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eBook Tax Automation: Integrating Cloud VAT and E-Invoicing Solutions into Your SAP S/4HANA Migration In today’s business landscape, integrating cloud solutions with ERPs is essential for efficiency and compliance. SAP customers facing challenges with on-premises tax solutions are finding relief through specialized third-party vendors. Streamlining VAT and e-invoicing processes during cloud migration and SAP S/4HANA […]
As governments move more aggressively to close the tax gap and create alignment between their tax administrations and businesses through digitization, data has become a central theme for organizations and overseers alike.
Governments are now moving aggressively to close the gap between their tax administrations and businesses by taking advantage of digital tools. The result is a set of diverse and accelerating mandates, forcing businesses to adjust their systems and processes and provide data. The key to this is data standardization – no more tax at the backend of the process – you must solve tax at a point in time. By moving tax controls much closer to the actual business operation, tax administrations can also respond to anomalies in near-real-time.
Tax regulations in Eastern European countries are complex but that shouldn’t be a reason not to do business there. If you’re responsible for VAT compliance, this ebook provides key details of the varying VAT digitization mandates and business requirements across the region.
Insurance Premium Tax (IPT) can be complex with fragmented rules and requirements levied by the many different tax authorities in the jurisdictions where this tax applies. This only adds to the challenges faced by finance teams when calculating and settling IPT accurately and on time.
SAF-T (Standard Audit File for Tax) is an international standard for the electronic reporting of accounting data from organisations to a national tax authority or external auditors used by tax administrations to gather granular data from businesses either on demand or periodically.
Sovos’ end-to-end, technology-enabled VAT Managed Services can ease your compliance workload and mitigate risk where-ever you operate today, while ensuring you’re ready to handle the VAT requirements in the markets you intend to dominate tomorrow.
Many tax authorities are increasing their focus on the insurance industry in an effort to close tax revenue gaps, with many introducing Insurance Premium Tax (IPT) and other indirect taxes for insurance. Globally, IPT is fragmented across over 200+ countries and achieving compliance can be a complex process requiring specialist knowledge.
Periodic VAT reporting takes time. Data must be accurate, its format must be correct, deadlines cannot be missed and additionally the frequency of submissions puts significant pressure on teams responsible for VAT reporting.
