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VAT and B2G Reporting Newsletter: October 2017

International News European Commission Proposes VAT Overhaul On October 4, 2017, the European Commission published a set of proposals aimed at simplifying and modernizing the current VAT system. The “cornerstone” principles of the Commission’s approach are: • Combating VAT fraud and reducing the €150 billion VAT Gap • Establishing a “One Stop Shop” for cross-border […]

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How to Capture VAT from Offshore Sellers: New Guidance for Governments

Implications of OECD VAT Guidance for Businesses On Oct 24, the Organisation for Economic Co-operation and Development (OECD), released further guidance on how countries can implement effective VAT collection systems for cross-border trade, particularly concerning digital/electronic supplies. Business should take particular note of this development as history proves that OECD guidance, particularly in this space, […]

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Hungary’s Real-Time VAT Reporting Begins July 2018

Indirect taxes contribute to almost half of Hungary’s total tax revenues, making accurate, efficient VAT collection critical to keeping the government running. With a VAT Gap (the difference between the amount of VAT actually collected and total VAT owed) of 13.7%, well above the E.U. median of 10.9%, Hungary’s tax authority has implemented several efforts […]

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Evaluate Your Tax Team for Regulatory and Business Change

Our October 24 Webinar, “Building the Tax Team of the Future to Successfully Navigate the Regulatory Storm,” is now available onDemand. During the webinar, we asked attendees a series of four detailed polling questions to help them measure their tax teams’ ability to deal with regulatory and business change. Questions were based on a Reactive-to-Proactive […]

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Building a Tax Team to Meet Future Compliance Requirements

It’s clear business evolution, technology disruption and related tax compliance laws are creating increased complexity and becoming tremendous business liabilities. In today’s regulatory environment, businesses must view tax compliance as a critical function, committing the right resources, technology and process discipline necessary to maintain compliance and respond to the associated audits so the business can […]

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Building the Tax Team of the Future to Navigate the Regulatory Storm – Webinar

There’s a growing regulatory storm on the horizon, impacting tax professionals’ roles and skills. This is causing a shift in how businesses are preparing their compliance teams to keep their businesses ahead of the curve.   Join Matt Walsh, Principal Indirect Tax and Mark Christenson, Director, of Sovos on October 24 at 2:00 PM Eastern […]

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EU VAT Invoicing Controls: What the Unfolding Policy Mix Tells Us About the Future

The European Commission recently made a big communications splash about what’s literally being positioned as the ‘final’ EU VAT system. The change in the logic to be applied as to the ‘place of supply’ is indeed fundamental to the VAT system and its legal underpinnings, and it will affect companies in their administrative practices. So […]

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VAT and B2G Reporting Newsletter: September 2017

Keep current with VAT and B2G Reporting news without having to sift through the news every day. Here are the most significant happenings in the world of VAT and B2G Reporting from September: UK HMRC Opens Consultation for Further “Making Tax Digital” Legislation Last week, Her Royal Majesty’s Revenue and Customs (HMRC) announced the opening of a […]

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European Commission Proposes VAT Overhaul

On October 4, 2017, the European Commission published a set of proposals aimed at simplifying and modernizing the current VAT system. The “cornerstone” principles of the Commission’s approach are:    Combating VAT fraud and reducing the €150 billion VAT Gap. Establishing a “One Stop Shop” for cross-border trade. Consistently applying the “destination principle” for VAT. […]

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Sovos Continues European Expansion with Acquisition of FiscalReps, Adding Leading Solution for Insurance Premium Tax Compliance

Earlier today, we announced that Sovos has acquired U.K.-based FiscalReps, Europe’s leading solution for Insurance Premium Tax (IPT) compliance. The acquisition does a few important things for our clients and the market as a whole: It adds IPT to our global solution for insurance companies, helping those businesses consolidate solutions on a single platform with […]

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159.5 Billion Reasons Why the Global Tax Landscape Is Changing 

The VAT Gap in the EU was estimated to be €159.5 billion in 2014, and the enormity of that gap is one of the reasons why the global tax landscape is changing so dramatically. Sovos explained this development to attendees of the FD Exchange conference, which took place in the Steigenberger Airport Hotel in Amsterdam. […]

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Does the Market Require E-Invoicing Compliance and VAT Automation in One Service?

Two years ago, a small number of forward-looking enterprises issued RFPs requesting ‘end-to-end invoice compliance automation services’. These RFPs requested all VAT-related compliance decisions to be managed through a single SaaS platform which integrated with the requesting company’s invoicing engine. In this article, we’re exploring the background and implications of this apparent evolution in market […]

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VAT Newsletter: August 2017

Keep current with VAT news without having to sift through the news every day. Here are the most significant happenings in the world of VAT reporting from August: International News OECD: OECD Publishes Comments on Model Tax Convention On August 11, the Organisation for Economic Co-operation and Development published comments to its newly-released 2017 Model […]

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IoT Real-Time Tax Controls for Russian B2C Transactions

Recently, most medium and large retail businesses across Russia shifted to internet-connected cash desks that every day, in real-time, report to the Federal Tax Administration approximately 70 million B2C transactions. According to official sources, since July 1st 2017 when the mandate entered into force, over 6 billion B2C electronic receipts have been issued so far […]

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VAT Country News Summary for July 2017

Keep current with VAT news without having to sift through the news every day. Here are the most significant happenings in the world of VAT reporting from July: United Kingdom Announces Change in Timetable for “Making Tax Digital” Initiative for Businesses On July 13, 2017, the parliament of the United Kingdom, along with Her Majesty’s […]

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Spain SII Requirements Expanded; New Mandates Begin January 1

Businesses in two of Spain’s autonomous communities – Basque Country and Navarra – will soon be subject to Spain’s Immediate Supply of Information on VAT (SII) mandate. On July 1, 2017, Spain launched SII, requiring companies operating in the country to electronically submit ledger and invoice details. With the extension into two of Spain’s autonomous communities, […]

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The SAF-T Series Part 1: Periodical Tax Reporting in Poland

At Sovos, we often find ourselves researching many different areas of compliance. Periodical tax reporting is one of the areas we’ve had reason to keep a close eye on. It wouldn’t be an overstatement to argue that tax authorities are getting increasingly more creative when it comes to finding new areas to come down hard […]

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Amendment to Treatment of Vouchers Before Dutch Parliament

Earlier this month, bill number 34755, which would modify the treatment of vouchers under the Dutch VAT Act, was introduced to the Dutch Parliament. The proposed law would differentiate between single use vouchers, defined as vouchers where the place of supply and amount of VAT on the supply are known at the time of the voucher’s issuance, […]

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