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Navigating diverse tax laws across countries is challenging for even the most experienced of AP managers. Each jurisdiction has unique invoicing rules, tax rates, and compliance standards, which can cause confusion and raise non-compliance risks, leading to penalties. Want to avoid them? AP Automation could be the answer you need. #apautomation #taxrates #compliance #financialcompliance

We surveyed 80 in-house tax leaders and found that over 2/3rds use a combination of insourcing and outsourcing to prepare their transfer pricing documentation. Want to learn why this approach is so popular? Don’t miss Lennart van den Kommer’s insights in his latest post! 👇 At Reptune, we offer customized solutions to suit your needs, whether you insource, outsource, or combine both. P.S.: We've rebranded entirely to Reptune. Check out our new website www.reptune.tax, and get in touch with us for a free demo on our software and services!

Check out this result when asking 80 in-house tax leaders how they prepare their #TPdocumentation. More than 2/3 of companies use a combination of insourcing and outsourcing. ⚖️ At Reptune (formerly TP Tuned) we see a clear trend that companies are increasingly insourcing the preparation of global TP documentation. This is primarily the result of TP regulations becoming more homogenous and the availability of great out-of-the-box solutions, such as Reptune.net. 🌍 Yet, there are a reasons why companies might involve a (local) consultant in the TP documentation for a specific entity or country: 🚨 A history of audits and litigation 🚨 High volumes of intercompany transactions 🚨 Sensitive intercompany transactions 🚨 Aggressive tax authorities 🚨 Significant deviations from the OECD TP/documentation standard In such cases, we do still strongly recommend drafting the TP documentation with a central solution, to ensure consistency of global TP documentation. The (local) consultant can then review such TP documentation, provide feedback, and help to further improve the TP documentation. 📈 Check out our new website, www.reptune.tax, to see how automation can help you save 50-75% of time and costs, while increasing the quality and control of global TP documentation.

The Belgian Federal Public Service Finance has issued guidance to all taxpayers for the 2026 e-invoicing mandate. This will require all B2B transactions to adopt structured e-invoices. Belgium is still waiting on permission from the European Commission to impose mandatory e-invoicing and derogate from the EU VAT Directive (articles 218 and 232). Based on the latest guidance, the following are covered:   ▪️ Transactions requiring an e-invoice. From 1 January 2026, the structured electronic invoice will be mandatory for almost all transactions between Belgian VAT-depant companies (B2B). The obligation to issue structured electronic invoices does not apply to deliveries of goods or services to individuals for their private use (‘B2C’ or ‘business-to-consumer’). ▪️ Structure e-invoice format, based on EN 16931 format. This enables automatic and electronic processing of it. Which means to be drawn up in the Peppol-BIS format. This is the stricter definition of an electronic invoice in VAT legislation. PDF may not be used after December 2025. ▪️ Technical rules: authenticity of origin, the integrity of the content and the readability ▪️ International invoices If the shipper or recipient is identified in a country outside Belgium, electronic invoicing is only permitted with the agreement of the recipient. The format and method of transfer are determined in bilateral consultation between sender and recipient.   💭How can KGT provide support?   1 - KGT has developed an SAP add-on which is operational at many multionational companies SAP systems, including risk management tools. KGT can demo the solution and can implement also for non-resident taxpayers.   2 - KGT's support is particularly beneficial when a web-based provider is selected. These providers often lack standard E2E solutions, leading to the need for costly consultancy work. However, KGT has developed extraction logic that ensures complete tax data is provided to the vendor's cloud portal environment. This not only saves costs but also enhances data security. Additionally, KGT offers optional functionalities within SAP itself, allowing for data analysis checks before submission, further reducing the risk of non-compliance.   3 - KGT gets operational for its client's SAP Document Reporting and Compliance (DRC).   🔗If you are interested to learn more contact us: https://lnkd.in/g3kGJQip #SAP #BelgianBusiness #KGT #Einvoicing #SAPSolutions #TaxCompliancy

With the passage of the Ease of Paying Taxes (EOPT) Act, the invoice is now considered the principal document to support the sale of goods and services. In a “Taxwise or Otherwise” article, PwC Philippines Tax Assistant Manager Delila Dayag discusses the rules regarding invoices under the EOPT Act. These include taxpayers being required to issue valid invoices starting 1 July and being allowed to use the word ‘Invoice’ to describe transactions when using cash register machines (CRMs), Point of Sale machines (PoS), and e-receipting or e-invoicing software. #BIR #EOPTAct

