Blog

Europe Embraces Digitized Invoices but Country Specific Requirements are Diverse

Based on the Billentis report of 2019 (The E-invoicing Journey 2019-2025), automated e-invoicing will generally result in cost savings of 60-80% compared to conventional paper format invoices. In this age of digital transformation, optimizing invoice flows is top of corporate agendas for most companies to improve efficiencies and reduce operating costs. And many companies want […]

Read More
Shielding SAP Central Finance Migrations from Tax Compliance Mandates

With more companies focusing on global integration, cross-border supply chains and expanding ecommerce, governments across the globe are introducing new ways to enforce tax rules and close their tax gaps. The evolving global regulatory environment produces unique tax determination and reporting challenges in the United States and additional VAT and e-invoicing compliance challenges around the […]

Read More
Sovos Expert to Speak on Tax Compliance in S/4HANA at SAPPHIRE

Pawel Smolarkiewicz, chief product office at Sovos, will speak on the digital transformation of tax and its effect on SAP S/4HANA at next week’s SAPPHIRE conference in Orlando.   As countries make continuous tax compliance the new normal, businesses are finding that they have to respond by putting tax compliance functionality at the core of […]

Read More
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 […]

Read More
SAP Central Finance Drives Move to S/4HANA, Making Tax Compliance a Priority

SAP Central Finance is driving migration to SAP S/4HANA as companies look to deliver value to their finance and accounting organizations, as well as improve on the configuration of previous financial systems. And for most companies making the transition, tax compliance is a priority. In a recent survey by SAP Insider, 74 percent of SAP […]

Read More
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 […]

Read More
Sovos Named a 2019 Spend Matters Provider to Know for Procurement Innovation

Sovos has been named a ‘2019 Provider to Know’ by Spend Matters for innovation in procurement. Spend Matters released its 6th annual “50 Providers to Know/50 Providers to Watch” lists today in conjunction with the annual ISM conference, naming Sovos as one of its 50 Providers to Know for 2019. The recognition highlights Sovos’ Intelligent […]

Read More
Continuous Transaction Controls for Tax: Why Reporting vs. Clearance Matters

Very little about the emerging global digital tax environment is simple. That includes the countless different models tax authorities use to execute it. The two types of continuous transaction controls, reporting and clearance, may on the surface look similar but are not at all the same, and companies need to know how to operate under […]

Read More
Portugal‘s New E-Invoicing Rules Impact Archiving and Reporting

Beyond the implications outlined in our last blog, Decree-Law 28/2019 (the Decree-Law)  impacts areas beyond invoicing, introducing modifications to both archiving and the reporting of tax data. Mandatory electronic archiving A novelty of the Decree-Law is the explicit introduction of an obligation to archive electronic invoices in electronic format which in turn further promotes the […]

Read More
Developing a Taste for the Four Flavors of E-archiving

As far back as the 1940s, Coca-Cola used the tagline “It’s the Real Thing” to advertise its famous beverage. The company could just as easily been talking about e-archiving or, at least, answering the question electronic archiving systems have to answer about electronic invoices. E-archiving not just storage. Storage is part of what a compliant […]

Read More
Croatia Mandates B2G E-invoicing From July 2019

Scope and timeline Croatia is one of the few countries in Europe to have chosen to mandate the use of e-invoicing in public procurement processes as outlined in Directive 2014/55/EU and within the transposition deadline of April 2019. The Croatian mandate covers both the issuance and receipt of e-invoices in B2G transactions.  Other countries – […]

Read More
Portugal Issues New E-Invoicing Rules: A Flavour of Clearance but Not Quite There

On 15 February 2019, Portugal published Decree-Law 28/2019 regarding the processing, archiving and dematerialization of invoices and other tax related documents including: The mandatory use of certified invoicing software General requirements for paper and electronic invoices Dematerialization of tax documentation Archiving of tax documentation (including ledgers, etc) Adjacent tax rules and obligations The decree aims […]

Read More
Italy E-invoicing: Esterometro Reporting Requirements for Cross-border Transactions Updated

What is Esterometro? The Italian government’s e-invoicing mandate became effective on 1 January 2019.  While cross-border invoices are exempt, all domestic B2B and B2C invoices must be cleared through the SDI platform. This means that the Italian government and tax authority now have real-time access to the data of all B2B and B2C VAT transactions […]

Read More
In Brief: 19 Things about Compliant Invoice E-archiving

Most enterprises already have one or several solutions for storing electronic data and documents. However, those systems might not meet compliance requirements for storing original electronic invoices and similar legally critical documents. Here is a brief guide to some of the prominent international requirements for acquiring a compliant e-archiving system. The full guide is available […]

Read More
Italy: Is a Last-Minute Moratorium on E-invoicing Fines on the Horizon?

There is no doubt that the roll out of the Italian clearance e-invoicing mandate has kept the e-invoicing market and local taxpayers on their toes. Compliance with the mandate’s legal and technical requirements is not an easy task to fulfil. Consequently, taxpayers of different sectors of the economy, as well as different stakeholders of the […]

Read More
4 Reasons Why E-Archiving Should Be the Foundation for a Global E-Invoicing Strategy

No global e-invoicing strategy is complete without functionality for e-archiving. In fact, far from being an afterthought or add-on, e-archiving should be at the core of any organization’s e-invoicing plans. There are a few reasons why: E-archiving makes up a large percentage of a global e-invoicing strategy If a government wants to audit an organization’s […]

Read More
Make Tax Compliance the Core of Your Financial Management Suite

As global enterprises further their digital transformation initiatives to move financial applications to the cloud, many are at a crossroads with how they choose a deployment strategy that consolidates disparate financial and other departmental solutions and processes. Many organizations that consolidated under the auspice of a single enterprise resource planning (ERP) solution to combine administrative […]

Read More
The 5 Biggest Stories in Indirect Tax Compliance 2018

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 […]

Read More
Small changes lead to big impact for Italian e-invoicing grace period

The Decree 119/2018, first published in draft in late October of this year in Italy, has now been converted into law, but with a number of changes to its content. The main changes to the previously published version of the e-invoicing rules of this decree are: Extension to the grace period for delays in the […]

Read More
Download the 10th Edition of the Most Comprehensive Guide to Global E-invoicing Compliance

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. […]

Read More