Stay ahead of rapid VAT reporting changes across the globe.
With Sovos, global businesses are empowered to tackle the most complex VAT reporting requirements now and into the future.
Tax authorities worldwide are using strict reporting requirements to gain more visibility into value-added tax activities to increase collections and close revenue gaps. In fact, E.U. countries alone reported a VAT gap of $159.5 billion in uncollected revenues in 2014. As a result, governments are working to to curb this trend with increased regulations.
For businesses impacted by heightened VAT complexities in today’s digital landscape, inaccuracies and human error are a common occurrence resulting from manual processes, and compliance can result in major headaches for IT and tax teams.
Sovos VAT reporting offers a way to analyze large volumes of transactional data and validate VAT results efficiently. By significantly reducing processing times, businesses are able to focus on core business strategies and submit required reports with confidence via the Intelligent Compliance Cloud.