This month HM Revenue and Customs (HMRC) announced that it has introduced a digital tool designed to help businesses assess the potential impact of VAT registration. Learn more: https://lnkd.in/dFE6FE8z #VAT #VATregistration #accountancy #accountant

How much do you know about the new EU e-invoicing laws? The European Union is moving toward mandatory e-invoicing to modernize VAT reporting and compliance. Key highlights for businesses: 🗓️ Deadline: Full implementation by 2028, with earlier dates for some countries. 🌐 Scope: This applies to all businesses issuing invoices in the EU, including foreign-owned entities. ⚙️ Key benefits: Enhanced operational efficiency, fewer errors, and stronger VAT fraud controls. Ensure your business is fully prepared—learn more about how these changes impact you: https://lnkd.in/gVA6vxek #einvoicing #accounting #payroll #businessaccounting

The new features related to the Goods and Services Tax (GST) Invoice Management System (IMS) as introduced by the Goods and Services Tax Network (GSTN): Summary of IMS Features: 1. **Introduction of Supplier View**: - Suppliers can now view real-time feedback from buyers regarding the acceptance or rejection of invoices on the GST portal. - This new feature aims to streamline the invoice management process, enhancing compliance and transparency. 2. **Faster Input Tax Credit (ITC) Claims**: - The feature allows for quicker rectification of invoice discrepancies, enabling buyers to claim ITC more rapidly. - Suppliers receive prompt notifications about buyer actions, allowing for timely corrections to invoices. 3. **Improved Communication**: - The system facilitates direct communication between buyers and suppliers, allowing for immediate identification and rectification of issues in invoices, such as incorrect amounts or missing documents. 4. **Error Reduction**: - With real-time visibility into actions taken on invoices, the chances of mismatches and errors during GST return filing are reduced. - Enhanced matching processes can lead to less frequent ITC claim rejections. 5. **Generation of GSTR-2B**: - The first GSTR-2B report based on actions taken in IMS is scheduled to be generated on November 14, 2024, reflecting buyer actions for the previous month. 6. **Impact on Suppliers**: - Increased accountability and pressure on suppliers to ensure accurate invoicing due to real-time buyer feedback. - Suppliers must monitor IMS notifications to avoid delays in invoice corrections. 7. **Potential for Enhanced Relationships**: - The introduction of IMS may foster better trust and collaboration between buyers and suppliers due to improved transparency. Key Points - **Launch Date**: The IMS was available on October 14, 2024. - **Functionality**: Allows buyers to accept, reject, or keep supplier invoices pending. - **Real-Time Feedback**: Suppliers can see whether invoices have been accepted or rejected, enabling faster corrections. - **Significance for ITC**: Aims to speed up the ITC claim process through prompt feedback and corrections. - **Visibility**: Records not available for action in IMS, such as ineligible ITC or RCM supplies, are still visible to suppliers. - **Recomputation Requirement**: Any changes made by buyers after GSTR-2B generation require recalculating the GSTR-2B with a recompute button. Overall, the new IMS feature is positioned as a significant improvement in the efficiency of GST processes, balancing the needs of both buyers and suppliers in the tax ecosystem.

VAT compliance in eCommerce can be tricky don’t let hidden challenges slow you down! Let our experts guide you through seamless compliance. 🛒📈 #e2eaccounting #vatcompliance #ecommerceaccounting #staycompliant #taxchallenges #businesssuccess

Understanding Import Duties in Accounting: Let's break down how import duties and charges, such as CPF and VAT, are treated in accounting: Imagine your business imports goods in December 2023, but they are still in transit at year-end. The import duties and VAT you paid are recorded as part of the inventory cost under "Current Assets" on your balance sheet. Why? Because these charges directly contribute to the value of the inventory you'll soon receive. Now, fast forward to January 2024. The goods arrive in your warehouse, and eventually, you sell them. At this point, the cost of these goods, including the import duties, is moved from "Current Assets" to "Cost of Goods Sold" (COGS) on your income statement. This expense is recognized in 2024, aligning with the revenue generated from the sale. This approach ensures your financial statements accurately reflect the costs associated with generating revenue. Understanding these nuances can help businesses better manage their financial reporting.