Blog
With more companies focusing on global integration, cross-border supply chains and expanding ecommerce, governments across the globe are introducing new ways to enforce tax rules and close their tax gaps. The evolving global regulatory environment produces unique tax determination and reporting challenges in the United States and additional VAT and e-invoicing compliance challenges around the […]
Some insurance premium tax regimes operate a kind of prepayment mechanism, whereby insurers are required to pay an amount to the tax authorities in anticipation of future tax liabilities. This credit is then drawn down on or adjusted as and when actual tax liabilities crystallise. Prepayment should not, therefore, represent an additional cost to insurance […]
Pawel Smolarkiewicz, chief product office at Sovos, will speak on the digital transformation of tax and its effect on SAP S/4HANA at next week’s SAPPHIRE conference in Orlando. As countries make continuous tax compliance the new normal, businesses are finding that they have to respond by putting tax compliance functionality at the core of […]
The great corporate awakening Many corporations that previously saw e-invoicing mandates as a developing country problem are now realizing that invasive transaction-based digital tax controls are popping up everywhere around the world. Teams of experts and executives across finance, IT, tax and other functions are being pulled together by leading enterprises to define ways to […]
The Danish government has introduced new law creating a state-owned insurance scheme for compensation for losses arising from a terrorist attack using chemical, biological, nuclear and radioactive (CBNR) weapons. The scheme comes into effect on 1 July 2019. There had been concerns that CBNR terror coverage available in the market was limited and, as it […]
SAP Central Finance is driving migration to SAP S/4HANA as companies look to deliver value to their finance and accounting organizations, as well as improve on the configuration of previous financial systems. And for most companies making the transition, tax compliance is a priority. In a recent survey by SAP Insider, 74 percent of SAP […]
A draft circular, published by the Ministry of Treasury and Finance of Turkey on 15 May, has proposed an extension to the deadline for the mandatory issue of e-waybills. Whilst the circular still needs to be formally approved, the new deadline is expected to be 1 January 2020. The postponement to the transition period gives […]
SAP S/4HANA is the promised land for SAP customers: an entire suite of ERP functionality in one place with a single data store. The ability to run all ERP capabilities, both from SAP and non-SAP systems, from a single source represents delivery of a model IT professionals and SAP administrators have sought for years. Getting […]
Sovos has been named a ‘2019 Provider to Know’ by Spend Matters for innovation in procurement. Spend Matters released its 6th annual “50 Providers to Know/50 Providers to Watch” lists today in conjunction with the annual ISM conference, naming Sovos as one of its 50 Providers to Know for 2019. The recognition highlights Sovos’ Intelligent […]
Brexit has been the main topic on the news and in our conversations for almost three years, and if we thought we would get some answers by the end of March 2019, then we were definitely wrong! There are now even more questions to answer and possible outcomes to plan for, but businesses cannot sit […]
Very little about the emerging global digital tax environment is simple. That includes the countless different models tax authorities use to execute it. The two types of continuous transaction controls, reporting and clearance, may on the surface look similar but are not at all the same, and companies need to know how to operate under […]
Today’s tax and compliance managers need to follow the Scouts’ motto: Be Prepared. Properly managing taxation and reporting burdens takes a team of professionals – from finance, tax and accounting to IT – colleagues willing to work together to establish the policies and controls that make it possible to meet the demands of tax compliance. […]
Beyond the implications outlined in our last blog, Decree-Law 28/2019 (the Decree-Law) impacts areas beyond invoicing, introducing modifications to both archiving and the reporting of tax data. Mandatory electronic archiving A novelty of the Decree-Law is the explicit introduction of an obligation to archive electronic invoices in electronic format which in turn further promotes the […]
As far back as the 1940s, Coca-Cola used the tagline “It’s the Real Thing” to advertise its famous beverage. The company could just as easily been talking about e-archiving or, at least, answering the question electronic archiving systems have to answer about electronic invoices. E-archiving is not just storage. Storage is part of what a […]
Scope and timeline Croatia is one of the few countries in Europe to have chosen to mandate the use of e-invoicing in public procurement processes as outlined in Directive 2014/55/EU and within the transposition deadline of April 2019. The Croatian mandate covers both the issuance and receipt of e-invoices in B2G transactions. Other countries – […]
On 15 February 2019, Portugal published Decree-Law 28/2019 regarding the processing, archiving and dematerialization of invoices and other tax related documents including: The mandatory use of certified invoicing software General requirements for paper and electronic invoices Dematerialization of tax documentation Archiving of tax documentation (including ledgers, etc) Adjacent tax rules and obligations The decree aims […]
The value-added tax (“VAT”) was described in the EU as a “”money machine” over 20 years ago. Yet according to a 2015 study by the European Commission by the Centre for Social and Economic Research (CASE), the “VAT gap” was approximately 168 billion EUR. This represents 15 percent of the theoretical VAT that would be […]
What is Esterometro? The Italian government’s e-invoicing mandate became effective on 1 January 2019. While cross-border invoices are exempt, all domestic B2B and B2C invoices must be cleared through the SDI platform. This means that the Italian government and tax authority now have real-time access to the data of all B2B and B2C VAT transactions […]