Blog

Italy Leading the Charge Against EU E-Invoicing Inertia

Back in June, we wrote about how Italy has declared its intention to make e-invoicing fully mandatory – not only for B2G but also now for B2B transactions. This isn’t a bad thing. Adoption in Europe is lagging embarrassingly far behind many countries such as Mexico, Chile, and Turkey who all introduced e-invoicing much later. […]

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Real-Time Indirect Tax Controls and Online Reporting – Less Similar Than You Think…

The ISO Invoice Tax Report and SAF-T specifications for online tax administration invoice controls exemplify fundamentally different directions in the rapidly evolving electronic invoice compliance space; these models affect businesses in very different ways. If you want to know if trading parties respect indirect tax requirements in their dealings, there are essentially two ways to […]

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Evaluate Your Tax Team for Regulatory and Business Change

Our October 24 Webinar, “Building the Tax Team of the Future to Successfully Navigate the Regulatory Storm,” is now available onDemand. During the webinar, we asked attendees a series of four detailed polling questions to help them measure their tax teams’ ability to deal with regulatory and business change. Questions were based on a Reactive-to-Proactive […]

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Brazil Announces Official Launch of NFSe Pilot Program

Currently, companies in Brazil must submit two separate types of invoices to the tax authority – product invoices (NFe) and service invoices (NFSe). Product invoices for goods and raw materials are standardized throughout the country, allowing companies to centralize their compliance processes; however, service invoices vary heavily depending on the city.

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Building a Tax Team to Meet Future Compliance Requirements

It’s clear business evolution, technology disruption and related tax compliance laws are creating increased complexity and becoming tremendous business liabilities. In today’s regulatory environment, businesses must view tax compliance as a critical function, committing the right resources, technology and process discipline necessary to maintain compliance and respond to the associated audits so the business can […]

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Peruvian Distributed Clearance Model Launched

The Peruvian Tax Administration SUNAT recently authorised the first two e-invoicing operators that will eventually take over the current centralised clearance service at SUNAT: Peruvian/Danish owned eFact and Chilean/US owned Paperless/SOVOS. SUNAT’s new model is a distributed one, named “OSE” (Operador de Servicios Electrónicos) in Peru and has both similarities and differences with the Mexican […]

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Building the Tax Team of the Future to Navigate the Regulatory Storm – Webinar

There’s a growing regulatory storm on the horizon, impacting tax professionals’ roles and skills. This is causing a shift in how businesses are preparing their compliance teams to keep their businesses ahead of the curve.   Join Matt Walsh, Principal Indirect Tax and Mark Christenson, Director, of Sovos on October 24 at 2:00 PM Eastern […]

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Colombian E-Invoicing Adoption – An Ambitious Deadline with Good Progress

Colombia has aggressively promoted the adoption of e-invoicing since 2015. That year, Decree 2242 introduced mandatory e-invoicing in XML format through regulated schemas, use of digital signatures and real-time invoice controls by the tax authority DIAN as a clearance point. This model, which represents a significant departure from the previous ‘classic’ VAT invoicing scheme, can […]

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Brazil’s IoT Advancements Lead to “Google of Fiscal Goods”

NFe 4.0 Introduces Unprecedented Product Traceability NFe 4.0 ushers forth new requirements that make a new level of product tracking possible. Specifically, the SEFAZ, Brazil’s tax authority, requires companies subject to sanitary regulations or recall cases, as well as those that produce agricultural pesticides, veterinary products, dental products, medicines, beverages, bottled waters, food packaging, etc., to […]

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4 Reasons Why Your Archiving Strategy Can Help Your E-Invoicing Strategy

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 […]

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China 2017 Update: E-Invoicing Adoption and Other Trends

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 […]

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A Year of Changes in Brazil (Part 3): Bloco K Presents Inventory Management Challenges

What Is Bloco K?

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Updated: The Definitive Guide to Latin American Compliance

What began as an e-invoicing mandate in Brazil just over 10 years ago has significantly transformed the way businesses operate – not just in Latin America, but across the globe. Governments are progressively turning to technology to close tax gaps, crack down on tax evasion and gain visibility into transactions that happen within – and […]

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Does the Market Require E-Invoicing Compliance and VAT Automation in One Service?

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 […]

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A Year of Changes in Brazil (Part 2): New Digital Bookkeeping Mandate – REINF

REINF Defined

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Changes Ahead for Travel and Expense Management in a World of Real-Time Tax Controls?

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 […]

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Costa Rica E-Invoicing: Top 8 Requirements to Know

After 8 years of voluntary e-invoicing, Costa Rica has begun its transition to mandatory e-invoice submissions. The first 10 companies began compliance in March 2017 as a pilot, and the DGT, Costa Rica’s tax authority, will continue to roll the program out to additional enterprises over the next two years via email notifications. Like other […]

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Norway Prepares for SAF-T eAccounting

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 […]

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