The 12th edition of our annual Trends Report, VAT Trends: Toward Continuous Transaction Controls, puts the spotlight on current and near-term legal requirements across regions and VAT compliance domains, including the four emerging megatrends that have businesses of all sizes and industries on notice. Download your complimentary copy of the report.
Sovos’ team of global regulatory experts exists to help businesses respond to the digitization of tax. We focus our efforts on simplifying the multiple layers of complexity, so customers can focus on growing their businesses. In this report we take a comprehensive look at the regulatory landscape as governments across the globe are enacting complex new policies to enforce VAT mandates, obtain unprecedented insight into economic data and close revenue gaps.
Authored by a team of international tax compliance experts, the Sovos Trends Report includes extensive recommendations on how companies can prepare for and thrive through these changes. The focus of this year’s edition is on four emerging megatrends with potential to drive change in the way organizations approach regulatory reporting and manage compliance.
Previewing the mega-trends:
Says lead author and vice president of strategy at Sovos, Christiaan van der Valk, continuous transaction controls have emerged as the primary concern for multinational companies looking to ensure compliance despite growing diversity in VAT enforcement approaches.
Additionally, this year’s report includes a major review of the country and regional requirement profiles. These profiles provide a snapshot of current and near-term planned legal requirements across the different VAT compliance domains.
Finally, this report examines how governments have embraced digital transformation to speed revenue collection, decrease fraud and narrow VAT gaps. Digitization enables regimes to increase time to enforcement and enact stricter protocols, and consequently, businesses are forced to react with more stringent processes of their own to remain compliant.