For many years, European Tax Authorities had been requiring companies to file summary Value Added Tax (VAT) information on their monthly, quarterly, semi-annually or annually VAT return, EC list or Intrastat. So VAT complexity was mainly on the capacity to cope with a global directive with local application such as: different rates, deadlines, currencies, languages, forms (just to mention a few) across countries.
Although European Tax Authorities have been introducing slowly technology and requiring more detailed information to complement or support the already filed summary information such as: Standard Audit File for Tax (SAF-T), electronic filings or auto submission requirements. Just in 2017, Tax Authorities understood what they could achieve with technology – detail information in real-time. Spain was the first applying such concept with Immediate Supply of Information on VAT (SII) but others are following like Hungary and Italy.
Therefore companies now not only need to cope with VAT complexity but also with technology, which may be an opportunity to simplify and improve current VAT reporting processes.
Listen to our Podcast where Yujin Weng, Regulatory General Counsel, and Casper Winkelman, Solution Principal from Sovos, as well as Daniel Kroesen, Partner at EY Netherlands, will discuss how technology is transforming the indirect tax regulation, in particular on VAT.
Why you should listen:
- To understand the main Indirect Tax trends in Europe
- To learn more about the next country requirements
- To learn how to cope with this transformation