Acquisition strengthens Sovos’ position as a leading global solution for modern tax amid worldwide acceleration of continuous compliance mandates

BOSTON (PRWEB) MAY 28, 2019

Global tax software provider Sovos today announced it will acquire Istanbul-based Foriba, a leading player in e-invoicing, e-delivery notes, e-receipts and periodic value-added tax (VAT) reporting in Turkey and beyond. Following Sovos’ recent acquisitions of other real-time tax compliance leaders Invoiceware, Paperless and TrustWeaver, Foriba will further strengthen Sovos’ global tax solution built for a digital world, with tax determination, e-invoicing compliance and tax reporting solutions that help multinational companies Solve Tax for Good™ everywhere they do business. With expert teams in Latin America, North America, western Europe and now Turkey, Sovos has the global capability to address the challenge of continuous VAT compliance as governments worldwide pivot to such mandates.

Turkey has had complex and mandatory digital VAT controls since 2014, and it’s one of the few countries outside of Latin America with a mature e-invoicing mandate. As one of Turkey’s leading providers, Foriba continued to extend its digital tax compliance capabilities with services for additional Turkish mandates on electronic customer receipt reporting, the mandatory transfer of accounting ledgers, e-delivery notes and other requirements. With Spain, Hungary, Portugal, the U.K., Italy and other countries investing in real-time and near-real-time transaction control requirements, Sovos will use Foriba’s experience to help customers address this new wave of digital taxation.

“By 2025, companies in VAT economies are expected to exchange more than 75 percent of all invoices electronically with tax administrations in real time or very shortly after the invoice-exchange process,” said Andy Hovancik, CEO, Sovos. “Sovos’ acquisition of Foriba, along with other recent investments, helps us safeguard customers as countries around the world adopt e-invoicing, e-archiving and e-receipt regulations for B2B and B2C transactions.”

Foriba was founded in 1999 as an SAP systems integrator and remains rooted in the market through its SAP OEM agreements and blue-chip clients. With the operational structure to scale, Foriba further solidifies Sovos’ SAP strategy to make it easier for multinational corporations to approach tax compliance globally. Sovos will integrate Foriba solutions into the Sovos S1 platform, which enables companies with multi-country operations to centralize compliance to meet all global indirect tax requirements.

“Sovos has amassed the talent of entrepreneurs and regulatory experts to deliver a leading scalable, end-to-end solution capable of ensuring e-invoicing compliance in more than 60 countries,” said Koray Gultekin Bahar, co-founder and CEO of Foriba. “Both Foriba and Sovos have enthusiastic teams focused on product quality, customer experience and competitive differentiation, and together we’re the clear choice in a global market poised for growth.”

Steve Sprague, vice president and general manager of the global VAT line of business at Sovos, said, “Combined, Sovos and Foriba teams will provide expanded operational capabilities for professional services, support and large-scale SAP projects. Our customers will also benefit from Foriba’s solid R&D foundation and reliable products as we integrate them into the S1 Platform and bring them to a broader market in Europe and beyond.”

The terms of the deal were not disclosed. Sovos is owned by Hg, the London-based specialist private equity investor focused on software and service businesses. Deloitte served as financial advisor to Sovos, and Skadden and Akol provided legal counsel. Gökçe provided legal counsel to Foriba and its investors, Revo and IFC.

“Turkey is a major world trade center, where many of the world’s best-known brands have significant presence, and Foriba has a tier-one client base running global ERP systems,” said John Gledhill, vice president of corporate development for Sovos. “The company’s entrepreneurial spirit is a cultural fit with Sovos, and together, we’re uniquely positioned to fulfill our shared mission to help companies thrive in the new world of digital tax.”

About Sovos 
Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern tax. As governments and businesses go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports 5,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit http://www.sovos.com and follow us on LinkedIn and Twitter.

