Welcome to our Q&A two-part blog series on the French e-invoicing and e-reporting mandate, which comes into effect 2023-2025. That sounds far away but businesses must start preparing now if they are to comply. The Sovos compliance team has returned to answer some of your most pressing questions asked during
The introduction of the new Portuguese Stamp Duty system has arguably been one of the most extensive changes within IPT reporting in 2021 even though the latest reporting system wasn’t accompanied by any changes to the tax rate structure. The new reporting requirements were initially scheduled to start with January
South Korea’s Long Standing e-Tax Invoice System South Korea E-Invoices South Korea introduced its Electronic Tax Invoice System i.e. e-Tax in 2010. Since 2011, this has become a mandatory e-invoicing requirement alongside the obligation to report e-tax invoices shortly after issuance. This requirement means South Korea has a continuous transaction
Making Tax Digital: All You Need to Know What is Making Tax Digital? The UK government introduced Making Tax Digital (MTD) with the aim of making filing VAT returns easier and more efficient for businesses. The regulation requires businesses to keep digital records and submit VAT returns via compatible software.
Sovos recently sponsored a benchmark report with SAP Insider to better understand how SAP customers are adapting their strategies and technology investments to evolve their finance and accounting organizations. This blog hits on some of the key points covered in the report and offers some direct responses made by survey
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
On 22 March 2021 the EU Council approved DAC7, which establishes EU-wide rules meant to improve administrative cooperation in taxation. In addition, the Directive addresses additional challenges posed by a growing digital platform economy. What is DAC7? In 2011, the EU adopted Directive 2011/16/EU on administrative cooperation in the field
Spain is one of the most complex countries within Europe for insurance premium tax compliance. The complexities and challenging means of reporting liabilities only adds to the difficulties for insurers writing policies in the country.
Last month, we made some predictions on how the outcome of the recent elections would impact the agenda of the Independent Authority of Public Revenues (IAPR) on the envisaged e-invoicing and e-reporting reform. It looks as if the newly elected government is fully in-line with the IAPR agenda to implement
Reduce Risk with the First Complete Solution for Insurance Premium Tax MAKING TAX DIGITAL Tax authorities are going digital The wave of governments making tax digital is gaining momentum and shows little sign of slowing. Authorities globally continue to look for ways to tighten loopholes, reduce tax gaps and gain
The Common Reporting Standard (CRS) is fast becoming the global standard for tax information reporting outside the United States. As more countries adopt CRS, and as penalties for late, incorrect or missed CRS filings become more severe, financial institutions need to know what their compliance requirements are. The following are
As a solution principal for Sovos, Wendy Walker uses her market expertise to create and implement product and solution strategies that help customers meet the demands of a constantly changing regulatory environment. Since joining Sovos, Wendy has helped lead the go-to-market strategy focused on growing the Tax & Regulatory Reporting
Welcome to a new era of partner ecosystem for tax compliance Grow in the markets you are in today and want to dominate tomorrow. Sign up for the Sovos Partner Newsletter Let’s do this together Today’s Winning Businesses Don’t Do It Alone As Governments around the globe continue to make
As general manager, Paul Banker leads the global tax information reporting business. He was previously vice president of global accounts at Sovos, and he and his team cultivated partnerships with some of the world’s largest global financial services organisations, helping to identify and develop solutions to resolve complex multi-jurisdictional regulatory
Greece e-invoicing Electronic invoicing is mandatory for B2G supplies and optional for B2B and B2C supplies. However, the Greek authorities want to implement a nationwide B2B e-invoicing mandate as part of the e-invoicing reform. The reform started in 2020 with the roll-out of the country’s e-audit scheme called myDATA. E-invoicing
Greece VAT Compliance: An Overview for Businesses Meeting your VAT compliance obligations in Greece is a multi-faceted task. This is especially true when you consider compliance is often comprised of multiple mandates, all of which are liable to continued change. From e-invoicing to myDATA, staying on top of all the
E-invoicing: An Overview Turkey was an early adopter of electronic invoicing when considering the global landscape of tax digitization. As part of its larger e-Transformation initiative, the country mandated e-invoicing in 2014. Understanding the complexities of Turkey e-invoicing and its other electronic systems can be challenging, however, and that’s why