Blog

During the past year, much has been said and many rumors have flourished about the direction of e-invoicing in Italy – and more specifically about whether or not Italy would (and could!) make the exchange of e-invoices mandatory for all supplies. We have repeatedly reported about these developments as they have unfolded and now we […]

Most professionals in the e-invoicing world naturally strive towards a paper-less community, where financial transactions are exchanged as electronic messages in formats such as EDIFACT and XML. This is a vision that is worth pursuing and is a near reality in Latin American countries, such as Mexico and Peru where progressive government initiatives and requirements […]

Businesses Selling in Italy Must Prepare Over the last few years, Italy has proposed a series of tax reforms intended to close their substantial “VAT Gap.” At the beginning of this year, Italy finalized their plans to impose a significant new compliance obligation on businesses selling in Italy, B2B eInvoicing. Businesses will need to deploy […]

The future of business transaction compliance with tax and other legal requirements calls for government approaches that cater for the unlimited diversity of business processes; real-time controls are one promising avenue to do that, but on the condition that business data to be sent to government platforms maps organically onto existing business definitions of trading […]

Some of the biggest business buzzwords of 2017 are without a doubt tied to the themes of privacy, integrity and personal data protection. Rightly so; these are important considerations for any organisation, and with the entry into force of the EU General Data Protection Regulation (more commonly referred to as GDPR) looming only 6 months […]

Interview with Christiaan van der Valk, Vice-Chair of the ICC Commission on the Digital Economy. This interview was originally published by the International Chamber of Commerce at: https://iccwbo.org/media-wall/news-speeches/real-time-controls-changing-trade-know/ What ICT trends are currently on your business’s radar? There are many trends, but I’d say that one of the most significant is where companies are increasingly […]

One of the aspects of Sovos’s checklist for ‘globally compliant archiving’ that we get most questions about is off-boarding. We’d like to share the answers to key frequently asked questions regarding this notion below. What do we mean by archive off-boarding? Put simply: it should be possible – operationally, technically and legally – to leave […]

When I read this recent social media initiative by CloudTrade, my first reaction was a wave of nostalgia for the debate about VAT e-invoicing requirements that raged in Europe between 2005 and 2010. During those years, emotions ran high between e-signature haters and e-signature proponents in the context of B2B electronic invoicing. The first group […]

New and evolving VAT compliance and audit mandates are putting a lot of pressure on businesses, making them reevaluate how they internally manage indirect tax determination and reporting. Nearly one-third of CFOs told Grant Thornton that keeping up with the volume and complexity of compliance changes is one of their biggest challenges. Traditional compliance approaches […]

Back in June, we wrote about how Italy has declared its intention to make e-invoicing fully mandatory – not only for B2G but also now for B2B transactions. This isn’t a bad thing. Adoption in Europe is lagging embarrassingly far behind many countries such as Mexico, Chile, and Turkey who all introduced e-invoicing much later. […]

The ISO Invoice Tax Report and SAF-T specifications for online tax administration invoice controls exemplify fundamentally different directions in the rapidly evolving electronic invoice compliance space; these models affect businesses in very different ways. If you want to know if trading parties respect indirect tax requirements in their dealings, there are essentially two ways to […]

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 […]

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 […]

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 […]

Here at Sovos, we’ve noticed how many companies are starting to reflect on what their e-invoicing strategy should be. That doesn’t mean they view e-invoicing as an isolated process, or necessarily want to acquire it as a standalone service – but in whichever form they’ll be adopting this still way-too-often missing piece of the enterprise […]

In 2016, China’s Business Tax to VAT reform legally enabled many consumer-facing industries to issue electronic normal VAT invoices (not eligible for input VAT claim) to their customers. Since this tax reform, the past year has seen China make an increased effort to focus on the electronic normal VAT invoice (not eligible for input VAT […]

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 […]

Anyone who travels for work knows the pain of sorting through weeks’ or months’ worth of receipts and completing clumsy spreadsheets. If you work in a company’s financial administration and are on the receiving end of these messy expense reports, you’re not much better off. It should not be a surprise that the market for […]