Sovos SAF-T Extraction Save Time and Reduce Data Extraction Cost Required for SAF-T Report Preparation Automate tax data extraction from SAP Remove the pain of getting data into diverse country SAF-Ts with changing schemas. The data needed to complete a SAF-T report is diverse. It ranges from accounts receivable and
Sovos SAF-T Generation Produce Full Range of SAF-T Reports Compliant with Different Jurisdictional Requirements Keep pace with evolving SAF-T schemas Generate SAF-T reports, ready for timely submission The Organization for Economic Co-operation and Development (OECD) first introduced the Standard Audit File for Tax (SAF-T) in May 2005. Since then, a
Update: 05 January 2023 by Andres Landerretche More taxpayers join the Electronic Invoicing System of Paraguay (SIFEN) Since Paraguay started implementing its National Integrated System of Electronic Invoicing (SIFEN) plan in 2017, the Undersecretary of State for Taxation of Paraguay (SET) has carried out the process. The different phases are:
Vietnam’s VAT Requirements VAT in Vietnam Over the last 10 years, the Vietnamese government has worked on developing a solution to tackle the country’s VAT fraud and the VAT gap, introducing an e-invoicing mandate for all companies doing business in Vietnam from 1 July 2022. Get the information you need
China’s E-Invoicing Regime The move to customer facing e‑invoicing grows in China. China’s VAT digitization journey began nearly two decades ago with the rollout of a tax regime called the Golden Tax System. This created a national taxation platform for reporting and invoicing, as well as legislation regulating the use
On 24 February 2022, the Indian Central Board of Indirect Taxes and Customs (CBIC) issued a notification (Notification No. 01/2022 – Central Tax) that lowered the threshold for mandatory e-invoicing. In India, e-invoicing is mandatory for taxpayers when exceeding a specific threshold (businesses operating in certain sectors are exempted). The
Update: 7 December 2023 by Carolina Silva Spain Establishes Billing Software Requirements The long-awaited Royal Decree, establishing invoicing and billing software requirements to secure Spanish antifraud regulations, has been officially published by the Spanish Ministry of Finance. The taxpayers and SIF developers, defined further below in this article, must be
South Korea has an up-and-running e-invoicing system that combines mandatory e-invoicing with a continuous transaction controls (CTC) reporting obligation. This mature and well-established system, launched over a decade ago, is seeing its first significant changes in years. Presidential Decree No. 31445 (Decree) has recently amended certain provisions of the Enforcement
During the last decade, the Vietnamese government has been developing a feasible solution to reduce VAT fraud in the country by adopting an e-invoice requirement for companies carrying out economic activities in Vietnam. Finally, on 1 July 2022, a mandatory e-invoicing requirement is scheduled to enter into force nationwide. 2020
Towards the end of 2021, the tax authority in Turkey published a draft communique that expands the scope of e-documents in Turkey. After minor revisions, the draft communique was enacted and published in the Official Gazette on 22 January 2022. Let’s take a closer look at the changes in the
The EU E-Commerce VAT Package came into effect on 1 July 2021. And with it, the need for operational change, business disruption and plenty of accounting complexity.
The EU e-Commerce VAT Package is nearly six months old and businesses should have submitted their first Union One Stop Shop (OSS) return by the end of October 2021. Union OSS provides a welcome simplification to the requirement to be registered for VAT in multiple Member States when making intra-EU
Update: 26 March 2024 by Dilara İnal German Parliament Passes the B2B e-Invoicing Mandate The German parliament passed the Growth Opportunities Act (Wachstumschancengesetz – the Act) concerning various tax matters on 22 March 2024, including a nationwide B2B electronic invoicing mandate. The Act was originally scheduled for a vote at the end of 2023,
Ensure VAT Compliance Within Global Supply Chains Vat Services Transforming global supply chains From food distribution to automotive manufacturing and logistics, companies are distributing their supply chain activities around the world to reduce costs, expand into lucrative markets and launch new products faster. 165 countries worldwide levy a form of
The IDC MarketScapes highlight Sovos as “dependable cloud tax software capable of supporting the compliance and regulatory demands on businesses of every size” BOSTON – October 11, 2021 -Global tax software provider Sovos today announced it has been recognized as a Leader in both the “IDC MarketScape: Worldwide SaaS and
Marketscape Report Marketscape Report Citing multiple customer references, IDC identified Sovos’ capability with mandated e-invoicing as a major benefit. “Sovos combines local expertise with a global customer experience across its full suite of compliance solutions. They are a strong choice for companies of any size looking for cloud tax software
Portugal’s VAT Regime Portugal pushes further ahead with VAT digitization Back in 2019, Portugal passed a mini e-invoicing reform consolidating the country’s framework around SAF-T reporting and certified billing software. Since then, a lot has happened: non-resident companies were brought into the scope of e-invoicing requirements, deadlines were postponed due to Covid,
In the “Statement on a Two-Pillar Solution to Address the Tax Challenges Arising From the Digitalization of the Economy” issued on 1 July 2021, members of the G20 Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) have agreed upon a framework to move forward with a global tax reform