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 […]
Norway’s government planned to officially require SAF-T reporting beginning in January 2017, but pushed the deadline back to 2018 as it finalizes details. With the 2018 deadline looming, companies need to start implementing their Norway SAF-T compliance solution now, or risk fines, penalties and business disruptions. SAF-T mandates have already been implemented in several EU […]
Why the First Year of CRS Reporting Isn’t Really Over Yet Don’t break up your Automatic Exchange of Information (AEOI) team just yet. The first round of reporting under the Common Reporting Standard (CRS) might be over, but jurisdictions themselves will soon begin exchanging information using the Common Transmission System (CTS). For financial institutions (FIs), […]
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 […]
The VAT Gap in the EU was estimated to be €159.5 billion in 2014, and the enormity of that gap is one of the reasons why the global tax landscape is changing so dramatically. Sovos explained this development to attendees of the FD Exchange conference, which took place in the Steigenberger Airport Hotel in Amsterdam. […]
Overview: Sovos AEOI Event in New York City Sovos recently hosted its AEOI Global Compliance Series event in New York with an event focused on Automatic Exchange of Information (AEOI) reporting. Speakers for the event included Jennifer Sponzilli from KPMG, Darren Rykers from Ernst & Young, Chris Orchard from Hansuke and Lanu Chou from Pricewaterhouse […]
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 […]
Keep current with VAT news without having to sift through the news every day. Here are the most significant happenings in the world of VAT reporting from August: International News OECD: OECD Publishes Comments on Model Tax Convention On August 11, the Organisation for Economic Co-operation and Development published comments to its newly-released 2017 Model […]
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 […]
Norway will soon require SAF-T (Standard Audit File for Tax), electronic submissions of transaction-level accounting records, joining a growing number of European countries that are adopting eAccounting. Across the world, the wave of change continues to sweep over more countries, as governments move to require real-time or near-real-time transactional reporting. Tax administrators in 69 countries […]
Recently, most medium and large retail businesses across Russia shifted to internet-connected cash desks that every day, in real-time, report to the Federal Tax Administration approximately 70 million B2C transactions. According to official sources, since July 1st 2017 when the mandate entered into force, over 6 billion B2C electronic receipts have been issued so far […]
Earlier this year we reported about the soon-to-be Hungarian invoice data reporting export requirement, and more importantly, about unanswered questions at the time. This summer, a draft regulation (modifying Decree 23/2014. (VI. 30.) NGM) was published, shedding some light on many of those questions: When is the obligation entering into force? As expected, the previous […]
We have been writing about the rapid emergence of ‘clearance’ systems worldwide for some time now. Our annual white paper and the 2017 Billentis market report provide more detailed analysis of different real-time controls that tax administrations are experimenting with. It’s happening everywhere, from Rome to Rio and from Seoul to Saint Petersburg. Some call […]
The first round of UK CRS filings didn’t go quite as well as some tax professionals at financial institutions thought it would. Just before the filing deadline, a survey of FIs revealed an air of confidence about the first transmittal, despite the fact that the first FATCA filing in the US was challenging. But participants […]
It’s no surprise that the acceleration of regulatory complexity is increasing manufacturers’ risk of being negatively impacted by sales and use tax compliance in ways that can hinder their growth. See INFOGRAPHIC Below Manufacturers Burdened with Regulatory Complexity 2017 has been the year that manufacturers began moving from design and concept for cloud technologies, IoT […]
With the acquisition, Sovos adds eReceipts to its real-time tax reporting solution, expands its presence in Brazil and extends Latin American operations to Chile, Colombia and Peru. Wilmington, Mass. – Global tax compliance and reporting software leader Sovos announced today that it has acquired Chile-based Paperless to expand its real-time government reporting capabilities with electronic […]
To ensure globally compliant e-invoicing on an ongoing basis, you should keep a close eye on the following eight functional domains: Technical and legal document rules: Are there mandatory technical rules for the file format? What is the minimum required content for an invoice? Do you have means to ensure the correct calculation of all […]
Keep current with VAT news without having to sift through the news every day. Here are the most significant happenings in the world of VAT reporting from July: United Kingdom Announces Change in Timetable for “Making Tax Digital” Initiative for Businesses On July 13, 2017, the parliament of the United Kingdom, along with Her Majesty’s […]