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The event largely went unnoticed in the general press, and even the business and IT press hardly paid attention. Yet the proceedings that unfolded in October 2018, when more than 80 of the world’s tax administrations came together at a Tax Summit in Lisbon, would be major financial headline material if more people understood their […]

In my last blog, I discussed three additional challenges of native SAP tax management for growing companies facing multifaceted indirect tax requirements and continuous compliance mandates. These ranged from sales and use tax nexus rules to VAT requirements and filings. Additional challenges your IT, finance and tax teams face from native ERP tax management due […]

In my last blog, I discussed the first three challenges of native SAP tax compliance for growing companies facing multifaceted indirect tax requirements and continuous compliance mandates. These ranged from regional disparate ERP systems and custom workflows, shortsighted regulatory updates and ERP administration. Additional challenges your IT, finance and tax teams face are discussed below. […]

In December 2015, Her Majesty’s Revenue & Customs (HMRC) in the UK produced its Making Tax Digital (MTD) roadmap, the pathway by which it would reach its ambition “to become one of the most digitally advanced tax administrations in the world.” MTD becomes a reality on 1 April 2019 for all VAT registered business with […]

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. […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

In October, Christiaan van der Valk, Sovos vice president of strategy, will speak about the emergence of real-time VAT controls on business transactions at the CIAT/IOTA Technical Conference in Lisbon. The presentation will focus on lessons learned from ongoing work on these topics in groups at the International Chamber of Commerce (ICC) and the European […]

It’s clear that company leaders understand that digital transformation is key for their very survival in a world of constant disruption, but only a small percentage actually have finished a company-wide transformation – opening the door to potential problems from lost customers to tax compliance issues. An SAP survey finds that 84% of 3,000 executives […]

The CIAT/IOTA Conference taking place next month in Portugal demonstrates the global emergence of a major trend: real-time tax control and enforcement. The conference, which two regional tax organizations will co-host, could provide the foundation for how European tax administrations will implement their electronic invoicing and VAT control regulations for years to come. The joint […]

Christian van der Valk, Sovos vice president of strategy, will speak at the CIAT/IOTA Tax Summit 2018 in Portugal. The show will take place in Lisbon Oct. 24-26. The Tax Summit is a joint effort among the Inter-American Center of Tax Administrations (CIAT), the Inter European Organization of Tax Administrations (IOTA) and the Portuguese Tax […]

Country-by-Country News The Final Countdown to Mandatory eInvoicing in Italy 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 […]

The UK is likely to be one of only a handful of countries in the world that regularly publishes a report that looks at its tax gap in detail, and last month HMRC (the tax authority in the UK) published its annual report for 2016-17. According to the Measuring Tax Gaps report, the overall tax […]