Sovos launches Indirect Tax Suite

Tuesday 30 April 2024 13:47 CET | News

UK-based compliance company Sovos has introduced its Indirect Tax Suite, an integrated solution that modernises how companies meet indirect tax obligations.


Part of the Sovos Compliance Cloud, the Indirect Tax Suite enables enterprises to manage all of their indirect tax obligations with governments, buyers, suppliers, and consumers.

Sovos has introduced its Indirect Tax Suite, an integrated solution that modernises how companies meet indirect tax obligations.

Addressing global indirect tax challenges

Sovos described that 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 big drain on resources, especially when using multiple, disconnected point systems for different obligations or in different countries.

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.

Adapting to evolving tax governance

Nearly 70% of global businesses expect their organisations to focus more on tax governance by 2026, according to 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 future.

Global companies that have invested heavily in digital transformation to optimise 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 maximises a company’s technology investments, providing always-on compliance without the need to replace existing systems.

Sovos offers seamless connectivity through embedded integrations and a Connector Marketplace, enabling businesses to integrate indirect tax compliance into over 70 ERP and transaction management systems. Their Global Tax Determination engine provides automated tax rates and rule updates for Sales and Use Tax (SUT), Value Added Tax (VAT), and Goods and Services Tax (GST) in 195 countries. Sovos also facilitates e-invoicing compliance for Continuous Transactions Controls, supporting B2B and B2C transactions globally. Additionally, their Filing, Reporting, & Insights features streamline reporting processes and provide detailed transaction insights for improved business intelligence.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: compliance, e-invoicing, ERP, product launch
Categories: Banking & Fintech
Companies: Sovos
Countries: World
This article is part of category

Banking & Fintech


Discover all the Company news on Sovos and other articles related to Sovos in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events