The real value of VAT within tax compliance shouldn’t be underestimated.  It’s one of the fastest growing and rapidly changing indirect taxes for finance teams globally.  And, as it’s a transactional tax, errors can’t be easily corrected so the consequences of errors can be far reaching from impacting supply chains, to increased audits, fines, lost revenue and reputational damage.

In recent years, the spotlight on VAT noncompliance has grown ever brighter. Tax administrations worldwide are turning their attention to the VAT gap. In Europe alone the VAT gap sits at €140 billion.

VAT is gaining in importance. Compliance is consequently becoming more complex and intrusive into core financial and physical supply chains.  For these reasons, it’s a tax which must be given a much higher position on any finance director’s agenda than before.

This guide addresses:

• The role of systems and business processes for VAT
• The crucial interaction between finance, tax teams and IT departments
• Risks and challenges of the international landscape – risks and mitigation
• The possibilities for automation or outsourcing support to meet VAT compliance obligations

Brazil has long been known for its diverse and rapidly changing regulatory environments. New tax laws are continuously being introduced and current laws are often amended without notice. For businesses trying to navigate this landscape it can be challenging, frustrating and even costly. Perhaps what is needed is a new approach to tax. This Ebook guides you through the process of transforming your approach to tax in Brazil.

As a product or a service that is subject to VAT moves along the supply chain, transactions are documented, allowing the government to verify whether VAT was introduced at each step correctly through an audit.

While VAT is great in theory, it can leave massive holes in practice. Even though documentation might be out there, verifying the reliability of that documentation at every step in the supply chain based on aggregate periodic reports, paper-based records, and auditing companies’ diverse accounting systems is an almost impossible job for millions of supply chains around the world.

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Achieving sales tax compliance is a complicated process that is growing more complex by the day. Every new regulation, law and rule must be accounted for or you run the risk of being audited. There are several steps in the process that must be accounted for and managed correctly.

First, sales tax determination is something that every business should fully understand. If you don’t know how to determine sales tax, you are already at a disadvantage in trying to meet and maintain sales tax compliance. You are likely to either over or under charge a customer which can lead to problems with regulatory authorities either way. So, take the time to understand this process and get it right from the beginning.

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If you operate a business in North America and are looking to expand into international markets you are going to need to become familiar with the concepts and implications of Value Added Tax (VAT).

VAT is the most common form of consumption tax used today, out of the 193 countries around the globe, 166 are currently operating with a VAT as a key part of their tax mix.

Overcoming the various challenges VAT offers doesn’t happen overnight, and as governments all over the world are increasingly focusing on their revenue base, compliance at first instance is vital in the face of more aggressive audits.

This guide will provide you with the necessary base understanding of VAT. It offers some valuable insights and guidance to getting started when you enter a new market that employs a VAT system of taxation and offers expert opinions on when to seek help.

Enforcing tax identity information reporting is a priority for governments to increase revenue and reduce the current $9B tax gap. Businesses must report employees’ tax identification numbers (TINs) and names to government agencies to ensure that individuals and businesses are being reported in their database correctly and reconcile what’s being reported on 1099 and annual income tax returns.  

If reported incorrectly, the IRS can take action by issuing Notice CP2100 (“B” Notice), assessing Notice 972CG (“P” Notice) and enforcing backup withholding by issuing penalties to a business.

Knowing what the IRS requires in 2020 will minimize the liability of incorrect reporting to the IRS. This can help your business save significant time and money. 

To better understand what is being required of you, download the free Tax Identity Management 101 white paper to learn:

• What tax identity management is and why governments care about it
• How to minimize your risk of improper reporting
• What backup withholdings are and how they are enforced
• How to proactively and compliantly manage your tax identity information

Multinational companies around the world are faced with the reality that tax authorities in the countries where they operate are introducing, or making major changes to digital tax mandates at an ever increasing pace.

Continuous transaction controls, often referred to as CTCs, where the tax administration pre-approves invoices in real-time via an automated data exchange with business source systems, are the leading and growing trend.

This eBook will help you to understand how your business can prepare for the growing wave of CTCs and learn why sales and purchase transactions will face increasing, and continuous, tax scrutiny.

Download your complimentary copy of Get Ready for Continuous Tax Controls to learn:

• Traditional reasons for AP invoice scrutiny
• New CTC obligations and risks for buyers
• Five AP areas at risk
• A modern approach to AP must integrate tax

The role of tax managers in software procurement is rapidly evolving. Businesses today are involving VAT and other tax professionals early in the buying process to provide expertise and ensure that every business process that needs to be integrated with real-time tax platforms is doing so in a timely and cost-effective way.

VAT compliance can only work smoothly if specific processes are made a standard function of day-to-day business operations. When leaders in finance, supply chain management, IT, client operations and others acknowledge the importance and interdependencies of each other, software procurement becomes a shared goal.

Download your complimentary copy of Software Procurement Guidelines for Tax Managers to learn more about:

• The changing responsibilities for VAT
• How to ensure your business is ready for continuous transaction controls
• Guidelines for procuring transactional business applications
• The role of tax managers in digital transformation