Tax authorities worldwide continue to impose requirements to enhance control over transactions between businesses, aiming to improve efficiency, reduce costs, and combat fraud. This ongoing development of local VAT reporting requirements across Europe and globally creates significant pressure for companies to stay updated, ensure compliance, and implement global e-invoicing consistently, scalably, and cost-effectively.
Sovos, a major provider of tax and VAT compliance solutions, and Logiq, one of the largest trade networks for document exchange in the Nordic region, collaborate to deliver comprehensive and efficient solutions for electronic invoicing and EDI that fully comply with tax and VAT legislation in various countries.
"Sovos and Logiq will, via this strategic partnership, be able to offer a very powerful Document Management, EDI and CTC portfolio to the North European market, which is exactly what businesses in this area are looking for to address their needs of solutions to comply with the upcoming CTC mandates in the European region."
– Marc Hobell, VP EMEA Sales, Sovos
CTC (Continuous Transaction Control) is an electronic exchange model being introduced by tax authorities worldwide to manage real-time or near-real-time VAT reporting and invoice clearance. The aim is to provide tax authorities with an accurate and swift overview of the economic activity within the country, particularly in VAT reporting, thereby reducing the growing VAT gap.
Through this collaboration, Logiq’s services in document management and EDI are combined with Sovos’ deep understanding of tax compliance and CTC. Together, we can offer companies a robust and tailored solution that ensures full compliance with local VAT regulations in different countries.
"The collaboration with Sovos is an important milestone for us in providing our customers with comprehensive and efficient solutions for electronic invoicing and EDI. By combining our established trade network and EDI expertise with Sovos’ deep knowledge of tax compliance and CTC, we can ensure that our customers receive a complete solution that meets the strictest requirements in VAT regulation. Our shared goal is to facilitate business processes and create a seamless experience for companies dealing with electronic invoices and trade documents."
– Troels Hansen, CEO Logiq
Our joint solutions will facilitate and optimize companies’ processes for electronic invoicing and EDI. By leveraging advanced technology and automated processes, businesses can simplify their invoicing cycle, improve accuracy, and save valuable time and resources. Additionally, our solutions will guarantee that companies adhere to all necessary VAT rules, minimizing the risk of sanctions and penalties.
About Sovos
Sovos provides businesses with the confidence needed to navigate an increasingly regulated world. Offering a modern, IT driven response to compliance, Sovos’ solutions are scalable, reliable and secure and provide a great user experience. Sovos has more than 100,000 customers, including half the Fortune 500, as well as businesses of every size operating in more than 70 countries. The company’s cloud-based solutions integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout the Americas and Europe and is owned by Hg and TA Associates. For more information visit www.sovos.com and follow us on LinkedIn and Twitter.
