Blog

Don’t Judge a Book by its Form: The Downward Global Trend in VAT Rates of E-Publications

Using reduced VAT rates to influence consumer buying choices Charging VAT and other consumption taxes rarely has a significant effect on a nation’s economy. The impact is felt at a specific industry sector level and more acutely when applied to goods and services in the B2C environment where any additional tax burden can impact price […]

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The Rising Tide of Digital Tax: Are You Surfer or Shark Bait?

Anyone familiar with the Discovery Channel’s Shark Week and the portrayal of hungry sharks setting their sights on surfers may be surprised to learn that tax and IT professionals may be feeling every bit as wary as those surfers as they enter their own version of shark-infested waters. The reason: IT and tax pros are […]

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Moving the Goalposts or Tweaking the Boundaries? Recent Updates to Intrastat Reporting

For those currently in the midst of preparing monthly Intrastat returns, the recent increase in reporting thresholds by a number of countries across the European Union (EU) will be of limited comfort. For those companies where the volume of goods being moved between EU countries are close to the current reporting thresholds however, the updates […]

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Sovos Closes Foriba Acquisition, Advancing Mission to Solve Tax for Good™

Sovos officially closed the acquisition of Istanbul-based Foriba. This acquisition represents another significant milestone in our mission and makes it easier for businesses to overcome one of the greatest challenges they face: the digital transformation of tax. Across the globe, governments are mandating their own digital transformation, giving businesses two choices. The first is to […]

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Let’s Get Digital

As businesses prepare to file their first VAT returns under Making Tax Digital (MTD), many will already be fully compliant with the requirement to retain digital links, whilst others will be taking advantage of the ‘soft landing’ period provided by the UK tax authority, HMRC, to get fully compliant.  So, what exactly are the digital […]

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From E-invoicing to E-ordering: New Mandate Coming to Italy in October

Italy has been at the forefront of B2G e-invoicing in Europe ever since the central e-invoicing platform SDI (Sistema di Interscambio) was rolled out and made mandatory for all suppliers to the public sector in 2014. While a number of its European neighbors are slowly catching up, Italy is continuing to improve the integration of […]

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SAF-T – Where Are We Now?

Anyone who has been closely following SAF-T announcements over the past few years may be forgiven for thinking that it all seems rather like Groundhog Day.  Commencement dates and reporting requirements have been announced and subsequently amended and re-announced as the respective countries re-evaluate their needs and the readiness of companies to provide the data […]

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With Foriba Acquisition, Sovos Strengthens Position in Modern Tax Software

Today, we announced Sovos will acquire Istanbul-based Foriba, bringing another global pioneer of e-invoicing compliance into the Sovos solution. The Foriba acquisition marks a milestone for Sovos and for our customers around the world, who face a monumental shift in digital taxation. As tax administrations accelerate adoption of continuous compliance, businesses are dealing with the […]

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A New VAT System for Costa Rica – Part I

The Costa Rican government enacted law 9635/2019 which introduces a new value added tax (VAT) system effective July 1, 2019. The new VAT replaces the current hybrid General Sales Tax (locally known as IGV) which existed for almost four decades. The new VAT is markedly different from the IGV, with some of the key differences […]

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Poland Dives Deeper Into VAT Split Payments – Mandatory From 1 September 2019

Split payments is one of the methods that European countries with a considerable VAT gap use to tackle it.  Across the EU, the VAT gap in the EU in 2016 was reported to be €147.1bn. Poland introduced voluntary VAT split payments in July 2018. Since then around 25% of taxpayers have adopted this payment method.  […]

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Marketplace Facilitator Tax Collection Responsibilities in the European Union

Marketplace Facilitators and Payment Processors Find Themselves in the Global Tax Compliance Crosshairs – Part III The spread of the digital economy presents massive growth opportunity, but it also creates challenges for global taxation. As the VAT landscape responds to technological change, compliance becomes increasingly burdensome and costly, and the need for a complete solution […]

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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 […]

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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 […]

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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 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 […]

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Deadline Extended for Turkey’s E-Waybill Mandate

A draft circular, published by the Ministry of Treasury and Finance of Turkey on 15 May, has proposed an extension to the deadline for the mandatory issue of e-waybills. Whilst the circular still needs to be formally approved, the new deadline is expected to be 1 January 2020.  The postponement to the transition period gives […]

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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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