FIN Posting and Taxes

Reverse Charge in Taxation

Reverse Charge Reverse charge is a scenario in Taxation, where, the tax paying entity creates a tax liability on it self. One of the examples of this is India GST, where reverse charge needs to be applicable under specific scenarios, such as Purchase from Unregistered Vendors, Import of services and Purchase of specific Goods and Services. To understand it better, let us take the an example. An organization purchases goods …

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Plant abroad in SAP within European Union and outside EU

SAP has provided the functionality of plant abroad where the plants can be created outside the company code. Please refer to the example below, the legal entity or the company code in created in Belgium and the plant under it are created in France and Switzerland. There are many reasons why an organization decide to go ahead plant abroad. One of the classic example is when an organization have branches …

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Mexico SAT Mandates CFDI 3.3 for 2017

Organizations will have until July 1, 2017 to go live. The much anticipated CFDI v.3.3 has finally been mandated by the Mexico SAT.  This is one of the biggest changes to the CFDI schema since 2011. Versions 3.2 and 3.3 will apply simultaneously during the first half of 2017. Some of the new validations for CFDI v.3.3 will include the following: 23 new catalogs time zones with respect to the …

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1099/1042-S withholding tax forms for tax year 2016

******************************************************************************************************************* NOTES RELEASED Forms: 2398337 – US Legal Change 2016 – 1099 and 1042 Smartforms and Adobe Forms Files: 2403422 – US 2016 LC – 1099 and 1042 File Changes -> This note contains relevant changes for 1099INT and 1042-S files. The format of the other files, i.e. 1009MISC, were not changed. Hence, this note has to be implemented only if you are generating 1099INT and/or 1042-S files. ******************************************************************************************************************* I have seen some incidents being …

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Prepared for Mexico e-invoicing CFDI version changes?

As the second largest exchanger of e-invoices in the world – behind only Brazil – Mexico is quickly becoming one of the most sophisticated financial compliance governments in the world. In some ways, it is even starting to supersede Brazil in terms of complexity – particularly in the way it can now link individual business transactions straight to tax reporting and liability. With automated, real-time electronic audits pending and an …

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