The latest addition to the Sovos Intelligent Compliance Cloud safeguards companies doing business in Colombia from mounting risks and costs related to real-time reporting mandates
Boston, MA — Global tax compliance and reporting leader Sovos today announced that it is expanding its global eInvoicing solution to include the newly announced eInvoicing mandate in Colombia, where its Paperless by Sovos product has achieved government certification.
On Dec. 29, 2017, the eInvoicing mandate went into effect in Colombia, requiring all companies to adopt eInvoicing by Jan. 1, 2019, at the latest, and up to six months earlier in some cases. Failure to comply can expose businesses to fines and penalties by Colombia’s tax administration (DIAN) and in some cases lead to the closure of businesses.
Sovos is introducing an eInvoicing solution for Colombia that meets the requirements set out by the DIAN, and the Colombian government has certified Sovos as a technology provider. Colombia is the latest country in Latin America to mandate electronic invoicing, a regulatory trend that is sweeping through Latin America and Europe.
The DIAN enforced the eInvoicing mandate after implementing a pilot program to improve procedures, address participant concerns and determine that electronic invoicing systems performed according to its standards.
Aside from certification, Sovos brings a breadth of eInvoicing experience and functionality unmatched in the industry. With more than a decade of experience providing eInvoicing solutions in Latin America and Europe, Sovos already offers solutions in nine Latin American countries, covering multiple protocols.
Those jurisdictions include Brazil and Mexico, the most complex eInvoicing countries in the region. Sovos has been continually expanding its operations in Latin America, with offices in Sao Paulo, Bogotá, Santiago and Lima.
“We've seen eInvoicing spread with increasing speed in Latin America, and this mandate is just the beginning for businesses working in Colombia,” said Alfredo Guardiola, managing director for Latin America at Sovos. “In order to continue normal operations, companies must rapidly evaluate their current processes and technologies to ensure they are compliant in every country in which they operate, and businesses operating in more than one country are now starting to adopt global solutions like Paperless by Sovos to stay ahead,” Guardiola said.
The Sovos Colombia eInvoicing solution is now available. Visit sovos.com/colombia-einvoicing for more information.
Sovos is a global leader in tax compliance and business-to-government reporting software, safeguarding businesses from the burden and risk of compliance around the world. As governments go digital, businesses face increased risk and complexity. The Sovos Intelligent Compliance Cloud combines world-class regulatory analysis with a global cloud software platform to create an adaptable, connected and global compliance solution that keeps businesses ahead of the ever-changing regulatory environment. Sovos supports 4,500 companies, including half of the Fortune 500, and integrates with a wide variety of business applications. Based in Boston, Sovos has offices throughout North America, Latin America and Europe. For more information visit www.sovos.com and follow us on LinkedIn and Twitter.