About Foriba 
Foriba is a leading regulatory technologies company helping enterprises to easily transfer their accounting and finance-based business processes to a digital platform. The company delivers 25 different solutions and services in more than 10 countries with regulatory compliance requirements, and its customers include more than 450 multinational companies. Foriba solutions include e-Invoice, e-Ledger, e-Archive, e-Delivery note, e-Ticket and e-Signature. As a trusted compliance service provider for electronic invoicing, Foriba creates, signs and stores more than 30 million electronic documents per month. Foriba is headquartered in Istanbul. Its investors include Revo Capital, Endeavor Catalyst and IFC. For more information visit http://www.foriba.com and follow us on LinkedIn and Twitter.

Media contact:

Christina Dela Cruz on behalf of Sovos

christina@arpr.com

855-300-8209

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Read Sovos CEO Andy Hovancik’s take on the Foriba deal.

Embedded e-invoicing compliance, e-archiving and global tax determination will make procure-to-pay (P2P) platforms one-stop shop for the digital future of tax

April 2, 2019 – AUSTIN – SAP Ariba Live Global tax software leader Sovos today announced it has extended its embedded tax compliance solution for cloud-based procurement platform users. For more than a decade, Sovos (via the acquisition of several leading tax technology companies and integrations into its core solution offering) has provided global e-invoicing and e-archiving compliance to most of the world’s leading procurement software and cloud services. By extending this support to global tax determination and various forms of complex e-invoice reporting, Sovos empowers businesses to work with their preferred software vendors for procurement and spend management, without having to worry about the ever-changing global tax digitization requirements that apply to accounts payable (AP) processes.

Continuous updates to the Sovos solution deliver clearance e-invoicing compliance in Italy, the latest European country to move to this regulatory model, and provide a single compliant e-archiving solution for businesses to use within their P2P platforms and across their entire financial application ecosystems. With full integration into its S1 cloud platform, Sovos now also paves the way for its comprehensive indirect tax compliance solutions to be seamlessly available in procurement processes around the globe.

“Many multinational companies are struggling with the shifting tax regulatory landscape,” said Kevin Permenter, research manager at IDC. “Sovos continues to innovate around procure-to-pay platforms, offering organizations tremendous value by providing coverage for every major form of transaction-level tax compliance in one solution.” 

The digital transformation of VAT invoice controls

In 2018, Italy introduced the Italian Budget Law, requiring companies to submit and approve all domestic business-to-business and business-to-government invoices through the government’s exchange, giving the tax authority real-time visibility into transactions. The Italian government also requires strict compliance regarding the treatment and storage of invoices, making e-archiving a key component of tax strategies, as well. With similar requirements in some 20 countries around the globe and growing rapidly, these mandates are driving a new era of tax compliance.

“As VAT compliance and real-time transaction controls go through a digital transformation, tax has quickly shifted from an accounting problem to a technology problem,” said Christiaan van der Valk, vice president of strategy at Sovos. “Every financial process – from procurement to payment to delivery of goods – is being scrutinized like never before, and tax departments must adopt holistic strategies to thrive in this new environment, where tax administrations use locally varying requirements to tap directly into business-to-business data flows. That’s why a centralized solution that seamlessly deals with e-invoicing compliance, digital reporting, e-archiving and tax determination is critical to staying compliant worldwide.”

Solving tax for good in AP processes

With a decade of enabling customers to process e-invoices in compliance with complex European e-invoicing and e-archiving laws, Sovos adds simplicity to the growing global challenges of indirect tax compliance in AP processes. Customers can bring all their invoices together in the compliant Sovos eArchive, safeguarding their businesses with modern tax evidence in compliance with local e-archiving legislation.

Learn more about Sovos’ e-invoicing compliance and VAT reporting solutions by visiting https://sovos.com/solutions/ and at booth P5 at SAP Ariba Live in Austin.

About Sovos

Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern tax. As governments and businesses go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports 5,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit http://www.sovos.com and follow us on LinkedIn and Twitter.

Media Contact:

Christina Dela Cruz on behalf of Sovos

christina@arpr.com    

855-300-8209

The High Cost of Compliance Errors in Latin America: Fines and Penalties by Country

Failure to comply with business-to-government regulations in Latin America can impact critical business functions, not only resulting in millions of dollars in fines and penalties, but also shipping delays and operational shut-downs. In the most complex regulatory environments, such as Brazil, these mandates even affect sales, procurement and HR functions.

