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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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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 […]

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Are We in the Golden Age of VAT Recovery?

The value-added tax (“VAT”) was described in the EU as a “”money machine” over 20 years ago. Yet according to a 2015 study by the European Commission by the Centre for Social and Economic Research (CASE), the “VAT gap” was approximately 168 billion EUR. This represents 15 percent of the theoretical VAT that would be […]

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Why Compliance in Mexico Is Especially Important for Maquiladoras

Mexico has overhauled its e-invoicing requirements in recent years, and while businesses of all kinds have had to adapt, keeping up with changes is particularly important for maquiladoras. Maquiladoras are manufacturers, often with factories near the border with the US, which have a special designation from the Mexican government that allows them to import materials […]

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Demystifying the IDC MarketScape for Sales Tax Software and VAT Automation

Sovos being named a “Leader” in the IDC MarketScape: Worldwide Sales Tax and VAT Automation Applications 2019 Vendor Assessment is a validation of its current and future product and business strategy. For those who are less familiar with IDC and its vendor evaluation process, or who are more familiar with the Gartner Magic Quadrant or […]

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IDC Releases First Ever IDC MarketScape Report of Global Tax Automation Software

Earlier this week, IDC released its first-ever MarketScape Report, “IDC MarketScape: Worldwide SaaS and Cloud-Enabled Sales Tax and VAT Automation Applications 2019 Vendor Assessment,” focused on global tax compliance software, signaling two things at a crucial moment in the digital transformation of tax: Modern tax technology is an important part of the digital financial core […]

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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 […]

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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 […]

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Poland’s step-by-step plan to narrow their VAT gap

Narrowing the VAT gap has been one of the main priorities for the Polish government since 2015 and is one of the flagship goals of the governing political party ‘Law and Order’. The main reason is economic as VAT revenue constitutes around 40% of the country’s budget. However, this topic is also a national political […]

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Por qué es importante el nuevo proceso de cancelación de facturas electrónicas en México

Los cambios relacionados con el nuevo proceso que permite anular facturas electrónicas en México no son triviales, ya que repercuten de manera importante tanto en las operaciones de las AP (cuentas por pagar), como en las AR (cuentas por cobrar). El nuevo mandato, que pretende llenar el gran vacío que hasta ahora existía en la […]

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Checklist: Choosing the Right VAT Compliance Technology Partner

Increasingly complex VAT regulations are sweeping across Europe, demanding technology adoption to support compliance and reporting-related activities. Now is the time for businesses to reevaluate their processes and technology to ensure they can meet complex VAT compliance and reporting initiatives, tightly integrate with government tax authorities, support real-time access to transactional data and adapt for […]

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[Infographic] Hungary VAT Reporting

Hungary is seeking to close a massive VAT gap with new requirements that mandate real-time reporting. What does this mean for companies doing business in Hungary?  Download the Hungary VAT Reporting Infographic to learn more about the country’s requirements or find out more about how Sovos keeps companies prepared for new VAT enforcement mandates. 

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SAP in Latin America: Top 10 Implementation Challenges

Mandated e-invoicing and tax reporting requirements in Latin America make SAP implementations in this region more complex than anywhere else in the world. Here, we examine the Top 10 Hurdles to Implementing SAP in Latin America: 1. Consistency Consistency between transactional invoices and accounting reports is essential. Any slight discrepancy triggers audits and fines, which […]

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Avoiding Tax Compliance Risks Moving to SAP Central Finance

SAP Central Finance delivers on the promise of pulling data from multiple sources into a single view for reporting and analysis. Channeling disparate data sources into a single source of truth can be massively valuable to organizations, especially those that have a sprawling number of billing, accounts payable and general ledger components, or even multiple […]

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Why the Creation of a “United Nations of Digital Tax” Is a Game-Changer for Digital Business Transformation

The event largely went unnoticed in the general press, and even the business and IT press hardly paid attention. Yet the proceedings that unfolded in October 2018, when more than 80 of the world’s tax administrations came together at a Tax Summit in Lisbon, would be major financial headline material if more people understood their […]

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10 Challenges of Native SAP Tax Compliance – Part Three

In my last blog, I discussed three additional challenges of native SAP tax management for growing companies facing multifaceted indirect tax requirements and continuous compliance mandates. These ranged from sales and use tax nexus rules to VAT requirements and filings. Additional challenges your IT, finance and tax teams face from native ERP tax management due […]

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10 Challenges of Native SAP Tax Compliance – Part Two

In my last blog, I discussed the first three challenges of native SAP tax compliance for growing companies facing multifaceted indirect tax requirements and continuous compliance mandates. These ranged from regional disparate ERP systems and custom workflows, shortsighted regulatory updates and ERP administration. Additional challenges your IT, finance and tax teams face are discussed below. […]

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