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The acceleration of regulatory complexity is causing unnecessary strain on IT departments within manufacturing companies, negatively impacting growth. In fact, 31% of companies report that keeping up with the volume and complexity of regulations is their number one compliance challenge, and 45% say increasing costs of compliance is their number one barrier to growth. The […]

When the first European VAT Directive was adopted by the European Union’s forbearer, the European Economic Community all the way back in 1967, the ambition was to establish a definitive system for the collection of VAT from trade between Member States. The directive put forward a plan to create a unified system for intracommunity transactions […]

More countries are transitioning from electronic VAT filings to real-time VAT reporting, automated audits, eInvoicing and eReceipts.  Learn terminology key to understanding real-time tax reporting. Latin America (LATAM) is deemed the most complex tax compliance environment in the world. Over the last decade, it has become synonymous with real-time value-added-tax (VAT) compliance and reporting. In […]

Will Spain become the next EU country to follow in Italy’s footsteps by introducing a national mandate for business to business (B2B) e-invoicing? With the introduction of its e-invoicing mandate, Italy will become the first major EU country to acquire real-time information that will allow it to cross-check the VAT companies declare with the amount […]

On the heels of revealing our S1 cloud platform to drive the modernization of tax software in the face of mounting digital disruption from businesses, financial systems providers and governments, as well as announcing support and an early adopter program for SAP S/4HANA cloud, we’re excited to also announce the following key appointments to our leadership […]

Companies dealing with complex sales and use tax determination, VAT regulations and other tax challenges across the globe know that SAP alone is not equipped to support the varying requirements from country to country. As SAP sunsets support and updates for ECC and R3, companies must move to HANA to keep their systems up to […]

Country-by-Country News Mexico Allows Temporary Penalty Waiver for 2017 CFDI of Nomina The Tax Administration Service of Mexico (SAT) has announced that it will allow, until May 15, 2018, the correction of CFDI of Payroll (CFDI de Nomina) issued during 2017. For that purpose, SAT issued a new Rule 2.7.5.7 in the First Modification of […]

A silent revolution is spreading across Europe. As governments across the EU seek to close their VAT gaps, increasingly we’re seeing the trend towards government-controlled, real-time invoice control platforms, known as the ‘clearance’ model. Post-Audit vs Clearance In the standard post-audit model of invoice compliance, invoices are exchanged between the supplier and the buyer. Both […]

Facebook was open to the public for more than a decade before most users thought all that much about what companies do with the data they share on social media. In the wake of the Cambridge Analytica scandal, that’s not the case anymore. And with Europe’s groundbreaking General Protection Data Regulation (GDPR) having kicked in […]

Italy will soon join Hungary in requiring real-time, transaction-level reporting. With the launch of the first phase imminent (1 July 2018), Italy’s tax authority recently released new information on its eInvoicing requirement. In February, the European Commission backed Italy’s request to implement mandatory eInvoicing. This clearance is a game-changer for businesses operating in the European […]

Countries within the European Union (EU) are losing billions of euros in value-added tax (VAT) every year because of VAT fraud, VAT evasion, VAT avoidance and inadequate tax collection systems. As of 2016, the VAT gap in the EU was 159.5 billion euros, or 14% of the total expected VAT revenue for the EU. As […]

Ever since the Legge di Bilancio, the law introducing the Italian e-invoicing obligation for all domestic supplies was passed on 27 December 2017, discontented voices have raised an objection to its ambitious timeline. The original plan phases in the clearance-style mandatory e-invoicing process across the following key dates: 1st July 2018: For supplies of petrol […]

Since the first launch of eInvoicing mandates in Brazil 10 years ago, eInvoice adoption has now spread worldwide. Governments are implementing complex, real-time, transaction-level requirements to gain visibility into tax liabilities, close the tax gap and minimize corporate tax evasion. eInvoicing compliance is not a simple process for businesses – it requires a total shift […]

Global companies are increasingly using different tactics to address today’s onerous tax compliance burdens. Some rely on outsourcing to third parties, some have in-house teams to manage VAT compliance and reporting, and others look to shared services to centralise tax filing and reporting tasks. In each approach, technology is essential to keep pace with today’s […]

The floodgates may be opening. Following the EU’s approval of mandatory e-invoicing in Italy, it appears that Greece will be the next European Union member state to follow in its footsteps. As announced after the meeting of the intergovernmental group on 23 April 2018, the introduction of a nationwide mandatory e-invoicing framework will come into […]

Ask any business student what the secret to commercial success is and they’ll tell you it’s profit margin, not just sales volume. Therefore, to be good at selling things you have to excel at buying them. Usually, companies have a strong incentive to tightly manage what’s called ‘direct supplies.’ These are the raw materials and […]

Sovos has been named a ‘2018 Provider to Watch’ by Spend Matters, the leading solution intelligent source for procurement and supply chain professionals. This recognition also extends to TrustWeaver, also named on this years’ list and now part of the Sovos family. According to the This Week on Spend Matters email newsletter, “the annual 50 Providers […]

Rapidly changing VAT compliance and reporting regulations sweeping across Europe are forcing companies to determine the best – and most cost-effective – way to minimize the risks and burdens of these measures. These companies need to evaluate three key areas – tax/finance, IT and implementation – to calculate the potential return on investment (ROI) of […]