Boston, MA, November 9, 2015 – Sovos Compliance is proud to announce the latest enhancements to our VAT compliance solution. With nearly 150 countries requiring VAT or similar consumption taxes, VAT reporting is an integral part of any international tax compliance strategy.
Sovos offers web-enabled VAT reporting and analysis that can be used in conjunction with data from any source system. The software gives users the ability to analyze the VAT treatment of large volumes of transactional data while also validating VAT results. Additional VAT reporting capabilities also simplify and automate the reporting process by generating VAT returns as well as Listings and Intrastat returns for more than 30 countries, with additional countries being added regularly.
Sovos VAT capabilities also include the 2015 EU VAT rules on the sale of electronic services. The latest version includes Mini-One-Stop-Shop (MOSS) reports for both the Union and the non-Union scheme. These reports can be extracted in the specified XML formats for electronic submission to the web portals of EU tax authorities.
Additional VAT enhancements include:
• 50,000 newly added tax codes covering more than 30 countries allowing accurate VAT filing for a wide-range of client scenarios.
• New capabilities for partial or fully exempt companies and transactions including the sale of consignment stock and triangular EU sales and goods in bonded warehouses.
• Enhanced analytics for product, vendor, and customer master data to improve data integrity and help sales order and accounts payable departments gain full control over transaction data reliability.
• Improved scaling and speed for data analysis functions combined with advanced custom queries benefiting clients with faster results and a wider-range of data checks configured to meet each client’s unique requirements.
• Sophisticated new data import and export capabilities resulting in shorter implementation cycles and flexible maintenance of client account settings within the application.
All of these market leading VAT automation capabilities are available now for purchase and implementation for companies across Europe.
