Il 1 Settembre ha segnato il secondo passo in avanti per l’avviamento di massa verso la Fatturazione Elettronica in Italia – in questo caso si e’ trattato di coinvolgere le aziende che si occupano delle Fatture relative agli acquisti al dettaglio da parte di cittadini non facenti parte la Comunita’ Europea. Con altrettanta enfasi e’ […]
September 1 marked the second milestone of the entry into force of the Italian eInvoicing mandate – this time targeting certain B2C goods purchased by non-EU citizens over a certain amount. But crucially, it also marked the three month, or 122 day, countdown to the final deadline when eInvoicing will become mandatory for all domestic […]
During 2017, Mexico made several changes to its eInvoicing framework. In addition to the implementation of CFDI version 3.3, modifications have been made to article 29 A of the Tax Code designed to stop the practice of suppliers unilaterally cancelling CFDIs. This process is being replaced with a bilateral process in which the buyer must […]
The recent news about China issuing its first blockchain-based tax electronic invoice, in the southern city of Guangzhou, spread rapidly across the internet. The joint experiment between fintech enterprises and the tax administration in two cities utilises blockchain technology and its core features to ensure, among other things, the authenticity and integrity of the data […]
VAT regulations in Europe are evolving at a head-spinning pace, forcing companies to quickly adapt their internal systems to comply with complex eLedger, eAccounting and eInvoicing mandates. Adhoc solutions – either forklift upgrades of existing ERPs and accounting systems, or modules bolted onto in-house solutions – may be a short-term fix, but could cost your […]
“Since virtually every decision or transaction undertaken in a business has a tax implication, and since the digital transformation is leading to entirely new business models such as centralization of certain functions into regional or global shared services centers, tax needs to adapt— quickly—to align with and be relevant to the increasingly digital and automated […]
In 2014, Italy announced mandatory eInvoicing for certain business-to-government transactions, and the country has since progressed towards a full eInvoicing requirement. Now, the biggest deadline in Italy’s tax modernization is quickly approaching. On Jan. 1, 2019, all B2B and B2C Italian taxpayers with electronic invoices will be affected. Businesses must plan now to ensure a […]
Sovos Chief Technology Officer, John Landy, comments on the new S1 platform. Businesses now need a new approach to handling taxes. With the new S1 architecture, that’s exactly what we’ve built. Tax has changed. What used to be merely a burdensome obligation is now becoming a risky and technical part of every major business process. […]
Few experts would disagree with the idea that the global trend towards real-time tax controls on business transaction data has evolved from a ‘trend’ to the ‘norm’. The first ‘clearance’ systems have now been in place for over a decade, and pretty much every tax administration that we’ve talked to, who haven’t yet embraced this […]
Governments around the world are going digital – eliminating paper-based reporting and instead leveraging technology for a high level of tax compliance automation. Real-time reporting of invoices, receipts, tax payments and accounting data has led to tighter integration between business processes and tax authorities. With so much data now in the hands of both companies […]
With just 6 months until e-invoicing becomes mandatory for all domestic Italian supplies, there is still a lot of confusion over the timeline, scope and the steps Italian taxpayers have to take to ensure they are compliant. This lack of clarity, even though the mandate was originally introduced back in December 2017, and despite the […]
The acceleration of regulatory complexity is causing unnecessary strain on IT departments within manufacturing companies, negatively impacting growth. In fact, 31% of companies report that keeping up with the volume and complexity of regulations is their number one compliance challenge, and 45% say increasing costs of compliance is their number one barrier to growth. The […]
Mexico’s planned process change for cancellations of electronic invoices will take effect Sept. 1 rather than in July as previously announced. The Mexican tax authority, the SAT, will require senders of electronic invoices, a document called a CDFI in Mexico, to get permission for cancellation from the party that received the invoice before the sender […]
For those active in the world of e-invoicing and global VAT compliance, you’ll know that in the past month all eyes have been on Italy and the first deadline for its e-invoicing reform. Since our last update, concerning the possible delay to the July 1 deadline, speculation has been rife about how volatile the mandate’s […]
Will Spain become the next EU country to follow in Italy’s footsteps by introducing a national mandate for business to business (B2B) e-invoicing? With the introduction of its e-invoicing mandate, Italy will become the first major EU country to acquire real-time information that will allow it to cross-check the VAT companies declare with the amount […]