companies. This article endeavors to offer a brief overview of the different approaches taken in the United States (“US”) and the European Union (“EU”) regarding the proper tax treatment of such items. Before we begin, when using […]
Brazil may have set the stage for economic growth (and e-invoicing mandates) in Latin America, but its current prospects are quickly being overshadowed by some of its overlooked counterparts. In 2012, Mexico, Peru, Colombia and Chile joined forces as the Pacific Alliance, and soon will add Costa Rica as a full member to their ranks. […]
As tax season becomes more of a discussion than an upcoming event, small businesses exhale a sigh of relief. The complex nature of small business tax compliance has created much frustration and even extensions on their yearly filings. According to the National Small Business Association 2015 Small Business Taxation Survey, which included participation from more […]
With concern over the fact that the U.S. Internal Revenue Service is unable to function at a level it should due to limited funding, there are some politicians and tax industry professionals who fear the voluntary tax compliance model will not be able to stand. As the IRS is having a difficult time keeping pace […]
If you are trying to understand how indirect/transaction taxes apply in Hawaii the first thing you need to know is that Hawaii does not have a sales tax, at least not in the traditional sense. Rather, the state imposes a General Excise Tax (GET) levied on the person conducting the business on the island and […]
Latin American governments aren’t introducing and expanding e-invoicing mandates at a rapid rate simply to create more data. These invoices are used to support and verify tax deductions, ensuring that the government receives an accurate (and the maximum) amount of tax revenue. Remember, mandated e-invoicing covers all sales and in-country purchased via XML, so the […]
Virginia holds three sales tax holidays annually. Until this year, the Hurricane Preparedness Holiday took place in May, the School Supplies and Clothing holiday took place in August and the Energy Star and WaterSense holiday took place in October. There has been a lot of debate surrounding sales tax holidays across the country over the […]
Latin American compliance is a challenge for all businesses, especially those operating in multiple countries who are attempting to manage these processes with internal staff and on premise software solutions. From significant IT investments, internal support needs, and the cost of potential business disruptions and fines, the inability to achieve or maintain compliance can cost […]
Funding Wireless Enhanced 9-1-1 in the U.S. through Fees Today it is a fact of life in the U.S. that most adults (and many children) own and carry wireless phones. Based on industry surveys, 4 out of 10 adults and roughly 45% of American children live in wireless-only households. With this in mind, it is […]
As e-invoicing mandates continue to spread throughout Latin America, it’s becoming increasingly important for companies to have a regional compliance partner that proactively monitors and responds to the ever-changing compliance landscape. As we explored previously, three countries are beginning to enforce compliance measures this year: Peru, Uruguay and Ecuador. While the legislation in each country […]
Invoiceware will be participating in an upcoming Q&A with SAP Insider on April 16th. This is an opportunity to ask questions about the impact Latin America E-mandates to your business. Topic: How Will Latin American E-Mandates Affect Your SAP Implementation in 2015? Q&A Panelist: steve.sprague Date: Thursday, April 16 Time: 12:30pm EDT / 9:30am PDT […]
FATCA Intergovernmental Agreements (IGAs) The Foreign Account Tax Compliance Act (FATCA) is a US law that requires foreign financial institutions and some other entities around the world to report to the Internal Revenue Service on accounts held by US Persons, so that such amounts may be properly taxed in accordance with the Internal Revenue Code. […]
E-invoicing mandates continue to expand throughout Latin America. Just a year ago, only three countries in the region enforced compliance mandates. This year, seven countries have enacted e-invoicing legislation, with more set to join the movement in the near future.
Puerto Rico recently published (PR) DA 15-05 regarding the filing of Declaration of Imports in PR for Non-Bonded Importers. This information is particularly important for registrants that are not bonded and who have not been filing their Import Declaration via the current PICO system. This new Ruling 15-05 essentially provides that the “Temporary” Declaration on […]
Reduce Support Costs, Avoid Fines and Focus on Business Innovation We’ve recently explored the top 5 reasons why companies are switching off on premise software solutions to cloud providers, more specifically hybrid cloud. This model: Configures to your unique SAP ERP and eliminates multiple upgrades Eliminates failure points and the need for constant monitors Provides […]
Expanding Paint Stewardship in the U.S. and the imposition of the PaintCare and other Stewardship Fees Product stewardship is a concept where those involved in the production, sale, and purchase of a product take up responsibility to reduce the environmental, health, and safety impact that may be associated with its usage and disposal. Stewardship organizations […]
One Solution Provides Multi-Country Compliance Regulations throughout Latin America are inconsistent and frequently changing. Brazil’s new requirements under NFe version 3.1 look vastly different than what’s required in Chile, Uruguay, Argentina and elsewhere throughout the region. Most on-premise solutions cannot support the full spectrum of these requirements and the processes that must be included to […]