Brazil, Chile, Mexico and other Latin American countries have been on the bleeding edge of technology-driven value-added tax (VAT) initiatives for more than a decade. These countries have set the stage for similar compliance and reporting requirements that are now sweeping across more than 30 European countries.
Businesses operating in Europe have a distinct benefit. However, they can learn from the experiences of companies that went before them in Latin America, which will help them prepare for their own impending VAT compliance and reporting changes.
Sovos has worked with many multinational companies, as well as governments in Latin America, and in the process gained great insights into what works, as well as the hurdles companies will have to navigate. We recently developed a tip sheet that offers 10 lessons learned from the Latin America compliance and reporting revolution. In this tip sheet, we talk about:
- how compliance isn't just a local technical issue
- the need to be flexible, since regulations can change with lightning speed
- why contingency plans are a must
- the impact of cross-border initiatives
Get greater insights into all you need to know as your company prepares for new European tax regulations. Download the tip sheet "Top 10 VAT Compliance and Reporting Lessons from Latin America" today.
About the AuthorMore Content by Gustavo Jimenez