2018 was a volatile year in indirect tax compliance for tax, finance and IT professionals worldwide. With an increase in globalization and tax gaps surpassing tens of billions in some countries, it’s not surprising that one of the biggest challenges governments are addressing is revenue collection. Like enterprises, governments are creating new, technology-driven processes to […]
With electronic invoicing sweeping Europe and much of the rest of the globe just as it did Latin America, organizations need to be prepared to meet the challenges of new mandates. The 2018 Sovos TrustWeaver global e-invoicing eBook leaves absolutely no stone unturned in offering the most comprehensive information and analysis available regarding e-invoicing compliance. […]
Los cambios relacionados con el nuevo proceso que permite anular facturas electrónicas en México no son triviales, ya que repercuten de manera importante tanto en las operaciones de las AP (cuentas por pagar), como en las AR (cuentas por cobrar). El nuevo mandato, que pretende llenar el gran vacío que hasta ahora existía en la […]
Increasingly complex VAT regulations are sweeping across Europe, demanding technology adoption to support compliance and reporting-related activities. Now is the time for businesses to reevaluate their processes and technology to ensure they can meet complex VAT compliance and reporting initiatives, tightly integrate with government tax authorities, support real-time access to transactional data and adapt for […]
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 […]
SAP Central Finance delivers on the promise of pulling data from multiple sources into a single view for reporting and analysis. Channeling disparate data sources into a single source of truth can be massively valuable to organizations, especially those that have a sprawling number of billing, accounts payable and general ledger components, or even multiple […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
As previously announced by Sovos and after several delays in the implementation of the new CFDI cancelation process, the final deadline has arrived. The Mexican tax authority (SAT) has kept its commitment to not delay the implementation of the new CFDI cancelation process, as advised in their press release. These changes are designed to eliminate […]
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. […]
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 […]
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 […]