Blog
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 […]
When I read this recent social media initiative by CloudTrade, my first reaction was a wave of nostalgia for the debate about VAT e-invoicing requirements that raged in Europe between 2005 and 2010. During those years, emotions ran high between e-signature haters and e-signature proponents in the context of B2B electronic invoicing. The first group […]
The efforts involved in planning and executing the introduction of VAT is a big task for any one country, let alone for a group of neighboring countries to attempt at the same time. Nonetheless, the Gulf Cooperation Council (GCC), currently Saudi Arabia, UAE, Oman, Qatar, Bahrain and Kuwait, have during the last couple of years […]
As businesses consider technology to support compliance, there are two primary types of solutions they can choose: point or scalable. In a recent infographic, we examined how point solutions (which are deployed locally and support a minimal number of regulations) stack up against scalable solutions (which are available globally or regionally for a variety of […]
New and evolving VAT compliance and audit mandates are putting a lot of pressure on businesses, making them reevaluate how they internally manage indirect tax determination and reporting. Nearly one-third of CFOs told Grant Thornton that keeping up with the volume and complexity of compliance changes is one of their biggest challenges. Traditional compliance approaches […]
Several modifications to the Spain’s SII Real-Time Reporting mandate are expected to go into effect during 2018 and beyond. We already announced that SII will expand to Basque Country and Navarra on January 1, and now we’re anticipating additional changes to launch simultaneously Annual Reports due by January 30, 2018. SII reporting obligations for 2017 […]
International News European Commission Proposes VAT Overhaul On October 4, 2017, the European Commission published a set of proposals aimed at simplifying and modernizing the current VAT system. The “cornerstone” principles of the Commission’s approach are: • Combating VAT fraud and reducing the €150 billion VAT Gap • Establishing a “One Stop Shop” for cross-border […]
Changes to global FATCA and CRS compliance requirements happen frequently. In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable recent developments in AEOI reporting. Singapore Releases Updated CRS FAQ Singapore has updated its CRS FAQ. The updated […]
Back in June, we wrote about how Italy has declared its intention to make e-invoicing fully mandatory – not only for B2G but also now for B2B transactions. This isn’t a bad thing. Adoption in Europe is lagging embarrassingly far behind many countries such as Mexico, Chile, and Turkey who all introduced e-invoicing much later. […]
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, […]
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 […]
Indirect taxes contribute to almost half of Hungary’s total tax revenues, making accurate, efficient VAT collection critical to keeping the government running. With a VAT Gap (the difference between the amount of VAT actually collected and total VAT owed) of 13.7%, well above the E.U. median of 10.9%, Hungary’s tax authority has implemented several efforts […]
The ISO Invoice Tax Report and SAF-T specifications for online tax administration invoice controls exemplify fundamentally different directions in the rapidly evolving electronic invoice compliance space; these models affect businesses in very different ways. If you want to know if trading parties respect indirect tax requirements in their dealings, there are essentially two ways to […]
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 […]
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 […]
Changes to global FATCA and CRS compliance requirements happen frequently. In order to provide customers with the updated and accurate information they need, Sovos documents each of these changes in its Compass portal. Here are some notable recent developments in AEOI reporting. Cyprus Extends Country-by-Country Reporting Deadlines for CRS Cyprus recently announced that the submission […]
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 […]
The European Commission recently made a big communications splash about what’s literally being positioned as the ‘final’ EU VAT system. The change in the logic to be applied as to the ‘place of supply’ is indeed fundamental to the VAT system and its legal underpinnings, and it will affect companies in their administrative practices. So […]