2018 was a volatile year in indirect tax compliance for tax, finance and IT professionals worldwide. With an increase in globalization and tax gaps surpassing tens of billions in some countries, it’s not surprising that one of the biggest challenges governments are addressing is revenue collection. Like enterprises, governments are creating new, technology-driven processes to […]
Automatic Exchange of Information, or AEOI, has picked up serious momentum since 2015 and continues to grow, a new European Commission study shows. One important element in managing AEOI is assigning tax identification numbers (TINs), a trend that should grow as AEOI expands. AEOI involves the exchange of asset information among countries via a protocol […]
The Decree 119/2018, first published in draft in late October of this year in Italy, has now been converted into law, but with a number of changes to its content. The main changes to the previously published version of the e-invoicing rules of this decree are: Extension to the grace period for delays in the […]
With electronic invoicing sweeping Europe and much of the rest of the globe just as it did Latin America, organizations need to be prepared to meet the challenges of new mandates. The 2018 Sovos TrustWeaver global e-invoicing eBook leaves absolutely no stone unturned in offering the most comprehensive information and analysis available regarding e-invoicing compliance. […]
Narrowing the VAT gap has been one of the main priorities for the Polish government since 2015 and is one of the flagship goals of the governing political party ‘Law and Order’. The main reason is economic as VAT revenue constitutes around 40% of the country’s budget. However, this topic is also a national political […]
Increasingly complex VAT regulations are sweeping across Europe, demanding technology adoption to support compliance and reporting-related activities. Now is the time for businesses to reevaluate their processes and technology to ensure they can meet complex VAT compliance and reporting initiatives, tightly integrate with government tax authorities, support real-time access to transactional data and adapt for […]
More than six months ago the Greek authorities announced their intention to introduce mandatory e-invoicing and e-bookkeeping rules, and enough information is now available to assess what the proposed rules will mean for Greece. Although formal legislation has yet to be published, it’s expected the new e-invoicing measures by the Independent Public Revenue Authority, the […]
Hungary is seeking to close a massive VAT gap with new requirements that mandate real-time reporting. What does this mean for companies doing business in Hungary? Download the Hungary VAT Reporting Infographic to learn more about the country’s requirements or find out more about how Sovos keeps companies prepared for new VAT enforcement mandates.
SAP Central Finance delivers on the promise of pulling data from multiple sources into a single view for reporting and analysis. Channeling disparate data sources into a single source of truth can be massively valuable to organizations, especially those that have a sprawling number of billing, accounts payable and general ledger components, or even multiple […]
Does the e-business solution that supports your business-to-business transactions ensure that your e-invoices remain tax compliant, everywhere, always? An e-business solution that must comply with multiple countries’ tax requirements has to address the problem of ongoing change. Otherwise, how can a business efficiently deal with the tsunami of new real-time and other regulatory control requirements […]
The entrance into force of the mandatory e-invoicing regime in Italy as of 1 January 2019 has been widely debated this year. Many applaud the potential of the reform when it comes to closing or lowering the Italian VAT gap, but smaller companies have voiced concerns about the complexity of the new framework and are […]
The event largely went unnoticed in the general press, and even the business and IT press hardly paid attention. Yet the proceedings that unfolded in October 2018, when more than 80 of the world’s tax administrations came together at a Tax Summit in Lisbon, would be major financial headline material if more people understood their […]
The event largely went unnoticed in the general press, and even the business and IT press hardly paid attention. Yet the proceedings that unfolded in October 2018, when more than 80 of the world’s tax administrations came together at a Tax Summit in Lisbon, would be major financial headline material if more people understood their […]
In my last blog, I discussed three additional challenges of native SAP tax management for growing companies facing multifaceted indirect tax requirements and continuous compliance mandates. These ranged from sales and use tax nexus rules to VAT requirements and filings. Additional challenges your IT, finance and tax teams face from native ERP tax management due […]
Few people will have failed to notice the extent of the ongoing VAT reform in Italy. From 1 January 2019, it will be mandatory for all domestic invoices to be issued in electronic form and to have been cleared through the state-operated SDI platform. From this date, any invoices that aren’t created in the regulated […]
In my last blog, I discussed the first three challenges of native SAP tax compliance for growing companies facing multifaceted indirect tax requirements and continuous compliance mandates. These ranged from regional disparate ERP systems and custom workflows, shortsighted regulatory updates and ERP administration. Additional challenges your IT, finance and tax teams face are discussed below. […]
In December 2015, Her Majesty’s Revenue & Customs (HMRC) in the UK produced its Making Tax Digital (MTD) roadmap, the pathway by which it would reach its ambition “to become one of the most digitally advanced tax administrations in the world.” MTD becomes a reality on 1 April 2019 for all VAT registered business with […]
As tax, finance and IT teams plan to support the future growth of their businesses, many are realizing the challenges of managing customized ERP-centric tax compliance. A recent HCL-sponsored global study of large enterprises (over $1 billion in annual revenue) found that on average respondents had five separate instances of SAP operating across their businesses. […]