Sovos launches suite for indirect taxes

Tax and compliance solutions provider Sovos announced the release of its new Indirect Tax Suite, which is meant to handle all indirect tax obligations with governments, buyers, suppliers, and consumers.

The new suite features, via Sovos' Global Tax Determination engine, the ability to provide 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. The software provides explanations and validates key exemptions and reduce audit risk. It also features the ability to electronically file for sales and VAT taxes via customizable reporting which automates, centralizes, and standardizes processes for all periodic reporting and SAF-T obligations.

This is paired with detailed transaction insights via dashboards, trend analysis, and reports. The solution also reports B2B e-invoicing and e-receipt capacities that accounts for emerging standards such as PEPPOL or France's PDP without needing country-specific deployments. Sovos noted that over 80 countries have already adopted e-invoicing requirements, with many more expected in the coming years.

The new suite, via Sovos Embedded Integrations and the Sovos Connector Marketplace, lets users embed indirect tax compliance into existing workflows within more than 70 enterprise resource planning (ERP) and transaction management systems, and then integrate into any other applications a user chooses.

"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 of 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," 

Part of the Sovos Compliance Cloud, the new suite specifically includes:

• Sovos Integrations
• Sovos eInvoice
• Sovos eReceipt
• Sovos eArchive
• Global Tax Determination 
• VAT Determination
• IPT Determination
• Sovos Cert Manager 
• Sovos Use Tax Manager
• Sovos SUT Filing 
• Sovos Taxify
• Sovos VAT Reporting
• Sovos SAF-T