Blog

SAP in Latin America: Top 10 Implementation Challenges

Mandated e-invoicing and tax reporting requirements in Latin America make SAP implementations in this region more complex than anywhere else in the world. Here, we examine the Top 10 Hurdles to Implementing SAP in Latin America: 1. Consistency Consistency between transactional invoices and accounting reports is essential. Any slight discrepancy triggers audits and fines, which […]

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[Infographic] Hungary VAT Reporting

Hungary is seeking to close a massive VAT gap with new requirements that mandate real-time reporting. What does this mean for companies doing business in Hungary?  Download the Hungary VAT Reporting Infographic to learn more about the country’s requirements or find out more about how Sovos keeps companies prepared for new VAT enforcement mandates. 

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Mandatory E-invoicing in Greece: What to Expect

More than six months ago the Greek authorities announced their intention to introduce mandatory e-invoicing and e-bookkeeping rules, and enough information is now available to assess what the proposed rules will mean for Greece. Although formal legislation has yet to be published, it’s expected the new e-invoicing measures by the Independent Public Revenue Authority, the […]

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La DIAN de Colombia retrasa el mandato de facturación electrónica para todas las compañías, excepto las de mayor tamaño

La autoridad fiscal de Colombia, DIAN (Dirección de Impuestos y Aduanas Nacionales), anunció esta semana el retraso a su mandato de facturación electrónica para todas las empresas, exceptuando a los mayores contribuyentes que operan en el país. La DIAN había declarado previamente que todas las compañías que pagan IVA en Colombia tendrían que adaptar el […]

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Automated Exemption Certificate Management at Bridgestone HosePower

Bridgestone HosePower Selects Sovos for Customer Exemption Certificate Management Bridgestone HosePower, LLC is a hose sales and service company that offers hydraulic and industrial hoses, hose assemblies and mobile hose services to internationally-recognized manufacturers of cranes, street sweepers, road paving equipment, sanitation trucks, and drilling rigs and other machinery through 40 branch locations in the […]

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Colombia DIAN Delays E-invoicing Mandate for All But Largest Companies

Colombia’s tax authority, the DIAN, announced this week that it is delaying its e-invoicing mandate for all but the largest taxpayers operating in the country. The DIAN had previously said that all companies that pay VAT in Colombia would have to adopt mandatory e-invoicing by Jan. 1, 2019. However, the DIAN this week said that […]

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Possible Postponement in Sight for Italy e-Invoicing Mandate

The entrance into force of the mandatory e-invoicing regime in Italy as of 1 January 2019 has been widely debated this year. Many applaud the potential of the reform when it comes to closing or lowering the Italian VAT gap, but smaller companies have voiced concerns about the complexity of the new framework and are […]

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Economic Nexus Update – Colorado and Connecticut to Begin Collection

Five months ago, the Supreme Court decision in South Dakota v. Wayfair, Inc. opened the floodgates of state sales and use tax collection upon remote (out-of-state) sellers. Since that time, economic nexus laws have gone into effect in 24 states. As of December 1, 2018, that number will increase to 26 states when Colorado and […]

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7 Regulatory Changes to Be Aware of before Tax Reporting Season Arrives

If there’s one lesson to take from 2018, it’s that tax information reporting isn’t getting any easier. Tightened deadlines, new forms and the end of the extension of time for reporting form 1099-MISC with nonemployee compensation are sure to cause some chaos when reporting season kicks off in January. In fact, 2018 ushered in a […]

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Why the Creation of a “United Nations of Digital Tax” Is a Game-Changer for Digital Business Transformation

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 […]

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10 Challenges of Native SAP Tax Compliance – Part Three

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 […]

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Lack of Clarity in Cryptocurrency Regulations Hasn’t Stopped IRS Enforcement

The IRS is getting ready to inundate tax professionals with guidance on taxation of cryptocurrency. When, exactly, that will happen is unclear. What is clear, however, is that the agency plans to enforce existing 1099 reporting regulations for crypto for now, something it has already shown a willingness to do. The question is how those […]

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Why the New Process for Cancelling E-Invoices in Mexico Matters

The changes involved in the new process for cancelling electronic invoices in Mexico are not trivial. There are major ramifications for both accounts payable (AP) and accounts receivable (AR) operations. The new mandate, which fixes a major gap in Mexico’s e-invoicing policy, is aimed at enabling the SAT, the Mexican tax authority, to recover money […]

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Italy’s E-invoicing Reform Is Far-Reaching and Affects All B2C Transactions

Few people will have failed to notice the extent of the ongoing VAT reform in Italy. From 1 January 2019, it will be mandatory for all domestic invoices to be issued in electronic form and to have been cleared through the state-operated SDI platform. From this date, any invoices that aren’t created in the regulated […]

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[Infographic] Making Light Work of Making Tax Digital

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 […]

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10 Challenges of Native SAP Tax Compliance – Part Two

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. […]

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Why a New OSE Mandate in Peru Could Leave Companies Searching for Partners

Peru is giving large companies just five months to comply with a requirement to partner with a certified Operator of Electronic Services (OSE) for clearing e-invoices, a mandate that will require some companies to seek service providers before the deadline. As of March 1, 2019, all taxpayers considered a national or regional large company by […]

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10 Challenges of Native SAP Tax Compliance – Part One

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. […]

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It’s official: Most European practitioners favour LatAm e-invoicing model

At the annual European Exchange Summit held earlier this month in Berlin, the organizers surveyed participants on several issues relevant to e-invoicing. One question was of particular interest: “Should clearance models or mandatory e-invoicing become the norm in the EU?” The Exchange Summit is an industry event attended by experts and practitioners from around the […]

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Italy Postpones Some Electronic Invoicing Penalties But Mandate Rollout Continues

Companies struggling to meet Italy’s electronic invoicing deadline of Jan. 1 will get some relief from financial penalties if they can’t immediately issue invoices at the moment of supply, but it seems the Italian Tax Authority will not delay rolling out the system. The government had stated that invoices that did not comply with the […]

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