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Accounts payable is a vital function in compliance with Mexico’s eContabilidad accounting requirements. Once a vendor XML e-invoice is accepted by the accounts payable team, the government views it as accurate and complete, then uses this invoice to verify corresponding tax obligations. If an invoice includes errors and tax liability is inaccurate, correcting these mistakes […]

For financial institutions looking to proactively comply with global reporting standards including Foreign Account Tax Compliance Act (FATCA), Crown Dependencies and Overseas Territories (CDOT) legislation and the Common Reporting Standard (CRS) while minimizing costs and risks, our recent report showed that an Automatic Exchange of Information (AEOI) solution is key. In evaluating such solutions for […]

With a new Value Added Tax (VAT) system expected to be introduced in the Gulf Cooperation Council (GCC) countries beginning January 1, 2018, businesses need to start planning and preparing to comply with the new tax regime. The GCC countries include Saudi Arabia, Bahrain, Oman, Qatar, Kuwait, and the United Arab Emirates. Sovos Compliance was […]

In our recent survey – Stop Playing with Fire: Use Centralized AEOI Solutions to Prepare for FATCA, CRS and CDOT – financial institutions revealed several challenges related to complying with complex and ever-changing global reporting standards, including Foreign Account Tax Compliance Act (FATCA), Crown Dependencies and Overseas Territories (CDOT), and the impending Common Reporting Standard […]

We’ve recently discussed the challenges regarding inbound logistics and service invoices in Brazil. Now, let’s turn our focus the another complex aspect of compliance with Brazil’s NFe requirements: procurement and accounts payable. Buying a product or supplies in Brazil is no simple task for a business. Unlike traditional transactions that take place directly between a […]

B and P Notice season is upon us. In order to avoid penalties, it’s important you understand how the cycle works and how you can stay compliant. Review our B-Notice Process infographic to help your team understand the cycle and plan ahead. Tax information reporting is a year-long process. In January, you print and mail […]

Since the beginning of the new Millennium, India has repeatedly flirted with the idea of imposing a nationwide Goods and Services Tax (GST). However, legislative activity that has taken place over the last few weeks indicates concrete momentum towards this long-standing goal. The GST Constitution Amendment Bill The GST Constitution Amendment Bill (GST Bill) passed […]

Let’s talk a bit about the complexity of Unclaimed Property Due Diligence. Think about it; there are more than 50 unclaimed property reporting jurisdictions. Each of these can have varying due diligence requirements. Trying to stay on top of constant changes will make you quickly realize the difficulty of performing proper due diligence. Due diligence, […]

Overview The main indirect tax of Mexico is the Value Added Tax (locally known as IVA), which generally applies to all imports, supplies of goods, and the provision of services by a taxable person unless specifically exempted by a particular law. The tax is imposed by the federal government of Mexico and ordinarily applies on […]

Though they are three of the newest countries in Latin America to require e-invoicing and tax reporting, compliance in Colombia, Peru and Ecuador is already full of complexities. Listen to our webinar replay to learn about the unique requirements, forthcoming changes and best practices in each of these countries. Here’s a sneak peek.

Overview Since the United States’ Foreign Account Tax Compliance Act (FATCA) regulation first passed, many financial institutions have relied on home-grown solutions to maintain compliance. Now, with a few years of Automatic Exchange of Information (AEOI) reporting under the belt, the industry has reached a tipping point and in a recent benchmarking survey, most financial […]

Overview Automatic Exchange of Information (AEOI) legislation and technical updates are top concerns for foreign financial institutions. The Sovos Compliance Research Team continually monitors new regulations and updates from around the world and publishes them in our tool, Sovos Taxport Compass. Contact us today to start your subscription and have access to all the latest […]

In what is now a growing trend, e-invoicing and fiscal reporting mandates are expanding worldwide in an effort by governments to minimize corporate tax evasion. Brazil launched the movement in 2008, marking the first time that a government intervened in corporate financial processes in real-time. As Brazil increased its tax revenue by billions of dollars […]

CFDI, which stands for Comprobantes Fiscal Digital por Internet, is the electronic billing schema defined by the Mexican federal tax code. It has been mandated for companies doing business in Mexico since 2011. The goal of CFDI is added visibility into companies’ tax liabilities, so that the government can ensure it is receiving accurate payments, […]

The IRS has started sending CP2100 and 972CG notices to organizations. These notices, commonly referred to as B and P notices respectively, contain incorrect name/taxpayer identification number combinations from previous years’ information returns. The landscape of B and P notices is multifaceted and managing this process to stay compliant can be arduous. Is your organization […]

We frequently talk about the challenges inherent in Brazil’s e-invoicing mandate, often in terms of its effect on shipping, logistics and the risk of operational shut downs. But there are separate concerns facing service vendors and procurement. In many ways, service invoices (NFSe) are simpler for both parties than those for goods (NFe) since shipping, […]

New research from Aberdeen Group and Sovos Compliance shows confidence, but gaps in accuracy and mounting fears of fall out as FATCA, CRS, and CDOT regulations grow in scope. August 16, 2016, Wilmington, Massachusetts — A new report shows that, while most financial institutions feel prepared for the current requirements related to the automatic exchange […]

This past week we continued to see a stream of updates to global regulations around the world. Check out our weekly roundup of global updates, straight from our Sovos Compliance tax experts. Sweden Will Use CRS Schema This morning the OECD’s jurisdiction page was updated to indicate that Sweden will require its Reporting FIs to use […]