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July 15, 2024 EY Global Tax Controversy Flash Newsletter (Issue 71) | How trade technologies can help reduce controversy risk The past decade has seen a wealth of technology innovations and many of these push beyond what was imaginable only a few years ago. The pace of innovation means that technology is affecting all aspects of the global supply chain. In many businesses, trade technologies and automation are transforming the trade function, offering steep improvements in productivity and control. Tax and customs authorities are also using advanced technologies such as data analytics and artificial intelligence (AI) to identify potential errors and anomalies in customs declarations more readily than in the past, which can potentially increase the instance of customs audits and disputes. Common issues that may lead to errors and disputes include poor-quality master data, gaps in enterprise resource planning (ERP) systems and a lack of data governance. The prevalence of manual business processes for tasks such as creating intercompany sales invoices or sanctions lists to identify affected trades or to review and update the country of origin is often another strong factor. In this environment, global trade management and data analytics solutions may be developed and adopted to address specific objectives, including to:
TradeWatch magazine Issue 1 2024, has more insights into how technology can play a vital role in reducing trade compliance risks. You can read more in Transforming customs and trade functions: how trade technologies and automation can release potential. Additional information and links to past newsletters can be found in the attached PDF. Attachment Flash Newsletter attachment (Issue 71) | |||