Blog

Last week, Sovos Compliance was a sponsor at the SSOW conference in Dublin, which focused on shared service centre settings (SSC) across Europe. As Eastern European shared services centres are still experiencing significant growth, organisations are closely watching the development of processes and technologies that are enabling their SSCs to become true Centres of Excellence. […]

Most companies only worry about unclaimed property reporting when it is time to report their dormant records to the state. While this might ensure that your company is being compliant, is it really the most economical way for your company to manage their escheatment liability? More and more companies are focusing on the due diligence/pre-escheat […]

Virtually every business transaction results in an indirect tax consequence – i.e., an intermediary collects taxes that it then must report and pay to the government. In Latin America and other value-added tax based economies, in which tax accrues at every level of the supply chain and manufacturing process, efficient and accurate indirect tax processes […]

Jurisdictions all across the country have instituted disposable carryout bag fees and bans. San Francisco passed its ban on single-use bags back in 2007, and greatly expanded the ordinance in 2012 to include all retail stores. The District of Columbia has a bag fee that dates back to January 1, 2010, entitled the “Anacostia River […]

At Sovos, we are committed to keeping current with VAT compliance changes from around the world. Check out these recent updates compiled by our dedicated research team: European Union EU Council Approves Minimum VAT Rate Extension On May 25, 2016, the Council of the European Union adopted a directive extending the minimum standard VAT rate of […]

Here’s a full list of weekly FATCA updates compiled by the experts in our Tax Department to help you. The FATCA reporting deadline of May 31 is right around the corner and countries have kicked up efforts to issue guidance so financial institutions can comply on time or changes to systems and other important information that […]

Dispatches from The Commonwealth of Puerto Rico: The Final Installment (For Now!) At last, the legislation repealing the VAT in Puerto Rico is official law and we can say with certainty that the existing sales tax will apply on transactions on and after June 1, 2016. The route to VAT repeal was circuitous and somewhat […]

Did you know that sweetened iced tea is considered a soft drink in Vermont? The state of Vermont passed Legislation effective July 1, 2015, imposing its sales and use tax on soft drinks. House Bill 489 (H.489) revised the definition of food and food ingredients found in 32 V.S.A. § 9701(31) by indicating that “food […]

As the second largest exchanger of e-invoices in the world – behind only Brazil – Mexico is quickly becoming one of the most sophisticated financial compliance governments in the world. In some ways, it is even starting to supersede Brazil in terms of complexity – particularly in the way it can now link individual business […]

We would like to invite you to a special VAT automation event, “VAT in a Digital Age”, taking place on the 9th of June at the Brown’s Hotel in London, 1.30pm – 6.30pm. Are you part of the 80% of organisations that are still using manual labour for VAT compliance processes? Do you want to […]

At this point, you’re likely preparing to send your transmittal for ACA reporting if you haven’t already, which means you may be anxious about any corrections you’ll need to perform. Generally, transmitting correction files are required to correct errors found on original filings, replacement filings, or other corrections filings. As a filer, you may discover […]

Stop by the Sovos Compliance booth (#1573) during the Internet Retailer Conference & Exhibition (IRCE) from June 7-10 at McCormick Place West in Chicago. We welcome the chance to update you on the exciting ways we can help your company improve operational efficiency and reduce compliance risk, including the benefits of automating your process using our robust and […]

This week’s global update covers FATCA, CDOT, and CRS modifications as we near the first-ever reporting deadline for CDOT and a critical deadline for FATCA. Check out all the different types of changes compiled by our expert research team, including countries that are shifting their FATCA due date late in the game.   Liechtenstein Extends due date […]

Two new mandates announced by the SUNAT, the Peruvian tax authority, are set to take effect starting July 1, 2016. The companies mandated to comply with these measures – Comprobantes de Retencion (CRE) and Comprobantes de Perceptcion (CPE) – can expect cash flow repercussions as the SUNAT seeks to keep tax payments from foreign invoices […]

UPDATE on the Legislative Future of VAT – May 16, 2016 The future of the VAT in Puerto Rico, including the rate increase for B2B and designated professional services, is now in the hands of the Governor. While both the House and the Senate of Puerto Rico passed legislation to repeal the VAT, the Governor is […]

Maquiladoras, a special class of manufacturers in Mexico, benefit from reduced tax obligations, making business-to-government compliance accuracy even more critical for the companies holding this status. A change in a manufacturer’s Maquiladora certification would impact its tax rating, increasing tax liabilities and affecting cash flow. Introduced in the 1960s to increase employment in Mexico, the […]

The Proposed Changes to Japan’s Consumption Tax In Japan, consumption tax is paid by consumers when they purchase goods and services. Presently, Japan’s consumption tax rate is 8%. On March 29, 2016, the Japanese Diet (National Parliament) approved the Fiscal Year 2016 Budget, including various tax reforms. The reforms include an increase in the consumption […]

Today you are in luck. This Friday the 13th round-up covers FATCA, CDOT, and CRS changes from around the world for a truly global update that covers all three of these new reporting regimes.   Poland Announces New FATCA Filing Form (FAT-1) Poland has announced the impending release of a new form (FAT-1) that will assist […]