Though the end goal of these regulations – increased tax revenues – is the same, each country in Latin America varies significantly in terms of specific requirements and risks of compliance errors. With strict government regulations that can change almost overnight, companies are struggling to keep up with how these requirements differ by country. Here we have outlined the fines and penalties per country

Mandatory eInvoicing in Italy

On March 5, 2018, Sovos announced a new cloud solution for use tax. The solution automates use tax determination for purchases. The product was demonstrated at the SAP Ariba Live event which was held March 5-7 in Las Vegas, Nevada. The announcement adds more fuel to the rapidly growing cloud tax automation software market.

Spain SII eLedger

On 1st July 2017 the Spanish Tax Authority (AEAT) introduced the Immediate Supply of Information (SII) on
VAT – request of purchases invoices, sales invoices and intra-community operations within 4 days of issuing and capital assets annually. Suddenly more than 60,000 companies have become obliged to adapt
technology and adjust current Tax process and IT infrastructure to comply and avoid penalties

Based on Sovos’ previous experience in countries where this kind of mandate was adopted and followed by the successful results of the first quarter and AEAT updates, Spain SII will continue to improve and expand its geographic, information and companies in scope.

eInvoicing Italy

The 2018 Italian Budget Bill requires, starting January 2019, that companies operating in a business-to-business environment submit and approve/reject electronic invoices for goods and taxable services through the government’s electronic invoicing platform, the Sistema di Interscambio (SDI).

This represents a drastic change in finance, accounting, compliance and reporting processes which demands technology. Luckily, Sovos was built for that.

Sovos S1: Delivering Modern Tax Software

The Sovos Intelligent Compliance Cloud sits on a unique cloud software platform that is built to bring previously disparate tax solutions and data together for use wherever your business operates—through a single platform.

The S1 architecture allows Sovos to do the hard work for you, adapting to changes in technology requirements and government regulations – and giving you access to the tools and data you need to run your business anywhere in the world through a consumer-grade user experience.

Brazil Nota Fiscal eInvoicing 101

e-Invoicing and fiscal compliance mandates basics explained 

Download this ebook to:

  • Understand – The basic requirements for 2016
  • Learn – How to avoid common operational issues
  • Discover – How to reduce the cost of compliance
  • Build – A list of questions to evaluate if you have the right solution in place

Trends in E-invoicing Compliance, 10th Edition

Download Sovos TrustWeaver’s paper on the trends affecting global e-invoicing compliance

The 10th edition of this paper outlines in detail the global trend towards real-time tax ‘clearance’ of invoices and how this impacts businesses in their day-to-day operations and business-to-business transaction automation strategies.

Readers will also find a summary of the regulatory status for over 60 countries, as well as an in-depth analysis of the ways tax authorities around the world use e-invoices to increase collection rates.

Since the last edition, the trend towards compulsory transaction-oriented integration of e-business systems with public authorities has continued to accelerate.  The growing consensus among e-invoicing and VAT professionals is that indirect tax controls are quickly evolving towards real-time whereby tax administrations essentially become a ‘third trading partner’ in the exchange of sales and purchasing data between suppliers and buyers.

Download this paper for our insight into how companies can ensure their push towards automation with tax administrations doesn’t end up fragmenting or even contradicting their digital transformation of business processes.

SAP® in Latin America: Top 10 Implementation Hurdles

Mandated e-invoicing and tax reporting requirements in Latin America make SAP implementations in this region more complex than anywhere else in the world. Here, we examine the Top 10 Hurdles to Implementing SAP in Latin America.

On November 1, 2018, Decree 119/2018/ND-CP took effect in Vietnam. Pursuant to this decree some businesses may be required to switch to e-invoicing upon notification by the tax authorities. However, e-invoicing will not be mandatory until November 1, 2020.

