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eBook: The Role Of IT In The Face Of New Regulations and Mandates

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.

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Picturesque beachfront village at dusk, overhead view, Greece Colorful houses and beach of the old village of Assos at dusk, aerial view, Kefalonia, Ionian Islands, Greece

Greece’s VAT reform: What you need to know

Greece’s VAT reform started back in 2020 and it has manifested itself in three continuous transaction control (CTC) initiatives. Namely, the initiatives are: myDATA e-audit scheme Voluntary CTC e-invoicing, performed through service providers who must meet certain certification criteria New generation cash registers which report B2C data to myDATA in

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regulatory compliance

Regulatory Compliance: Cost or Opportunity Center?

As a business, complying with local laws, rules and mandates is not optional, but a requirement to operate. Achieving this takes resources: human, technical and financial. All things that everyone would rather allocate to attracting new customers and growing their business. At Sovos, we get it. The situation The world

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compliance management

5 Reasons Point Solutions Don’t Equal Compliance Management

Credit.org recently released an excellent article on the five dangers of credit card use. In reviewing the factors that author Melinda Opperman puts forth, it was impossible to ignore the parallels in which many businesses approach their compliance management practices. As credit cards are something that most people have and

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2023 Beverage Alcohol Summit Takeaways

The two-day 2023 Sovos ShipCompliant Beverage Alcohol Summit virtual event included a wide variety of speakers covering topics that affect every level of the industry. Some of the highlights from the event are presented below. Actionable DEI Strategies for Growth Dr. J Jackson-Beckham, of Brewers Association, shared five strategies to

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Intrastat Thresholds: Current Exemption Values

Updated: 9 April 2024 Intrastat thresholds are value thresholds which decide if companies in an EU Member State qualify to file a return to tax authorities, based on their intra-community trading. These thresholds change annually, prompting businesses to conduct an annual recalculation to know their obligations. This blog contains all

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DtC wine industry

How Evolving Consumer Demand is Changing the DtC Wine Industry

There may only be two certainties in life, but consumer preferences are still undoubtedly going to evolve over time. This is definitely true in the direct-to-consumer (DtC) wine industry. Whether consumers are pushing for greater sustainability, increased transparency through a brand’s marketing or want something else entirely, wineries must work

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France: B2B E-Invoicing Mandate Updates

Extension of the implementation dates of the B2B e-invoicing Mandate. Update: 2 January 2024  The Finance Law for 2024 has been officially adopted and published in the Official Gazette on 30 December 2023. With the finalization of the law, the new implementation dates are as follows:  Receipt of e-invoices: Starting

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E-invoicing Guide

E-invoicing: Your Guide E-invoicing isn’t new. It has existed for over three decades. Globally, e-invoicing adoption is growing with new mandates appearing each year and many tax authorities continuing to announce intentions to introduce measures. This guide is all you need to understand e-invoicing for good. It will help you

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Accelerate Your Business’s VAT Recovery Compliance

Value Added Tax (VAT) recovery is a matter of great significance for businesses; therefore it is crucial to understand the correct procedures for ensuring successful recovery. Businesses can recover their incurred VAT through either their VAT return or by submitting a refund claim. The deadline for submitting claims under the

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Malaysia, Kuala Lumpur, the Petronas Towers at dusk, elevated view.

Malaysia’s E-Invoicing System: Timeline

Update: 23 February 2024 by Carolina Silva Changes to Malaysia’s CTC E-invoice Reporting Mandate Announced On 9 February 2024, the Inland Revenue Board of Malaysia (IRBM) published long-awaited updates on the upcoming continuous transaction controls (CTC) reform. More specifically, the IRBM has released its Software Development Kit (SDK), along with

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2023 comply & connect

5 Benefits of the Sovos Insurance Regulatory Summit

Where can you go to receive best-in-class education on insurance accounting and theory, network with your insurance professional peers, earn CPE credits and stay ahead of industry change? The Sovos 2023 Insurance Regulatory Summit is that opportunity. This is an annual, exclusive event providing the insurance industry with premier educational sessions

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Sunset, Santo Domingo, Domenican Republic, large sun, cloudy sky, orange mood, mountains in background, romantic urban scape.

Dominican Republic: E-Invoicing Law Published

The Electronic Invoicing Law of the Dominican Republic was published on 17 May 2023, mandating e-invoicing throughout the territory as of 18 May 2023. The law was published in the Official Gazette, whose purpose is to regulate the mandatory use of electronic invoicing in the Dominican Republic, including the establishment

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Wayfair @ 5: Risks and Opportunities

It’s been five years since the Wayfair decision that enabled states to extend their sales tax collection obligations to sellers based exclusively on economic nexus. Constant evolution reigns and sales tax remains complicated. To ensure compliance with economic nexus laws, states must simplify their approaches to sales tax so that

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