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16 March 2021 EY Global Tax Controversy Flash Newsletter (Issue 32) | To reduce future controversy, businesses need to revisit how they manage their indirect tax function As part of the global response to the COVID-19 pandemic, governments have made numerous changes to indirect taxes — including reducing rates, and easing filing and payment deadlines. Designed to stimulate economies and meet immediate crisis needs, these temporary measures may have prompted some taxpayers to reduce their focus on managing indirect taxes. Yet this is no time for complacency. As economies recover, indirect taxes are likely to play a key role in replenishing national budgets, and tax authorities are likely to return their focus to enforcement and increase their scrutiny of taxpayer compliance. To avoid future controversy, businesses must get ahead of events, not just react to them. Now is the time for businesses to revisit their indirect tax function processes to reduce risk, and this might mean reconsidering tax controversy more broadly. To be successful, businesses will need to combine the appropriate use of technology with an active control framework that focuses on reducing uncertainty. Read more about this topic in EY’s article, Why active management can stem the rising risk of indirect tax controversy. Document ID: 2021-5294 |