The Peruvian Tax Administration (SUNAT) published on October 15, 2018, regulation 242-2018/SUNAT, which establishes some new obligations to Operators of Electronic Services (OSEs) and also updates the sanctions for non-compliance when applicable. According to the new regulation, OSEs are now required to post in a web page the invoices that they have validated and make those documents available to the seller, the buyer, the recipient (if different) and the transporter.

This includes the electronic invoices per se, documents considered equivalents to invoices, the credit notes associated with them and the remittance documentation required for shipping and transporting goods.

The OSE should also inform if the electronic invoices were issued by taxpayer (emisor electronico) and on which date. Additionally, information should be provided about whether the documents have a proof of receipt (known locally as Constacia de Repcion or CDR), or communicate why the CDR does not exist.

The OSEs should identify the computer verification service that they provide and specify it as an independent item in the invoice. To ensure compliance with these requirements, the resolution establishes that the OSEs may be subject to a fine of 103,750 Peruvian Soles (approx. US$31,118.77) when non-compliant. Also, non-compliance with the communication of inconsistencies will be subject to a sanction of 4,150 Peruvian Soles (Approx. US $1246). These changes will become effective January 1. 2019, but some other provisions regarding electronic invoices issued for the provision of services will become effective immediately.

A Comprehensive Guide to Cancelling Electronic Invoices in Mexico

A major change to Mexican VAT policy took effect Nov. 1 when a new process for cancellation of electronic invoices became law. Get all the details in this definitive guide.

A Guide to the New Complemento de Pagos in Mexican Electronic Invoicing

A mandate that requires companies to issue a supplement for the reception of payments, or Complemento para recepción de Pagos, took effect Sept. 1. The new mandate, which the Mexican tax administration (SAT) had planned on launching in January 2018 but delayed because of technical difficulties, has a major impact on payment processing and VAT calculation in Mexico.

This document is a guide to the legal and regulatory requirements of the new supplement.

The latest addition to the Sovos Intelligent Compliance Cloud safeguards all companies doing business in Italy and prepares them for looming wave of European regulations

 

BOSTON (PRWEB) SEPTEMBER 05, 2018

Global tax software leader Sovos today announced that it has expanded its global e-invoicing compliance solution to support private companies mandated to comply with Italy’s full electronic invoicing requirement by January 1, 2019. The product extension makes Sovos eInvoice a solution for VAT and e-invoicing compliance in Italy, covering all four areas that companies established in Italy must consider for full compliance: accounts payable, accounts receivable, compliant e-archiving and value-added tax (VAT) reporting.

Italy has mandated e-invoicing for business-to-government transactions since 2014. However, the country still has the highest tax gap within the European Union at 35 billion euro. The Agenzia delle Entrate, Italy’s revenue agency, is responding by adopting a “clearance” e-invoicing model – a tax modernization system which has been successful in reducing the VAT gap in 15 countries across the globe. Under this clearance model, a company must submit all invoices electronically to the tax authority for VAT audit purposes, putting the government at the heart of transactions.

At the outset of 2019, all companies established in Italy must adopt the clearance e-invoicing model for domestic invoices. Failure to comply can result in penalties ranging from 90 percent to 180 percent of the VAT inaccuracy.

“For businesses that operate in Europe, this mandate is just the beginning of a much bigger challenge,” said Christiaan van der Valk, vice president of strategy at Sovos and chair of the European E-Invoicing Service Providers’ Association (EESPA) working group on public policy and compliance. “For the first time, VAT enforcement is moving to the transaction level for every type of transaction, which as we know from Sovos’ extensive work in Latin America, has a much larger impact on business systems than the previous B2G scope. In order to continue normal operations and avoid massive compliance cost increases, leading businesses are looking at this as a warning shot for what’s to come — and they’re beginning to prepare all their business applications, from ERP to cloud-based transaction services, for ubiquitous e-invoicing across Europe.”

And, Italy is likely to get more complex in itself, van der Valk said.

For example, today customer invoice acceptance or rejections do not need to be registered with the Italian invoice clearance platform. The use of the SDI system for export and outbound intra-community invoices is also currently optional. “However, we expect these processes to become mandatory, and Sovos already supports these functions to proactively safeguard businesses,” he continued.

