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November 17, 2020
EY Global Tax Controversy Flash Newsletter (Issue 28) | Managing your VAT obligations with EY’s VAT in Control
More than 160 countries impose a value-added tax (VAT) or similar tax on consumption. These global VAT rules are complex, varied and constantly evolving. Digital compliance requirements, real-time reporting and VAT rate volatility add to the complexity.
Because VAT is levied at every point along the supply chain, and reporting is constant, the amount of data needed to accurately account for these taxes can be substantial. Without a robust framework, costs and risks can spiral out of control. And increasingly, corporate officers are being made personally accountable for the accuracy of a company’s VAT filings and reports.
In this environment, the indirect tax function must be in control of every stage of transactional reporting, in every part of the business. The EY approach, called VAT in Control, helps businesses adopt consistent processes, understand their VAT position and respond to shifting regulatory requirements and tax administration inquiries. This approach provides insights into potential weaknesses and can identify opportunities — better positioning the business to predict the impact of decisions.
Additional information and links to past newsletters can be found in the attached PDF.
Flash Newsletter Attachment