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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 June of this year, the Hungary VAT Reporting requirement went into effect. The country’s approach is unlike most other reporting mandates found throughout the world, as it is based on invoice amount – not company size. All companies that make business-to-business transactions in Hungary are impacted. With this requirement now live, companies operating in […]

Europe is in the midst of a digital transformation, and taxation is one of the key areas of investment. As governments across the EU seek to reduce their combined annual VAT gap of €151 billion, we’re increasingly seeing the introduction of state-controlled, real-time IT platforms that place national tax administrations at the heart of business […]

Country-by-Country News South Africa Proposes Amendment to Change VAT Rate South Africa’s Minister of Finance has published a draft amendment, which if enacted, would change South Africa’s VAT rate back to 14%. This proposed draft amendment, which is open for public comment, would revert the rate back to 14% and currently has a retroactive effective […]

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 […]

As cloud-connected technology has become more ubiquitous across the supply chain, sophisticated executives can use the data gleaned from these devices to better understand where their supply chain is operating effectively – and where there is room for improvement – including in VAT compliance. Increased transparency into how the various links in their chain fit […]

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 […]

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 […]

When the first European VAT Directive was adopted by the European Union’s forbearer, the European Economic Community all the way back in 1967, the ambition was to establish a definitive system for the collection of VAT from trade between Member States. The directive put forward a plan to create a unified system for intracommunity transactions […]

More countries are transitioning from electronic VAT filings to real-time VAT reporting, automated audits, eInvoicing and eReceipts.  Learn terminology key to understanding real-time tax reporting. Latin America (LATAM) is deemed the most complex tax compliance environment in the world. Over the last decade, it has become synonymous with real-time value-added-tax (VAT) compliance and reporting. In […]

On the heels of revealing our S1 cloud platform to drive the modernization of tax software in the face of mounting digital disruption from businesses, financial systems providers and governments, as well as announcing support and an early adopter program for SAP S/4HANA cloud, we’re excited to also announce the following key appointments to our leadership […]

Companies dealing with complex sales and use tax determination, VAT regulations and other tax challenges across the globe know that SAP alone is not equipped to support the varying requirements from country to country. As SAP sunsets support and updates for ECC and R3, companies must move to HANA to keep their systems up to […]

Country-by-Country News Mexico Allows Temporary Penalty Waiver for 2017 CFDI of Nomina The Tax Administration Service of Mexico (SAT) has announced that it will allow, until May 15, 2018, the correction of CFDI of Payroll (CFDI de Nomina) issued during 2017. For that purpose, SAT issued a new Rule 2.7.5.7 in the First Modification of […]

A silent revolution is spreading across Europe. As governments across the EU seek to close their VAT gaps, increasingly we’re seeing the trend towards government-controlled, real-time invoice control platforms, known as the ‘clearance’ model. Post-Audit vs Clearance In the standard post-audit model of invoice compliance, invoices are exchanged between the supplier and the buyer. Both […]

Facebook was open to the public for more than a decade before most users thought all that much about what companies do with the data they share on social media. In the wake of the Cambridge Analytica scandal, that’s not the case anymore. And with Europe’s groundbreaking General Protection Data Regulation (GDPR) having kicked in […]