Blending human expertise and software - VAT Managed Services

Companies around the world face growing VAT compliance obligations. Governments globally continue to look for ways to prevent fraud, increase revenue and ultimately close VAT gaps. It’s a challenge and especially as VAT requirements can be complex and fragmented across different markets. European Union countries alone lost an estimated €140 billion in VAT revenues in 2018. So it’s easy to see why governments are taking steps to reduce this.

Keeping up with VAT rates and reporting changes is daunting. For multinational companies, that complexity only intensifies. If you trade across multiple borders the associated workloads also increase.  For these reasons, companies need to ensure they have a robust compliance continuity plan in place to ensure their VAT compliance obligations are met wherever they operate.

The cost of noncompliance can be high. And errors can be caused by various reasons. These include late filings, using incorrect tax rates, misinterpretation of the regulations or simply due to human error.  Whatever the cause, the repercussions can be costly leading to loss of VAT deductions, invasive and time consuming audits and other financial penalties and reputational damage.

As the challenges and complexities of VAT compliance continue to rise, more companies are realising the benefits of embracing a managed service approach to all or part of their VAT compliance obligations.

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Technology enabled VAT Managed Services

Ease your compliance workload reducing risk wherever you trade

Sovos VAT Managed Services is a blend of human expertise and software. Our multi-lingual team of VAT experts use our proprietary software which is updated as and when VAT regulations change. Our team is your team. In addition, our global regulatory specialists monitor all regulatory changes, so you don’t have to. Allowing you more time to focus on your business.

Sovos VAT Managed Services takes care of your compliance for both periodic and continuous reporting obligations. This applies across all markets where you operate today and for the markets you intend to dominate tomorrow. A dashboard provides you with full visibility of the status of each of your filings. And, at a later date, if your strategy changes and you want to bring your VAT compliance function back in-house, that’s not a problem. Your partnership with us as a global tax technology provider is flexible. So this means you can readily switch to a fully insourced software solution.

VAT legislation is complex and continues to change. Businesses need the support of both managed services and technology to help them meet their VAT compliance obligations and to allow them to continue to trade with confidence. Appointing Sovos with our blend of human expertise and technology empowers companies to comply with and face the changing VAT landscape head-on.

Keeping up with VAT rates and reporting changes is daunting. For multinational companies, that complexity only intensifies. If you trade across multiple borders the associated workloads also increase.  For these reasons, companies need to ensure they have a robust compliance continuity plan in place to ensure their VAT compliance obligations are met wherever they operate.

The cost of noncompliance can be high. And errors can be caused by various reasons. These include late filings, using incorrect tax rates, misinterpretation of the regulations or simply due to human error.  Whatever the cause, the repercussions can be costly leading to loss of VAT deductions, invasive and time consuming audits and other financial penalties and reputational damage.

As the challenges and complexities of VAT compliance continue to rise, more companies are realising the benefits of embracing a managed service approach to all or part of their VAT compliance obligations.