Financial Institutions grappling with the advent of the Common Reporting Standard (CRS) will need to stay abreast of another important piece of new UK legislation that will come into force at the same time next year and which will be a further test of their compliance procedures and systems. The Criminal Finances Bill sets out […]
The implementation of automated electronic audits in Mexico is a pivotal transition in global compliance. Triggered anytime there is a discrepancy between a company’s tax payments and its e-invoicing, fiscal reporting or vendor/customer records, these audits have the dual benefit to Mexico’s government of eliminating error-prone manual processes and minimizing the resources needed to conduct […]
Organizations will have until July 1, 2017 to go live. The much anticipated CFDI v.3.3 has finally been mandated by the Mexico SAT. This is one of the biggest changes to the CFDI schema since 2011. Versions 3.2 and 3.3 will apply simultaneously during the first half of 2017. Some of the new validations for […]
With one month to go before the Common Reporting Standard (CRS) comes into force in the UK, delegates attending the 3rd Sovos AEOI Networking Event welcomed the opportunity to question a speaker from the HMRC on the progress being made and hear what the financial regulator might be expecting from financial institutions. Entitled ‘Fail to […]
With a month to go before the Common Reporting Standard comes into force in the UK, Sovos organised four financial institutions to hear first-hand from the UK’s financial regulator, the HMRC, and get a 360 degree view on how to prepare for CRS. In 2017, fifty four ‘first wave’ jurisdictions will begin automatically exchanging data […]
Welcome to our monthly summary of Value Added Tax news and insights curated and summarized by the Sovos Compliance Tax Research Team. Here is the country-by-country report for November 2016. European Council Adopts Conclusions on Cross-Border VAT Rules On November 8, 2016, the Council of the European Union officially adopted a set of draft conclusions […]
Effective November 1, 2016, the District of Columbia (DC) is imposing a paint recovery fee (also known as a PaintCare fee) on qualifying architectural paint products. This new PaintCare fee will make compliance slightly more difficult for paint retailers accustomed to the current size-based product fee structure. History PaintCare fees are nothing new in the […]
Mexico’s tax authority, the SAT, announced its implementation of real-time, electronic audits earlier this year. Since going live with this initiative in September, it recently issued a new statement regarding its progress and goals for the program. Designed to speed up the auditing process and minimize the time it takes for taxpayers to correct compliance […]
On October 26, 2016, Colombia’s DIAN (Dirección de Impuestos y Aduanas Nacionales) announced the successful completion of its e-invoicing pilot program, meaning that mandated participation will soon begin to roll out. As the leader in Latin American electronic invoicing and fiscal reporting, Sovos participated in Colombia’s pilot program with key customers. With the announcement of […]
What are companies’ most valuable assets? Is it the machinery and materials (tangibles) used to produce products, or the people, ideas and tasks (intangibles) that drive business value? Over the past few decades, the answer has shifted, with intangible assets generating 85% of business value, according to a recent CFO article. The article’s author, William […]
A region of opportunity for businesses, Latin American countries offer multinationals affordable labor, low infrastructure costs and incentives. Despite the rewards, this region also serves as one of the most complex environments for businesses to operate due to governments’ mandated e-invoicing and tax reporting compliance initiatives. Over the last decade, LATAM’s largest economies – specifically […]
The Internal Revenue Service (IRS) made two important announcements regarding the information reporting requirements imposed under the Affordable Care Act (ACA) in Notice 2016-70, released on November 18, 2016. Specifically, the IRS announced: That it was extending the due date for furnishing statements to recipients (Forms 1095-B and 1095-C) That it was extending good faith […]
Thank you to all who attended our third “VAT Compliance in a Digital Age” event on November 3 at the beautiful Sofitel – Legend the Grand in Amsterdam. The standing-room-only gathering included an interactive discussion focused on the digital developments around SAF-T reporting. Our guest speaker, Daniel Kroesen from Ernst & Young, shared his insights […]
Wondering if your online retail business is ready for tax compliance during this year’s holiday season? Be sure to check out these top seven tips from Matt Walsh, Vice President of Tax at Sovos Compliance. Read Matt’s entire article on Website Magazine.
As many people grow older, they become concerned that they may outlive their monetary resources. The IRS created Qualified Longevity Annual Contracts (QLAC) to address this issue and provide peace of mind to those affected. Form 1098-Q is used to report premiums paid on QLACs. QLACs guarantee that funds in a qualified retirement plan — […]
VAT Managers Need to Prepare For Audits and the Expansion of SAF-T Rules So far companies have not been confronted often with an audit by the tax inspector – the average business gets an on-site visit for a VAT audit once in every 5-7 years. With the advent of SAF-T reporting and E-Audits for VAT, […]
In September, we held an exclusive AEOI networking event in New York City, where we brought together representatives from the IRS, leading financial intuitions and other industry practitioners all in one room to discuss the importance of syncing tax compliance and tax operations in light of the latest updates in Global Information Reporting. With expectations […]
In September, the European Commission released a report regarding uncollected VAT throughout the E.U., and the results underscore why we’re seeing such a tidal wave of tax compliance legislation across the globe. In 2014 alone, E.U. countries lost €159.5 billion in value added tax (VAT) revenue. This infographic outlines the VAT gap by country, with […]