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28 September 2022 VAT in Control Today, over 160 countries impose a value-added tax (VAT) or similar tax on consumption to meet their revenue needs. The VAT rules are complex and varied, and they are constantly evolving in response to advances in technology, changes in business models and geopolitical events. Digital compliance requirements, transactional real-time reporting, VAT rate volatility and fraud are among the real risk factors that multinationals must grapple with and increasingly, corporate officers are being made personally accountable for the accuracy of company’s VAT filings and reports. In this environment, your indirect tax function must be in control of every stage of transactional reporting in every part of your business. You need consistent processes and dashboards to manage your indirect tax profile and respond to shifting regulatory requirements and inquiries. But your efforts do not just need to be defensive — with smarter processes, you can also identify efficiencies, save money, improve working capital and even be better positioned to predict the impact of business decisions. Document ID: 2022-5922 |
