Blog

E-invoice Data Reveals the Impact of COVID-19 on Brazil’s Economy

Increased visibility into, and control over, taxpayer financial and trade data is the key benefit highlighted by governments that have introduced continuous transaction controls (CTC) regimes. Its importance cannot be overstated. Transactional data cleared by or exchanged through a tax administration authorised platform becomes the new source of truth for tax authorities to assess the […]

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Sovos Strengthens Complete, Connected Tax Compliance in Brazil with Latest Acquisition

For businesses headquartered or operating in Brazil, the constantly shifting Nota Fiscal compliance regulations are a well-known pain point. The Sistema Público de Escrituração Digital (SPED) reporting rules debuted in 2008 to digitize paper invoices and records, and the rules continue to change frequently, creating complexity and risk. These difficulties are deepened for businesses that […]

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Transforming your approach to Tax in Brazil Part I: Understanding the Dilemma

Introduction: Brazil is the world’s ninth largest economy and a country with a well-earned reputation of being perhaps the most complex tax environment on Earth. The sheer number of laws and mandates, the constant change and the risk of non-compliance resulting in significant penalties and fines is omnipresent. In this three-part blog series, we’ll look […]

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Transforming your approach to Tax in Brazil Part II: A New Journey Begins

Introduction: Brazil is the world’s ninth largest economy and a country with a well-earned reputation of being perhaps the most complex tax environment on Earth. The sheer number of laws and mandates, the constant change and the risk of non-compliance resulting in significant penalties and fines is omnipresent. In this three-part blog series, we’ll look […]

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Transforming your approach to Tax in Brazil Part III: Aligning Technology and Partnerships

Introduction: Brazil is the world’s ninth largest economy and a country with a well-earned reputation of being perhaps the most complex tax environment on Earth. The sheer number of laws and mandates, the constant change and the risk of non-compliance resulting in significant penalties and fines is omnipresent. In this three-part blog series, we’ll look […]

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Brazil introduces new rules for NF-e invoices

Although Brazil is known for its complex tax laws that make compliance a difficult task in the country, it is undeniable that the Continuous Transaction Control (CTC) system implemented more than a decade ago is one of the most stable in the world. However, even a sophisticated CTC system continues to evolve and mature, and […]

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B2B Transaction Automation Platforms: Quantifying the VAT Compliance Advantage

In the past five years, transaction automation platform vendors who embraced e-invoicing and e-archiving compliance as integral to their services grew on average approximately 2.5 to 5 times faster than the market. Two decades of EU e-invoicing: many options, different models Until 1 January 2019, when Italy became the first European country to mandate B2B […]

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Prepare to Pay Taxes on Crypto Held in Foreign Accounts

The Government Accountability Office (GAO), a U.S. Congress watchdog, published a report evaluating the IRS’s approach to regulating virtual currency (crypto) and the guidance it has offered the public. The GAO’s Recommendation However, a portion of the report was directed at the IRS and the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. […]

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From Alignment to Action: Transforming tax compliance on your terms

What’s your digital transformation strategy? Whether you’re in IT, finance, tax or the executive suite, if that strategy doesn’t include tax, you may be overlooking a huge source of risk – and strategic benefit. It’s time to consider launching a conversation about tax in a digitally transforming world. Which is why we’ve created the “Yes, […]

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Aligning ERP and Tax: What’s the enterprise upside of tax compliance modernization?

What’s your digital transformation strategy? Whether you’re in IT, finance, tax or the executive suite, if that strategy doesn’t include tax, you may be overlooking a huge source of risk – and strategic benefit. It’s time to consider launching a conversation about tax in a digitally transforming world. Which is why we’ve created the “Yes, […]

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Tax & IT: How a Unified Compliance Vision Streamlines Digital Transformation

What’s your digital transformation strategy? Whether you’re in IT, finance, tax or the executive suite, if that strategy doesn’t include tax, you may be overlooking a huge source of risk – and strategic benefit. It’s time to consider launching a conversation about tax in a digitally transforming world. Which is why we’ve created the “Yes, […]

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“Trends” Report Excerpt: The Consequences of VAT Non-Compliance

The following is an excerpt from “Trends in Continuous Global VAT Compliance,” the 11th edition of the industry’s most comprehensive guide to e-invoicing, e-archiving and VAT reporting. The full report is available for download.  To reduce the VAT gap, countries are pushing taxable organizations to comply with VAT requirements and enforcing different types of legal […]

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New Global VAT Compliance Report Provides Guidance for Multinationals

Companies are dealing with a fundamental shift in the way they do business with trading partners. In a rapidly increasing number of countries, there’s a third party inserting itself into every transaction. It’s the government, and it’s wedging its way into every order a company ships or receives.  In an effort to close a massive […]

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Brazil Implements New E-Invoice Type NF3e

Brazil is often viewed as one of the most complex tax jurisdictions in the world.  But, at the same time, it has been very successful in automating tax authority controls, and in doing so has replaced paper invoices with electronic invoices automating their exchange through clearance platforms. While the ambitious Brazilian plans to simplify the […]

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Why Clearance E-invoicing Is Both Inevitable and Positive for Businesses

Clearance-model e-invoicing will sweep the globe because it works – at least for tax administrations. With the VAT gap opening to more than half a trillion dollars worldwide, governments around the world are likely to follow the Latin American model of tax authorities inserting themselves into transactions. A new report from Bruno Koch at industry […]

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E-invoicing: Optimization Strategies to Withstand the Digital Tax Tsunami

The great corporate awakening Many corporations that previously saw e-invoicing mandates as a developing country problem are now realizing that invasive transaction-based digital tax controls are popping up everywhere around the world. Teams of experts and executives across finance, IT, tax and other functions are being pulled together by leading enterprises to define ways to […]

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SAP Central Finance Migration: Tax Compliance Spells Trouble

SAP S/4HANA is the promised land for SAP customers: an entire suite of ERP functionality in one place with a single data store. The ability to run all ERP capabilities, both from SAP and non-SAP systems, from a single source represents delivery of a model IT professionals and SAP administrators have sought for years. Getting […]

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Marketplace Facilitator Tax Collection Responsibilities in Latin America

Marketplace Facilitators and Payment Processors Find Themselves in the Global Tax Compliance Crosshairs – Part II As we discussed in part I, “Marketplace Facilitators and Payment Processors – The New Taxpayers?” an indirect tax trend the past several years is an effort to expand the number of types of businesses responsible for collecting tax, such […]

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