Solving VAT: Challenges for IT, Finance, and Tax teams
Tax calculation and determination has always been a challenging part of business. Today, complexity continues to thrive for a number of reasons. The growth of diverse fraudulent activity is driving onerous regulations and rules while, increasingly, businesses operate across ever more disparate global supply chains. VAT rule exceptions have become more and more sophisticated as authorities seek to stimulate or penalise at an ever more granular level and this is coupled with ever-changing tax relief rules. These characteristics aren’t in themselves negative but, alongside tax authority expectations regarding the timing and accuracy of reporting, they are becoming more and more difficult to meet.
27 February 2023