VAT Guide for Finance Directors - Why it’s now a Boardroom Concern
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