Compliance in the Digital Age Requires a New Breed of Indirect Tax Professional

April 4, 2019

Today’s tax and compliance managers need to follow the Scouts’ motto:  Be Prepared.

Properly managing taxation and reporting burdens takes a team of professionals – from finance, tax and accounting to IT – colleagues willing to work together to establish the policies and controls that make it possible to meet the demands of tax compliance.  But all too often many organisations have disparate teams that don’t work toward the same goal.  The current approach to tax compliance typically involves:

  • Limited resources
  • Manual data entry and regulatory filing
  • Multiple disconnected spreadsheets and formulas
  • A patchwork of technology solutions often resulting from legacy M&A systems
  • Over reliance on IT

But as pressures mount from competitors, tax authorities, profit margins and shareholders, compliance in the digital age requires a new breed of tax professional.  Companies must redefine tax roles to better adapt to today’s business needs, recruiting and retaining top talent.

The old way, which lacked efficiency and scale, left companies open to audit risk and penalties.  This frustrating role also resulted in attrition and job frustration since tax teams didn’t have insight into the bigger picture of their roles.  The new role presents the opportunity to address these challenges, empowering and expanding tax leaders’ value to their organisations.

Take Action

Download Trends: Insurance Premium Tax to read the full article and find out how insurers need to adapt to survive and prosper in today’s digital age./p>

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.



Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern tax. As governments and businesses go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Sovos supports 5,000 customers, including half of the Fortune 500, and integrates with a wide variety of business applications. The company has offices throughout North America, Latin America and Europe. Sovos is owned by London-based Hg. For more information visit and follow us on LinkedIn and Twitter.
Share This Post

Colombia E-Invoicing Compliance LATAM
May 24, 2019
Colombia DIAN UBL 2.1 E-invoicing Mandate Reminds SAP Shops Why Compliance Matters

Colombia’s new electronic invoicing mandate serves as another reminder to SAP that compliance has to be at the heart of digital transformation efforts and migrations to SAP S/4HANA. The South American country, following the lead of Latin American neighbors Brazil and Mexico, is moving from a reporting e-invoicing model to a clearance model. Effectively, that means […]

Tax Information Reporting United States
May 24, 2019
TIGTA Audit Highlights Gaps in IRS Withholding Controls

The Treasury Inspector General for Tax Administration (TIGTA) reported results of a recent audit of the IRS internal controls in place to ensure that the withholding reported on information returns (i.e., Forms 1099) is accurately reflected on Form 945, Annual Return of Withheld Federal Income Tax, and that those amounts were paid to the IRS. […]

May 23, 2019
Key Reporting Considerations for Insurers Writing Insurance Across the EU

Freedom of services insurers are faced with a number of different obligations when entering new territories and writing insurance business within the European Union.  One that may initially be overlooked relates to which policy details are required to be recorded and then reported to the tax authorities.   It is essential that all insurance premium […]

E-Invoicing Compliance EMEA
May 23, 2019
Europe Embraces Digitized Invoices but Country Specific Requirements are Diverse

Based on the Billentis report of 2019 (The E-invoicing Journey 2019-2025), automated e-invoicing will generally result in cost savings of 60-80% compared to conventional paper format invoices. In this age of digital transformation, optimizing invoice flows is top of corporate agendas for most companies to improve efficiencies and reduce operating costs. And many companies want […]

Colombia E-Invoicing Compliance
May 22, 2019
Colombia anuncia el nuevo modelo de validación previa y el protocolo UBL 2.1 para su mandato de facturación electrónica

La autoridad fiscal de Colombia, DIAN (Dirección de Impuestos y Aduanas Nacionales), ha anunciado nuevos cambios a su mandato de facturación electrónica que serán implementados según la Resolución 020, orientada a las empresas que aún no han adoptado este modelo de facturación. Quienes ya son facturadores electrónicos deberán implementar el nuevo modelo antes del 2 […]