Tax Compliance
Romania to Introduce SAF-T
Romania has the largest so-called “VAT gap,” the difference between actual and expected VAT revenues, in the European Union. According to a 2019 European Commission
Category: Tax Compliance
Tax Compliance
Romania Cancels VAT Split Payment Mechanism Effective 1 February 2020
Controls to close the VAT gap and combat VAT fraud The VAT gap for Europe remains around €137 billion every year, according to the latest
Electronic Invoicing
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
Tax Compliance
China: Draft VAT Law Review
The Ministry of Finance and the State Taxation Administration are pressing ahead with China’s VAT reform having issued a Consultation Draft of the VAT law
1099
See the Latest IRS FY19 Updates on Crypto and Gig Economy Enforcement
The IRS commissioner Chuck Rettig issued the agency’s FY19 updates last month, which included updates on compliance and education initiatives aimed at the emerging gig
Electronic Invoicing
A New Countdown to NSO – Italy’s Electronic Purchase Orders Platform
On 27 December 2019, the Italian government issued a decree delaying and establishing new dates for when the NSO platform would go live. The Purchase
Tax Compliance
Recent Developments: Complex Reporting Requirements in the European Union
Digital tax reporting requirements have arrived and are here to stay. As the global VAT gap continues to grow (estimated to be as high as
Tax Compliance
Technology Enhancements in Insurance
The insurance world is often seen as slow and reluctant to fully embrace technology. However, new competition from the growing number of insurtech companies and
1099
Take 5 Minutes to Learn this Year’s Last Minute Tax Information Reporting Changes
Tax time is upon us, which means last minute IRS and state tax information reporting changes are keeping us on our toes. Take five minutes
Sales & Use Tax
Managing Indirect Tax Compliance in Accounts Payable
Tax compliance is not just an issue that accounts receivable (AR) handles. With regulatory changes becoming more and more complex, the responsibility also lies with
Global Tax Determination
Incoterms 2020: A New Coat of Paint and Important Clarifications for a New Decade
The International Chamber of Commerce (ICC) has released the new 2020 version of the Incoterms. Incoterms are important business shorthand and understanding their express meaning
Beverage Alcohol
Sovos ShipCompliant Unveils New Website and Branding
Sovos ShipCompliant has a new home online and a new name. The brand new Sovos ShipCompliant website is now online. It offers easier navigation, deeper
Tax Compliance
HMRC Overhauls its Business Risk Review (BRR) Regime
HMRC administers the whole of the tax system for the UK and Northern Ireland. Although there are some 5.7 million active businesses in the UK,
How the Wayfair Ruling Will Impact Your SAP S/4HANA® Journey
A recent joint webinar with ASUG, “How the Wayfair Ruling Will Impact Your SAP S/4HANA® Journey,” covered the effects of Wayfair, including changing economic nexus
Tax Compliance
Mexican Tax Reform Introduces Anti-Abuse Rule
Mexico is introducing a tax reform to be enforced on 1 January 2020, implementing a general anti-abuse rule. Its aim is to increase governmental control
1099
IRS Sunsets Paper Filing for 1099s
Historically, the IRS required 1099 filers of 250 or more forms to file electronically (e-file). For businesses filing fewer than 250 forms, the IRS allowed
Affordable Care Act (ACA)
The Affordable Care Act is Alive and Kicking
Despite what you may have heard, the Affordable Care Act (ACA) tax reporting requirements are not dead. In fact, enforcement of the Employer Shared Responsibility
Tax Compliance
Norway to Mandate SAF-T Reporting from 2020
Mandatory SAF-T (Standard Audit File-Tax) reporting will be introduced in Norway from 1 January 2020. Use of SAF-T, a standardized XML format containing exported accounting