Blog

Oman Introduces VAT System

The Sultanate of Oman has imposed a Value Added Tax from 16 April 2021. The VAT system is scheduled to be implemented in phases, with businesses required to register for VAT at different points over the next year based on their turnover. Turnover Mandatory Registration Deadline Effective Date of Registration Greater than 1,000,000 OMR March […]

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Audio blog: Brazil E-Invoicing: New rules on NF-e invoices

Brazil E-Invoicing: New rules on 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 […]

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Understanding Mexico’s Miscellaneous Fiscal Resolution for 2021 and its Modifications (Part II)

Mexico’s Miscellaneous Fiscal Resolution (MFR) for 2021 includes a number of changes, the first of which you can read about in our previous blog on the subject. In this blog we will discuss the approved specific technical modifications related to the validations Authorised Certification Providers (PACs) should make to electronic invoices sent to them for […]

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A Brief History of VAT Digitization

VAT accounts for 15-40% of all public revenue globally. We estimate that the global VAT gap – i.e. lost VAT revenue due to errors and fraud – could be as high as half a trillion Euros. The GDP of countries like Norway, Austria or Nigeria are at a similar level and this VAT gap is […]

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What is the Tax Fallout from Brexit? 3 Questions for 3 Experts

Brexit continues to create a stir and the only absolute is that confusion dwarfs certainty when it comes to understanding the new tax laws that went into effect when Brexit became a reality. To address some of the more pressing questions, we gathered three industry experts for a webinar to provide some clarity into this […]

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Norway’s New 2022 VAT Return: Detailed and Digital

The Norwegian tax authority’s project for modernising VAT, the MEMO-project, has announced a new digital VAT return. It will take effect from the beginning of 2022 following a pilot program in August this year. This new VAT return seeks to provide simplification in reporting, better administration, and improved compliance in the VAT system. Currently VAT […]

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How to Manage E-Transformation Projects When Deadlines are Set by Government Agencies

When managing any e-transformation project the deadline is determined after careful planning. It should be based on the project scope and consider the available resources. However, when the project is to ensure regulatory compliance, the government determines the project’s deadline and it must be met. Many taxpayers choose to work with an external integrator to […]

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Saudi Arabia Publishes Draft Rules for E-invoicing

The General Authority of Zakat and Tax (GAZT) has published draft rules for the controls, requirements, technical specifications and procedural rules for implementing the provisions of the e-invoicing regulation. In addition to the draft rules, the associated technical specifications (Electronic Invoice Data Dictionary, Electronic Invoice XML Implementation Standard and Electronic Invoice Security Implementation Standards) are […]

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Possible Consequences of not Reviewing Contracts Post-Brexit

Given the complexity of international VAT and the potential risk, pitfalls and associated costs, finance directors are faced with a predicament. Unlike direct taxes which tend to be retrospectively determined, VAT is effectively calculated in real-time, linked to various aspects of the supply chain, and if the related transaction has incorrect VAT calculations or erroneous […]

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Understanding Mexico’s Miscellaneous Fiscal Resolution for 2021 and its Modifications (Part I)

Mexico introduced changes to the Miscellaneous Fiscal Resolution (MFR) this year. The Miscellaneous Fiscal Resolution is a group of regulations issued by the Mexican tax administration (SAT). The regulations contain the official interpretations of the rules enacted for the application of the taxes, levies and related obligations applicable to taxpayers in Mexico. The MFR is […]

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How the World can Meet the Post COVID-19 Automation Challenge

It’s good to see light at the end of the tunnel. Nonetheless, it’s too little, too late for many smaller – but also plenty of larger – companies. Thousands couldn’t weather the storm because they were particularly dependent on human contact. Others were affected disproportionally simply because COVID-19 hit them just as they traversed a […]

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UK’s Making Tax Digital – 1 April Brings End to Soft Landing Period

Since April 2019, the UK has required the submission of VAT returns and the storage of VAT records to be completed in accordance with the requirements of its Making Tax Digital (MTD) regulations. One of these requirements is that data transfer between software programs be achieved through ‘digital links.’ This requirement was initially waived during […]

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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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Albania: Updated CTC System Roll-out Timeline and Further Details Published

Following the introduction of ‘fiscalization’, Albania’s Continuous Transactions Controls scheme (CTC), in early 2020, the Albanian government published more information about the CTC system and in late 2020 updated the roll-out timeline. During 2020, the Albanian government published a series of secondary legislation about different elements of the CTC scheme. The Albanian CTC scheme is […]

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OSS and the EU E-Commerce Package: What you need to know about the upcoming changes

The e-commerce package is due to be introduced on 1 July 2021 having previously been delayed from 1 January 2021 due to the COVID-19 pandemic. COVID-19 is far from resolved with many Member States still suffering significantly with wide-ranging restrictions in place in many countries. Regardless, the European Commission’s current plan is to press ahead […]

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Meet the Expert: Andrew Hocking, VP of Consulting and Compliance Services, Europe

Meet the Expert is a series of blogs to share more about the team behind our innovative software and managed services. As a global organisation with tax experts across all regions, our dedicated team are always keeping abreast of the latest regulation changes to ensure our customers stay compliant. What is your role and what […]

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Advantages of Working with a Global Service Provider

The rapid rise of digitisation continues to transform companies’ business processes. Companies have either begun their digital transformation as a result of compulsory mandates or are voluntarily making the change. While digitalisation provides time, cost and workforce efficiencies, it has enabled greater cross-border business. The increasing digitisation of tax has seen companies look to third-party […]

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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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