Sovos brings a breadth of e-invoicing experience and functionality unmatched in the industry, supporting e-invoicing compliance in all its forms in more than 60 countries. The software provider has been operating locally in Italy for more than 10 years helping businesses keep e-invoices compliant with existing regulations, including support of eIDAS e-signature requirements and compliant archiving of invoices for audit purposes. In addition, Sovos’ e-invoicing compliance is natively embedded in approximately 70 leading B2B transaction automation solutions, including leading EDI, P2P and supply chain management applications, allowing European businesses to consolidate vendors across both ERP and cloud applications, often without additional costs or implementation efforts.

The Sovos Italy eInvoicing solution is now available. Visit sovos.com/mandatory-b2b-italy-einvoicing for more information. In addition, SAP customers can click here to learn how the new solution enables global e-invoicing natively in ECC, S/4HANA, Ariba and other SAP applications.

About Sovos 
Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern tax. As governments and businesses go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud combines world-class regulatory analysis with its secure, scalable and reliable S1 cloud software platform to create a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports 4,500 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. Headquartered in Boston, Sovos has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit sovos.com and follow us on LinkedIn and Twitter.

Media Contact: 
Cortney Johnston on behalf of Sovos 
cortney@arpr.com 
855-300-8209

Country-by-Country News

The Final Countdown to Mandatory eInvoicing in Italy

September 1 marked the second milestone of the entry into force of the Italian eInvoicing mandate – this time targeting certain B2C goods purchased by non-EU citizens over a certain amount. But crucially, it also marked the three month, or 122 day, countdown to the final deadline when eInvoicing will become mandatory for all domestic B2B and B2C transactions in Italy.

Read more →

Argentina Modifies the Invoicing requirement for Small Taxpayers

On August 3, 2018, the federal tax administration of Argentina (AFIP) enacted Resolutions 4290, 4291 and 4292, which specify deadlines and unify procedures that taxpayers should follow when issuing, reporting and saving invoices. According to these resolutions, regular and small taxpayers, as well those that are not subject or exempt from VAT, should use Fiscal controllers of New Technology or use use electronic invoices when doing transactions in Argentina. For that purpose, Resolution 4290 establishes different deadlines for complying with the new mandate that depend on a) the type and category of taxpayer (exempt, small or  regular taxpayers), b) the type of invoices to be issued (fiscal controllers or electronic invoices), c) the type of transactions carried out (B2C vs. B2B), and d) the level of revenues obtained during the previous fiscal year. Based on those parameters, the deadlines for starting to use the Fiscal Controllers or Electronic Invoices are as follows:

Poland Considers Dropping Periodic VAT Return

While nothing is official yet, there have been rumblings out of the Polish Ministry of Finance that sometime in 2019 the Government may do away with the time-tested requirement of submitting a monthly VAT return. In lieu of requiring the monthly return, Poland would incorporate additional data elements into their existing monthly SAF-T (Standard Audit File – Tax) requirements, locally known as JPK.

Tax is definitely going digital, but only a handful of countries have even considered eliminating standard periodic VAT filings. Stay tuned through this forum as circumstances evolve in Poland.

The post VAT & B2G Reporting Newsletter: August 2018 appeared first on Sovos.

 

Sovos Chief Technology Officer John Landy comments on the new S1 platform. 

Businesses now need a new approach to handling taxes. With the new S1 architecture, that’s exactly what we’ve built.

Tax has changed. What used to be merely a burdensome obligation is now becoming a risky and technical part of every major business process. Governments are embracing digital transformation in the same way businesses have, which has pushed existing financial and tax applications far beyond their capabilities.

Staying compliant with tax regulations is no longer a matter of making a few changes in a financial system once a year. Governments have embraced the same data-driven approaches that companies have used to transform their businesses, and that has left businesses to face a new reality where tax is in the middle of everything–and it’s a moving target.

