Singapore was one of the early adopters of e-invoicing in the Asia Pacific region. Since 2008, e-invoicing has been mandated for all e-invoicing business to government (B2G) transactions. But, when it comes to B2B e-invoicing in Singapore – as a country with a legal system based on common law – has until now focused mainly […]
Several nations worldwide are following in the footsteps of pioneering Latin American countries, leveraging data and automation to ensure compliance with tax regulations. Building on early requirements for VAT reporting and eFiling, many countries are now focusing on transactional data with real-time electronic accounting, ledger, invoice and receipt mandates, paving the way to reach the […]
On 27 September 2017, Italy submitted a formal request for derogation from two provisions in the European Union VAT Directive – a formal hurdle and legal necessity to be able to roll out the ambitious e-invoicing mandate for all domestic Italian invoices. While waiting for the decision from the EU Council, Italy proceeded with legal […]
Only two months remain until Hungary’s new real-time VAT reporting requirements kick in on July 1, 2018, and businesses must be prepared to comply with a fully automated process. Spain was the first country in Europe to adopt a Latin American-style VAT reporting model with its Immediate Supply of Information (SII), which requires companies to […]
International News EU Proposes An Interim Tax On Certain Revenue From Digital Activities The European Commission recently proposed new rules to ensure the fair taxation of digital business, placing the EU at the forefront in designing tax laws aimed at the modern digital economy. The Commission is seeking to instate an interim tax to generate […]
Many companies may consider government-mandated eInvoicing regulations a hassle, requiring them to revamp time-tested processes and upgrade to new technologies while adding new responsibilities and risk throughout the organization. However, eInvoicing can ultimately deliver business benefits, reducing costs, streamlining workflows and driving ROI. Consider these top 6 positive impacts of eInvoicing: Reducing costs – In […]
As a part of the Golden Tax System, the well-known tax administration system in China, the Third Stage of this system named ‘Golden Tax III’ has been fully implemented for more than a year. The goal of this stage is to establish a consistent tax administration backed by information technology and to enable highly efficient […]
In quest’ultimo anno, si è parlato molto, talvolta anche speculando, della situazione della fatturazione elettronica in Italia e, più precisamente, dell’ipotesi che l’Italia potesse o meno rendere obbligatorio l’interscambio di fatture elettroniche per tutte le forniture di beni e servizi. Dopo avere ripetutamente riferito di questi sviluppi man mano che si producevano, Sovos ritiene di […]
In theory, VAT collection should be a neutral event for companies, since the tax is born and paid for by the consumer. However, with a significant value of taxes passing through your company, VAT can be a major liability if it is not claimed, collected and settled properly. Companies often view VAT as nothing more […]
Businesses across Europe have been so focused on updating their processes and technologies to ensure they can transmit data under new VAT compliance and reporting regulations that they are often overlooking an important piece of the puzzle: reconciliation. VAT regulations are becoming more complex, with businesses being required to report and share detailed transactional data, […]
International News European Commission Backs Italy’s E-Invoicing Mandate On February 5, 2018, the European Commission backed Italy’s e-invoicing mandate by recommending the EU Council approve Italy’s derogation request from the EU VAT Directive. By way of background, Italy’s mandate (which would become effective in two stages starting on July 1, 2018) requires taxpayers to provide, […]
One of the key challenges within e-invoicing is to keep your processes and systems compliant at all times. Guaranteeing compliance is not easy. As we say here at Sovos, “regulation constantly evolves; VAT requirements are moving targets and there is no such thing as being half compliant”. One of the biggest mistakes enterprises make is […]
Finding potential errors or missing data before filing VAT forms is essential to efficient VAT compliance and reporting, but this process is often left to manual, random and selective processes. These ad hoc data checks simply aren’t enough when it comes to ensuring accurate VAT compliance in a changing regulatory landscape requiring real-time data sharing […]
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 […]
Brazil, Chile, Mexico and other Latin American countries have been on the bleeding edge of technology-driven value-added tax (VAT) initiatives for more than a decade. These countries have set the stage for similar compliance and reporting requirements that are now sweeping across more than 30 European countries. Businesses operating in Europe have a distinct benefit. […]
When European or American companies talk about Europe increasingly adopting VAT reporting solutions based on the OECD SAF-T standard, they are mostly showcasing their ignorance of the revolution in tax controls that is really brewing. Europe is playing catch-up with many other parts of the world which are utilizing the Internet and associated technologies to […]
In the complex and ever-changing landscape of VAT Compliance and Reporting, automation is critical to drive operational simplification, cost reduction, audit risks mitigation and capability acquisition. “Routine tasks do need to be automated, but for the purpose of freeing up people to explore new approaches to create even more value.” This statement from a June […]
International News European Commission Proposes Changes to VAT Regime On January 18, 2018, the European Commission proposed an overhaul of the European VAT System, building on the 2016 VAT Action Plan. The main goal of the proposed changes is to create a European VAT area that operates more efficiently in a globalized world and aids […]