Accurate, efficient determination simplifies complex and ever-changing VAT and sales and use tax compliance
Fueling business growth in a world of multifaceted value-added tax (VAT) and sales and use tax requirements, Sovos offers accurate, efficient global tax determinations.
Just as technology has changed the way businesses grow, it has also enabled tax authorities worldwide to monitor sales tax and VAT collections more closely than ever before. Accurate tax determination is a critical compliance process for businesses, but frequent rate changes and a complex web of overlapping requirements contribute to greater tax determination confusion – and risk. In this new era of technology-driven compliance, aging sales and use tax solutions, homegrown systems, outdated rate files and web-based software solutions simply cannot support growing businesses.
Did you know Sovos Global Tax Determination was first to be certified by the Colorado Department of Revenue?
Tax authorities at the national, state and local levels are introducing their own rules and requirements to collect the appropriate sales tax in light of emerging, highly digital business models like the sharing-economy and eCommerce. Brick-and-mortar retailers entering into the surging eCommerce space are just one example of how AR and AP processes can quickly become more complex. To manage compliance across thousands of constantly changing taxing jurisdictions, companies leveraging a patchwork of new internal systems will consequently experience more frustrations, inefficiencies and inaccuracies.
Similarly, the pace of regulatory change in today’s digital VAT environments will cause businesses relying on manual processes to struggle with time-intensive inefficiencies and audit-triggering errors. VAT countries are standardizing the collection of massive amounts of transactional-data via digital processes in order to enhance governments’ ability to identify errors. As an increasing number of global tax authorities aim to speed up validation processes with more visibility into business transactions, consistently accurate VAT calculations is crucial for compliance.
By combining VAT and sales and use tax determination support from a single solution, Sovos safeguards businesses from error-triggered audits, while keeping their systems up to speed with constantly changing determination rules. Backed by the Intelligent Compliance Cloud, Sovos offers the world’s first complete tax determination solution to support thriving businesses impacted by complex VAT and sales and use tax requirements.