A new era of government oversight

In order to stay compliant, companies now need to be in constant contact with government tax authorities. An auditor who might have come in and sat in a company’s office before is now pouring through the company’s data, looking for patterns–or even letting systems monitor transactions in real time. As a result, open channels of constant communication have to exist between businesses and the government entities that are determined to collect revenue from them more efficiently and effectively.

Most financial systems don’t have the capability to keep those lines of communication open. And they weren’t built for dealing with rapid regulatory change.

The Sovos S1 platform was.

Unique advantages of the S1 architecture

S1 was built for modern commerce — and modern tax. It’s adaptable, connected architecture allows businesses to focus on growth instead of worrying about adjustments in their systems every time governments change something.

Using a set of flexible, comprehensive Application Programming Interfaces (APIs), S1 enables Sovos to ease customers’ pain by connecting financial applications to the systems governments use for tax enforcement. The APIs also make Sovos applications easily available in clients’ existing financial systems and workflows.

Data lives in the S1 transaction data engine, maximizing efficiency and transparency by giving businesses a single source of truth for tax data across systems and enabling a multiple applications to process tax data.

A rules-driven platform enables companies to deploy the most important tax applications anywhere in the world, enables the creation of adaptable workflows and makes it easy to keep pace with changing technical and compliance requirements.

Through S1, the Sovos regulatory content team can do the hard work for businesses, updating applications behind the scenes and without disruption to the business as changes in regulatory policies happen. S1 lets Sovos do the hard work of keeping up with compliance for clients, enabling them to focus on other mission-critical tasks.

Sovos has also significantly upgraded our user interface with S1. The new platform offers a single-pane-of-glass view that presents all tax information in one place, as well as role-based user experiences that deliver the right information to the right people they way they want to see it.

Reliable, scalable, secure infrastructure

S1 provides a rock-solid infrastructure that lets Sovos update multiple applications at the same time, speeding time to value and further reducing risk for clients. And when Sovos updates one application, the other apps benefit from the update as well. It’s kind of like crowdsourcing but for tax solutions.

The S1 platform delivers reliability with a fully redundant, best-of-breed architecture stack that takes advantage of multiple physical data centers. A global cloud operations team and 24/7 monitoring ensure maximum uptime and give clients confidence that they will be able to access their data when they need it and from anywhere in the world.

Enhanced scalability is another advantage of the new platform, with distributed deployment architecture providing support for all client infrastructure strategies and auto-scale to meet changing business needs. S1 is resilient; the infrastructure can support more than 2 billion transactions per day.

Of course, S1 enables Sovos to continue to uphold the highest standards of data security. The new platform is ISO 27001 certified and features 360 degree scanning and monitoring, continuous vulnerability scanning, regular penetration testing and a dedicated SOC team performing advanced detection and prevention.

Built for the new challenges of tax

Built to meet the requirements of the most demanding businesses in the world, including Fortune 100 banks, global manufacturers and major retailers, S1 is the first platform built for the rapidly changing challenges of modern tax.

In an era when governments are undergoing digital transformation in an effort to increase revenue, S1 provides businesses with an architecture and infrastructure that enables them to minimize risk while improving processes and greatly enhancing the user experience.

Take Action

Discover more about the S1 platform.

John Landy, CTO

As Chief Technology Officer at Sovos, John leads ongoing product development to ensure customers have access to the most updated compliance solutions needed and that their sensitive data is completely secure as they navigate today’s business-to-government regulatory landscape. John is also responsible for ensuring the company’s product offerings are stable and scalable for enterprise organizations and financial institutions that leverage the Intelligent Compliance Cloud via the Sovos platform.

John joined Sovos in 2015, bringing over 25 years of technology and architecture leadership experience to the team. Prior to joining Sovos, John served as chief technology officer at Datapipe, where he worked on software defined datacenter initiatives around the world for multi-cloud environments. Before that, John worked as chief technology officer at Intralinks, where he led SaaS platform enhancements to provide new methods of sharing critical information across global boundaries, which culminated in an IPO in 2010.

John earned his B.S. in Computer Science from Lehigh University, an M.S. in Computer Science from Villanova University and an M.B.A. from Babson College.

