Blog

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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Costa Rica: Taxation of Foreign Supply of Digital Services

Overview: The days when suppliers of digital content or services were considered out of reach of local tax authorities because they supplied products and services remotely are quickly fading. The exponential growth that the digital economy has experienced in the last several years has made it impossible to ignore countries looking for new sources of […]

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Audio Blog: VAT Trends: Toward Continuous Transaction Controls Part One

Today we will be previewing the upcoming release of the 12th edition of the Sovos Trends in Continuous Global VAT Compliance report.  In this episode of the Sovos Expert Series, Harriet Vivian sits down with Sovos’ VP of Strategy, Christiaan Van Der Valk as he digs into what the Trends Report will look like this […]

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Mexico: Changes to VAT Obligations, E-Signature, and E-Invoicing

Part 2: Main Aspects of the 2nd Modification of the Miscellaneous Fiscal Resolution for 2020 In addition to the provisions related to digital services explained in Part I of this blog, the second Modification to the Miscellaneous Fiscal Resolution for 2020 (RMF2020) also introduced the following changes related to VAT obligations, the use of electronic […]

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The Trend Continues – BEPS Action Plan 1 Accelerates Globally

Addressing Base Erosion and Profit Shifting (BEPS) has been a key priority of governments around the world.  The Organisation for Economic Co-operation and Development (OECD) has been working for years to tackle taxation issues across the globe.  Much of the world has expressed concern about tax planning by multinational enterprises that make use of gaps […]

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Industry First: Businesses and Government Partner on New Digital VAT Compliance Principles

For the first time in history, international business and governments have come together. Their aim was to define and agree a guiding set of principles for tax compliance in a world where continuous tax controls (CTCs) are becoming the norm.  The International Chamber of Commerce‘s (ICC) executive board has now formally approved the first set […]

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India’s E-invoicing Mandate Deadline of October is Looming

Renowned for its diversity, India is taking the same approach to its e-invoicing framework.  There have been several changes and new possibilities included in the required processes and technical (“JSON”) invoice schema since e-invoicing was introduced. Such changes are unsurprising as many of the existing Continuous Transaction Controls (CTC) systems regularly bring new elements to […]

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Latin America: An Update on E-Invoice Requirements

In the field of global e-invoicing and tax control, most eyes have been focused on trailblazing initiatives in Asia, as countries such as India, Vietnam and Thailand look set to introduce new reforms in this area. However, even in the home of mandatory digital tax controls – Latin America – where mandatory clearance of B2B […]

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Sovos Acquires Taxweb, Extends Tax Determination Capabilities in World’s Most Challenging Compliance Landscape

Earlier this month Sovos announced its second acquisition of 2020, completing our solution for Brazil with an unparalleled offering that solves tax compliance in the place where it is most challenging to do so.  Too many companies doing business in Brazil have been burdened by managing multiple point solutions for continuous transaction controls (CTCs), tax […]

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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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International Tax Changes During the COVID-19 Pandemic

In the last several weeks, we have monitored many efforts by federal, state and local governments to provide relief to both businesses and individual taxpayers impacted by the COVID-19 pandemic. As they relate to indirect tax (VAT/Sales Tax/GST), the measures enacted to-date have followed varying paths. Here are a few examples of the types of […]

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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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What Is Value-Added Tax, Anyway? Trends Report Excerpt

Value-added tax (VAT) does not exist in the United States, but American companies are increasingly having to deal with VAT mandates in Latin America, Europe and Asia. Seeking to make up a massive gap in revenues, tax administrations are mandating strict policies to digitize VAT collection. American companies that fail to comply could see their […]

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Hidden USMCA Compliance Pitfalls for American Companies in Mexico

As part of the recently updated “new NAFTA,” or USMCA, Mexico is enticing companies to move operations into its maquiladora zone of factories along the US border. Major benefits of relocation include exemptions from value-added tax (VAT) and other taxes for qualifying manufacturers, along with a VAT rate reduced by half applied to local transactions […]

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