Sovos Compliance Introduces Enhanced VAT Reporting Capabilities

November 9, 2015

Sovos

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Sovos

This blog was last updated on November 9, 2015

Boston, MA, November 9, 2015 – Sovos Compliance is proud to announce the latest enhancements to our VAT compliance solution. With nearly 150 countries requiring VAT or similar consumption taxes, VAT reporting is an integral part of any international tax compliance strategy.

Sovos offers web-enabled VAT reporting and analysis that can be used in conjunction with data from any source system. The software gives users the ability to analyze the VAT treatment of large volumes of transactional data while also validating VAT results. Additional VAT reporting capabilities also simplify and automate the reporting process by generating VAT returns as well as Listings and Intrastat returns for more than 30 countries, with additional countries being added regularly.

Sovos VAT capabilities also include the 2015 EU VAT rules on the sale of electronic services. The latest version includes Mini-One-Stop-Shop (MOSS) reports for both the Union and the non-Union scheme. These reports can be extracted in the specified XML formats for electronic submission to the web portals of EU tax authorities.

Additional VAT enhancements include:
• 50,000 newly added tax codes covering more than 30 countries allowing accurate VAT filing for a wide-range of client scenarios.
• New capabilities for partial or fully exempt companies and transactions including the sale of consignment stock and triangular EU sales and goods in bonded warehouses.
• Enhanced analytics for product, vendor, and customer master data to improve data integrity and help sales order and accounts payable departments gain full control over transaction data reliability.
• Improved scaling and speed for data analysis functions combined with advanced custom queries benefiting clients with faster results and a wider-range of data checks configured to meet each client’s unique requirements.
• Sophisticated new data import and export capabilities resulting in shorter implementation cycles and flexible maintenance of client account settings within the application.

All of these market leading VAT automation capabilities are available now for purchase and implementation for companies across Europe.

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Sovos

Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.