 

The New Mexico Taxation and Revenue Department recently updated Publication FYI-102, Information for New Businesses. This publication contains information for business owners on how to register their businesses for taxation purposes with the Department, certain requirements relating to tax information reporting such as electronic filing requirements, and Department resources for new businesses.

The main change in the document is an added section detailing the Foster Youth Employment Tax Credit.  The section lays out the guidelines for a credit of up to $1,000 dollars of corporate or personal income tax for wages paid when employing a qualified foster youth in New Mexico.  The credit must be claimed within one calendar year from the date of hire and can apply to multiple qualified foster youth. Before the credit can be claimed the foster youth must obtain certification from a state or federal agency.

To review this publication in its entirety, please click http://www.tax.newmexico.gov/forms-publications.aspx and navigate to the Publications folder of the website page tree.

It’s Time to Prepare Your SAP Solutions for the Digital Future of Tax

Technology has transformed your business and your products, and it’s about to change your ERP. But, it’s also transforming tax, and it could have a significant impact on your plans for S/4HANA.

Sovos keeps you ahead by offering the first complete solution for modern tax. And with more than two decades of experience with SAP, Sovos has built its solutions to make sure tax doesn’t disrupt your ERP initiatives.

Sovos Builds on 20 Years of Support of SAP R/3 & ECC with a Plan to Modernize Tax Compliance in S/4HANA

Sovos, a leading global provider of tax software, announced today that it is accepting early adopter applications for global tax determination on SAP® S/4HANA Cloud platform. The company also revealed that it is prepared to support S/4HANA for tax determination, e-invoicing compliance and tax reporting.

“Tax enforcement will soon touch every major transactional and purchasing process, and as companies invest in the next wave of SAP solutions, they’re quickly realizing that the way they’ve handled tax was largely not built for this new era of digital enforcement,” said Pawel Smolarkiewicz, chief product officer for Sovos. “We’ve been focused forward, using our deep knowledge of SAP solutions and our modern cloud software platform to prepare businesses for a world where tax is part of every transaction in SAP S/4HANA and S/4HANA Cloud. With today’s announcement, we’re ready to start preparing customers for that world as they move to these solutions.”

Working with SAP since 1995, Sovos is certified for several SAP solutions, and the company supports more than 500 global businesses that run SAP. The company’s work on S/4HANA comes as businesses worldwide are planning to move to SAP’s newest ERP versions where they are likely to encounter tax requirements that can have significant impacts on their ERP implementation projects, according to Sovos CTO John Landy.

“Traditionally, tax enforcement has happened offline through audits, but it is increasingly moving to the transaction level, pushing the limits of every financial system,” Landy said. “Sovos is uniquely built to help businesses solve this problem because we have both a complete tax solution and a flexible, cloud software platform to enable it anywhere our clients need it, including in SAP solutions.”

The Sovos Intelligent Compliance Cloud, which the company announced last year, automates three major areas of tax — 1) tax determination for indirect taxes like VAT, GST and sales and use tax; 2) e-invoicing compliance for both “post-audit” signature and archiving requirements as well as real-time clearance; and 3) tax reporting.

Leveraging the S/4HANA Cloud, Sovos is aiming to shape the future of modern tax and inviting enterprises ready to automate tax compliance to test drive the solution. Companies can register for the early adopter program at https://sovos.com/s4-hana-early-adopter-program/

Serving more than half of the Fortune 500, Sovos has a long, successful history of ERP integrations that eliminate the need for companies to allocate resources to proactively monitor and respond to each country’s regulatory changes. Now that the Sovos Intelligent Compliance Cloud is combined with Sovos’ S/4HANA Cloud integration, companies can realize centralized compliance, reducing the risks and burdens associated with today’s digital tax landscape.

About Sovos 
Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern tax. As governments and businesses go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud combines world-class regulatory analysis with a secure and reliable cloud software platform to create a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports 4,500 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. Headquartered in Boston, has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit http://www.sovos.com and follow us on LinkedIn and Twitter.