Sovos Introduces Indirect Tax Suite to Meet Complexities of Global Compliance - Middle East News 247
July 16, 2024

Sovos Introduces Indirect Tax Suite to Meet Complexities of Global Compliance

Sovos, the always-on compliance company, introduces its Indirect Tax Suite, a comprehensive, integrated solution to modernize how companies meet global indirect tax obligations. Part of the Sovos Compliance Cloud, the Indirect Tax Suite empowers enterprises to manage all of their indirect tax obligations with governments, buyers, suppliers and consumers.

“Companies operating across multiple markets – or looking to enter new markets – face three distinct challenges in meeting their indirect tax obligations: variations in tax rates and rules; reporting cadences that can range from months later to real-time; and vastly different documenting and storage requirements for transaction data. Keeping up with all of this is a tremendous drain on resources, especially when using multiple, disconnected point systems for different obligations or in different countries,” said Kevin Akeroyd, CEO, Sovos.

“With the Sovos Indirect Tax Suite, companies can rely on the only comprehensive, global, always-on suite of integrated services in the industry to proactively manage compliance, benefiting from a single source of truth for tax data,” continued Akeroyd.

Nearly 70 percent of global businesses expect their organizations to focus more on tax governance in the next two years (source: EY). Navigating almost 19,000 tax authorities globally is further complicated as governments embrace continuous transactions controls (CTCs) and other technologies to monitor transactions in real time and make digital invoicing mandatory. Over 80 countries have already adopted e-invoicing requirements, with many more expected in the coming years.

Global companies that have invested heavily in digital transformation to optimize business processes for document exchange, procure-to-pay and transactions must adapt to these requirements, while still managing costs and risks. The Sovos Indirect Tax Suite maximizes a company’s technology investments, providing always-on compliance without the need to replace existing systems.

The Sovos Indirect Tax Suite features:

  • Seamless Connectivity: Through Sovos Embedded Integrations and the Sovos Connector Marketplace, businesses can embed indirect tax compliance into existing workflows within more than 70 of the most widely used enterprise resource planning (ERP) and transaction management systems and integrate into any other applications you choose for your business. The Sovos Indirect Tax Suite offers in-built, seamless connectivity to government tax authorities across the globe.
  • Global Determination: Sovos’ Global Tax Determination engine provides automated, accurate tax rates and rule updates for Sales and Use Tax (SUT), Value Added Tax (VAT) and Goods and Services Tax (GST) in 195 countries. We also help you understand and validate key exemptions and reduce audit risk.
  • E-Invoicing Compliance for Continuous Transactions Controls: Add transaction compliance to accounts receivable and accounts payable processes with industry-leading B2B e-invoicing and B2C e-receipt capabilities. Whether for emerging standards such as PEPPOL. or France’s PDP, enterprises can connect once to the Sovos Compliance Network and deploy worldwide, avoiding massive cost and time commitments with other compliance vendors that require country-specific deployments.
  • Filing, Reporting, & Insights: Sales Tax Filing and VAT Filing provide global reporting coverage. Customizable reporting to automate, centralize, and standardize processes for all periodic reporting and SAF-T obligations, enriched with detailed transaction insights via dashboards, trend analysis and reports. Companies benefit from a single source of data for use in business intelligence and other built-in analytical tools to improve insights.

Sovos’ Compliance Cloud and Indirect Tax Suite are bolstered by a global team of more than 100 regulatory counsels and tax experts who monitor and report on more than 200 categories of regulatory change, codify those changes into the platform, and coordinate with governmental organizations to identify upcoming changes. No other cloud software provider in the industry offers this holistic integrated solution.

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