Earlier this month Sovos announced its second acquisition of 2020, completing our solution for Brazil with an unparalleled offering that solves tax compliance in the place where it is most challenging to do so.
Too many companies doing business in Brazil have been burdened by managing multiple point solutions for continuous transaction controls (CTCs), tax determination and tax reporting. No more. Sovos addresses every pillar of modern tax compliance for Brazil, and for every country with the clearance electronic e-invoicing model, including Chile, Mexico, Italy and others across Latin America, Europe and beyond.
The Sovos acquisition of Taxweb is a strategic milestone on our path to Solve Tax for GoodⓇ, and build out a complete offering no one else can match.
Reaffirming the Sovos promise to customers
Brazil-based Taxweb was a Sovos partner – one we came to know as an experienced, innovative provider of tax determination software for enterprises operating in an extremely complex tax regime. With this acquisition, Sovos reaffirms its promise to deliver essential technology solutions to companies facing rapid change driven by forces beyond their control. That is particularly important right now.
Customers are our No. 1 priority, and Sovos will continue to execute on its plan to help them solve their global tax challenges — challenges that continue to expand and intensify regardless of economic conditions.
Additionally, the Sovos acquisition of Taxweb means three important things:
- Sovos now offers real-time tax rates for value-added tax (VAT), sales and use tax, excise tax, and goods and services tax (GST) in more than 100 countries. Sovos’ solutions for VAT compliance also include continuous transaction controls (e-invoicing, e-receipt, e-delivery notes) and VAT reporting. This breadth and depth of offerings is critical for Brazil-headquartered manufacturers, retailers and ecommerce businesses, as well as for multinational companies operating in Brazil.
- Taxweb has a cloud-first approach and flexible APIs that reflect Sovos’ product strategy. Its link between tax determination and continuous tax control (CTC) mandates is unique in the market, with the ability to cross-reference data and reconcile government systems, accounting systems and monthly reporting to reduce the risk of audits and supply-chain interruptions.
- The acquisition of Taxweb uniquely positions Sovos to support companies and keep them compliant amid unrelenting change. With traditional channels disrupted by COVID-19, manufacturers and retailers are moving to direct-to-consumer and ecommerce models. At the same time, they continue to adopt cloud applications for billing, procurement, shipping and more. These shifts come with tax implications.
As it joins Sovos, Taxweb brings strong partnerships with well-known ERP and point-of-sale providers, as well as top accounting firms. The company’s technology and experience with Brazil’s decade-long evolution toward CTCs bolsters our expanding team in São Paulo and strengthens our complete solution for the digital transformation of tax.
Read more about Sovos here.