Blog
We have found that many companies who think they are in compliance when it comes to unclaimed property laws and regulations are not fully compliant. It isn’t until they are audited and fined that they find out what they determined to be compliance, wasn’t full compliance in the eyes of the law. The following notions […]
Peru is giving large companies just five months to comply with a requirement to partner with a certified Operator of Electronic Services (OSE) for clearing e-invoices, a mandate that will require some companies to seek service providers before the deadline. As of March 1, 2019, all taxpayers considered a national or regional large company by […]
As previously announced by Sovos and after several delays in the implementation of the new CFDI cancelation process, the final deadline has arrived. The Mexican tax authority (SAT) has kept its commitment to not delay the implementation of the new CFDI cancelation process, as advised in their press release. These changes are designed to eliminate […]
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. […]
At the annual European Exchange Summit held earlier this month in Berlin, the organizers surveyed participants on several issues relevant to e-invoicing. One question was of particular interest: “Should clearance models or mandatory e-invoicing become the norm in the EU?” The Exchange Summit is an industry event attended by experts and practitioners from around the […]
Companies struggling to meet Italy’s electronic invoicing deadline of Jan. 1 will get some relief from financial penalties if they can’t immediately issue invoices at the moment of supply, but it seems the Italian Tax Authority will not delay rolling out the system. The government had stated that invoices that did not comply with the […]
Is a potential postponement in sight? With Italy’s e-invoicing mandate deadline drawing ever closer, there is growing speculation that a postponement may be in sight. The rumours are mostly based on the fact that some commercial associations are doing their best to convince the government to extend the deadline arguing that small and medium sized […]
The basics of the Streamlined Sales Tax Project (SSTP) Sovos has been an active industry participant in the Streamlined Sales Tax Project (SSTP) since its inception in the year 2000. Sovos is a certified service provider™ (CSP) under the Streamlined Sales and Use Tax Agreement and both Sovos Enterprise and Small Market sales and use […]
What are the state sales tax economic nexus requirements? Since the Supreme Court decision in South Dakota v. Wayfair on June 21, states have moved with incredible speed to enact economic nexus requirements. To keep our customers and the taxpaying public informed, Sovos has put together a South Dakota v. Wayfair economic nexus state requirements table that […]
A version of Immediate Information Sharing (SII) will take effect in the Canary Islands on Jan. 1, 2019. As usual in the Canaries, an autonomous region of Spain, tax regulations will be similar to those in the mainland but not exactly the same. The Canary Islands is an autonomous region of Spain with a tax […]
Few things in VAT are ever straightforward. A notable exception is the unambiguous requirement to issue, process and archive compliant invoices for all transactions ‘within the scope of VAT’ – roughly, transactions between VAT-registered entities, whether they explicitly carry VAT or not. What constitutes a ‘compliant’ invoice is, of course, defined by applicable VAT law […]
Most of the financial news coming out of the UK currently revolves around Brexit, but a forthcoming VAT initiative is far more likely to have an immediate impact on companies doing business in the UK. Beginning April 1, 2019, the UK’s Making Tax Digital (MTD) initiative will begin to go into effect. Any company doing […]
Tax compliance is moving up the priority list as companies migrate from ECC to S/4HANA and S/4HANA Cloud. Multinationals recognize the inefficiencies of SAP-native compliance as government mandates redefine sales and use tax, e-invoicing, and VAT compliance and reporting requirements. Financial systems that were originally implemented to help manage growth are now hindering it. IT […]
In June, the United States Supreme Court announced its decision in the highly-anticipated and hotly-debated South Dakota v. Wayfair case, ruling in favor of South Dakota. Immediately, this decision triggered panic among eCommerce retailers across the country. What would this mean for their sales tax collection obligations? Would they be on the hook in a […]
Value-added tax (VAT) gaps take a toll on tax authorities around the world. Errors and tax fraud reduce what governments can invest in services for citizens or needed infrastructure improvements. Now, countries across the globe are adopting technology-driven approaches to reduce the gap and gain real-time visibility into business transactions. Throughout Latin America, countries like […]
Technology-driven initiatives to overhaul outdated VAT regulations are changing the landscape for businesses in Europe. By requiring real-time, transaction-level data, tax authorities are making businesses rethink processes and seek solutions to ease the burden. Tax authorities across Europe are cracking down on fraud and increasing tax revenue collection through new VAT initiatives. eLedger, eAccounting and […]
The right of erasure vs. the legal requirement to store data The protection and privacy of personal data has become a hot topic. Regulators across the globe implement laws which aim to provide greater protection of the privacy of personal data. One of the most significant pieces of legislation is GDPR which came into effect […]