Electronic invoicing in Mexico Mexico has one of the most complex electronic invoicing systems in Latin America. Its scheme, Comprobante Fiscal Digital por Internet (or simply CFDI), was implemented in 2011 as a replacement for the CFD. Resources such as this overview, carefully detailing the components of the mandate that
Electronic invoicing in Brazil Brazil is widely regarded as a major player in the world of electronic invoicing, largely due to the sheer number of electronic tax documents and e-invoicing models it has in place. If you’re a taxpayer in Brazil, you will have to issue electronic invoices. From electronic
In Poland, the Ministry of Finance proposed several changes to the country’s mandatory JPK_V7M/V7K reports. These will take effect on 1 July 2021. The amendments offer administrative relief to taxpayers in some areas but create potential new hurdles elsewhere. Poland JPK_V7M and V7K Reports The JPK_V7M/V7K reports – Poland’s attempt
Update: 25 October 2023 by Maria del Carmen Mexico releases Carta Porte Version 3.0 On 25 September 2023, the Tax Authority in Mexico (SAT) published Version 3.0 of the Carta Porte Supplement on its portal with some adjustments. The use of Version 2.0 of the Carta Porte became mandatory as
This blog is an excerpt from Sovos’ Annual VAT Trends report. Please click here to download your complimentary copy in full. VAT requirements and their relative importance for businesses have changed significantly in recent years. For data that is transactional in nature, the overall VAT trend is clearly toward various
VAT accounts for 15-40% of all public revenue globally. We estimate that the global VAT gap – i.e. lost VAT revenue due to errors and fraud – could be as high as half a trillion Euros. The GDP of countries like Norway, Austria or Nigeria are at a similar level
Given the complexity of international VAT and the potential risk, pitfalls and associated costs, finance directors face a predicament. Unlike direct taxes, which tend to be retrospectively determined, VAT is effectively calculated in real-time. It’s linked to various aspects of the supply chain. If the related transaction has incorrect VAT
The EU introduces the E-Commerce VAT Package and OSS on 1 July 2021. The previous delay from 1 January 2021 was due to the COVID-19 pandemic. COVID-19 is far from resolved with many Member States still suffering significantly with wide-ranging restrictions in place in many countries. Regardless, the European Commission’s current
The EU-UK Trade and Co-operation Agreement (TCA) was finally agreed on 24 December 2020. A week before the end of the transition period. Fully implemented into UK law, but the TCA remains provisional. It needs to be ratified in the European Parliament. Therefore it applies on a provisional basis until
We recently launched the 12th Edition of our Annual Trends Report. We put a spotlight on current and near-term legal requirements across regions and VAT compliance domains. The report, “VAT Trends: Toward Continuous Transaction Controls” is authored by a team of international tax compliance experts and provides a comprehensive look
Businesses that trade cross border must turn their attention to the treatment of goods post-Brexit. Recently, we discussed postponed import VAT accounting in the UK. This week, we’re turning our attention to postponed import VAT accounting in the EU. Deferred and postponed accounting for VAT post-Brexit In theory, when goods
The sands of transition period time are draining away. As we edge ever closer to the final Brexit deadline, there are a raft of VAT related considerations for businesses to attend to. Though uncertainty reigns about the shape of the trading relationship, most of the Brexit scenarios up for debate
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If you’re an SAP user and you want to better understand your options in moving to S/4 in relation to tax compliance, this story should help.
Featured Webinar DIY or Done-for-You? Rethinking Tax Compliance Strategy in SAP How Tax Compliance Is Changing in SAP Tax compliance in SAP is no longer just an IT decision. It’s a strategic risk decision. As governments shift to real-time, transaction-level enforcement, SAP customers are being forced to rethink how tax
Italy has been at the forefront of B2G e-invoicing in Europe ever since the central e-invoicing platform SDI (Sistema di Interscambio) was rolled out and made mandatory for all suppliers to the public sector in 2014. While a number of its European neighbours are slowly catching up, Italy is continuing
Anyone who has been closely following SAF-T announcements over the past few years may be forgiven for thinking that it all seems rather like Groundhog Day. Commencement dates and reporting requirements have been announced and subsequently amended and re-announced as the respective countries re-evaluate their needs and the readiness of