Boston, MA, March 19, 2015 Sovos Compliance recently introduced their Value Added Tax (VAT) reporting and analysis solution to the marketplace. Sovos Compliance is one of the few compliance technology providers to offer such a solution.
With nearly 150 countries requiring VAT or similar consumption taxes, VAT reporting represents a significant challenge for organizations conducting business across international borders. Given the complexity of VAT and the local differences in rules and interpretations, the potential for error is extremely high. VAT errors may lead to financial penalties or substantial losses on purchase VAT. These possible issues coupled with the recent changes of EU Place of Supply for e-services have made VAT reporting a very complicated and stressful task for compliance teams.
Sovos Compliance designed the VAT software as a web-enabled reporting and analysis solution that can be used in conjunction with any source system. The software gives users the ability to analyse the VAT treatment of transactional data, while validating VAT numbers and rates. In addition, the software simplifies the reporting process by generating VAT reports for filing in various tax jurisdictions as well as other reports used for management and/or reconciliation purposes.
The Sovos Compliance VAT solution increases accuracy, efficiency and consistency across multiple jurisdictions, handles high volumes of transactional data from various ERP systems, including SAP, allowing organizations to centralize the VAT process to gain further efficiency if they choose. For SAP, data extraction is an integrated part of the solution and enables users to extract 200+ fields from over 60 tables into a single extract report, creating the ultimate foundation for an efficient and accurate reconciliation and reporting process.
“We are extremely excited to bring a new VAT reporting solution to the market,” said Andy Hovancik, Sovos Compliance Chief Executive Officer. “This solution is the latest example of our unique ability to transform compliance expertise into scalable technology that helps organizations improve efficiency while mitigating risk. Our early client successes indicate that we hit the mark.”
Additionally, the software complies with 2015 EU VAT rules on the sale of e-services. The solution includes specific Mini One Stop Shop (MOSS) reports for both the Union and the non-Union scheme, XML formats for automatic uploads to web portals of EU tax authorities and standard audit files for MOSS (SAF-MOSS). This will ensure that clients are ready for MOSS submission and audit defense.
For more information, please visit contact us.
The post Sovos Compliance Introduces New VAT Reporting Software appeared first on Sovos Compliance.
About the Author
Sovos is a leader in global tax, compliance and business-to-government reporting software, safeguarding businesses from the burden and risk of compliance in thousands of tax jurisdictions around the world.More Content by Sovos Compliance