Sign up for tax alert emails    GTNU homepage    Tax newsroom    Email document    Print document    Download document

October 18, 2022
2022-5985

EY Global Tax Controversy Flash Newsletter (Issue 51) | VAT compliance requires clear management and controls

Companies operating in value-added tax (VAT) regimes must manage multiple reporting obligations with varied frequency, which adds to the complexity. These VAT obligations are levied at each stakeholder along the supply chain and require substantial amounts of data to meet compliance obligations. Errors are common and can be costly, to both a company’s bottom line and to its risk rating and reputation. 

To manage these risks, forward-leaning companies are putting their indirect tax function in control of VAT transactional reporting. They’re implementing consistent processes and dashboards to manage the company’s indirect tax profile and to respond to shifting regulatory requirements and inquiries. 

Implementing a robust VAT control framework can improve the quality of the tax data, result in fewer corrections during those tax audits that do occur, lower tax audit costs overall and help businesses manage their risk profile. Read more on how EY teams can help your business gain control of VAT with the VAT in Control Methodology. 

Additional information and links to past newsletters can be found in the attached PDF.

__________________________________

Flash Newsletter attachment (Issue 51)

 
 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 2024, Ernst & Young LLP.

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.

 

"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.

 

Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct Opt out of all email from EY Global Limited.

 


Cookie Settings

This site uses cookies to provide you with a personalized browsing experience and allows us to understand more about you. More information on the cookies we use can be found here. By clicking 'Yes, I accept' you agree and consent to our use of cookies. More information on what these cookies are and how we use them, including how you can manage them, is outlined in our Privacy Notice. Please note that your decision to decline the use of cookies is limited to this site only, and not in relation to other EY sites or ey.com. Please refer to the privacy notice/policy on these sites for more information.


Yes, I accept         Find out more