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To Increase or Not Increase: That's Japan’s Consumption Tax Question

The Proposed Changes to Japan’s Consumption Tax In Japan, consumption tax is paid by consumers when they purchase goods and services. Presently, Japan’s consumption tax rate is 8%. On March 29, 2016, the Japanese Diet (National Parliament) approved the Fiscal Year 2016 Budget, including various tax reforms. The reforms include an increase in the consumption […]

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Weekly Global Update: May 7-May 13, 2016

Today you are in luck. This Friday the 13th round-up covers FATCA, CDOT, and CRS changes from around the world for a truly global update that covers all three of these new reporting regimes.   Poland Announces New FATCA Filing Form (FAT-1) Poland has announced the impending release of a new form (FAT-1) that will assist […]

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Goodin Co. Client Success Story

Businesses of all sizes and in all types of industries often have problems achieving full sales and use tax compliance. This can be especially problematic when an organization is growing, but still aiming to provide excellent goods and top-notch customer services by using sophisticated back-end systems. The Challenge for Goodin: Accuracy, Audits & Expansion This […]

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Overview of the 2015 Washington Wine Market

In a previous post, we discussed how Oregon’s wine direct-to-consumer market boomed in 2015. Of course, Oregon isn’t the only Northwest region to enjoy the benefits of the DtC market boom. Washington, home to more than 890 wineries according to Washington State Wine, enjoyed sustained growth last year. Compared to its neighbor to the south, […]

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IRS Releases Updated Guide for ACA Information Returns Transmittals

Once again, close to a regulatory deadline, the IRS has recently released an updated Publication 5165 for ACA information return transmittals. This guide outlines the communication procedures, transmission formats, business rules, and validation procedures for returns transmitted electronically through the AIR system. Do you know how to implement all the following technical changes? Here at […]

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Weekly Roundup | TTB Speeding Things Up, 500-Year-Old Beer Law, Light Up DIRECT Announcement

Happy Monday, everyone! Hope you had a great Mother’s Day weekend. Today’s roundup covers the TTB’s speedy processing times, Dogfish Head calling out the 500-year-old German beer law, and details about this year’s Light Up DIRECT and how you can get involved. As always, if you read something I missed, let me know in the […]

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Latin American Compliance: Total Cost of Ownership Checklist & Webinar

For companies currently or considering managing compliance in Latin America on-premise, it can be difficult to fully calculate the total cost of compliance. Between hardware, software, middleware, implementation and support staff, troubleshooting, change management and more, in-house compliance takes multiple internal resources, and costs can add up quickly. When evaluating your compliance costs, have you […]

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Recent VAT Compliance Updates: May 2016

Here at Sovos, we are committed to keeping you up-to-date with current VAT compliance updates from around the globe. Check out these recent changes from our expert research team:   European Union: European Commission publishes “Action Plan” for VAT On April 7, 2016, the European Commission published “An Action Plan on VAT,” a 14-page report […]

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Weekly CRS Update: April 30-May 6, 2016

Countries all over keep taking steps to ensure they are on track to fully participate in CDOT and CRS. Here are the weekly CRS updates compiled by our tireless research team. British Virgin Islands Opens Portal for UK CDOT Filings and Issues Revised BVIFARS User Guide with CDOT-Specific Updates The British Virgin Islands has announced […]

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Weekly FATCA Update: April 30-May 6, 2016

The world keeps spinning and countries keep taking steps to ensure they are on track to fully participate in FATCA. Here are the weekly FATCA updates from different countries across the globe compiled and presented for you to stay in the know when it comes to AEOI and global reporting. Slovak Republic Releases Competent Authority Arrangement […]

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Light Up DIRECT 2016

As you may have noticed, we’re getting creative with the DIRECT conference this year. To help shake things up, and to build on the energy and excitement behind our theme, Build Tomorrow, we’ve decided to create an event within an event.

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UPDATES: South Dakota Looks to Reshape the Sales Tax Nexus

UPDATE – April 29, 2016 As predicted, legal challenges to the South Dakota Economic Sales Tax Nexus standard were swift to arise. On Thursday, April 28, 2016, South Dakota filed a suit against several prominent internet retailers in the South Dakota Sixth Circuit Court. (State of South Dakota et al. v. Wayward Inc. et al). […]

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Weekly Roundup | PRO Expands to South Carolina, Possible L.A. Restriction Lift, and DIRECT 2016 Session Announcement

Happy Monday, everyone! Hope you had a great weekend. Today’s roundup covers PRO expansion in South Carolina, a possible L.A. County restriction lift for the wine industry, and details about this year’s DIRECT Conference breakout session. As always, if you read something I missed, let me know in the comments. Have a great week!

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First Mexico CFDI Change Begins with Foreign Trade Transaction Update Due July 1st

The SAT (Mexican tax authority) has announced a new transaction requirement that could affect your e-invoicing process. The new requirement specifically addresses “Exportaciones Definitivas Clave A1,” or foreign trade transactions, which the SAT defines as final exports. The SAT will mandate that all companies incorporate a new “complemento” (additional information) for foreign trade CFDIs starting […]

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Weekly FATCA Update: April 16-29, 2016

The last two weeks have seen countries from all over the globe make strides in preparing to accept information for FATCA, CDOT, and CRS. Take a look through the list compiled by our in-house research department to stay in the know.   Germany Releases New InfoBrief; Updates Prior Testing InfoBrief Germany recently released InfoBrief 04/2016. […]

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DIRECT 2016 | Breakout Session Announcement!

We’re so excited to share some of the incredible breakout sessions planned for this year’s DIRECT Conference. This event promises to provide more learning and community building opportunities than ever before, and we hope to have you join us as we Build Tomorrow! Here’s a teaser of some of the content you can expect at DIRECT.

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Tax Information Reporting Should Be a Proactive Year Round Process

Even though the first main form creation and delivery deadlines for federal tax information reporting may have passed for Tax Year 2015, there is still plenty your organization should do throughout the year to prepare and handle other obligations such as state reporting, penalty notices, and back-up withholding just to name a few in order […]

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PRO Expands to South Carolina!

White sandy beaches aren’t all the Palmetto State has going on these days. South Carolina is also the most recent state to adopt the PRO system for accepting wine and beer label registrations. Although it may not be as exciting as a Hilton Head vacation, we’re happy to announce that wine and beer licensees can […]

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