VAT Compliance & Audit

As tax executives monitor split-payment and real-time taxation developments, a look into Latin America’s current split payment methods can provide valuable insight.

In January, the Cooperation Council for the Arab States of the Gulf – also known as the Gulf Cooperation Council (GCC) – announced a formal agreement regarding a new value-added tax (VAT) to be adopted by GCC member countries which are Bahrain, the Kingdom of Saudi Arabia (KSA), Kuwait, Oman, Qatar and the United Arab Emirates.

As value added tax (VAT) gains popularity among global jurisdictions, countries with long-established VAT systems confront a growing challenge: the so-called “VAT gap.” The phrase refers to the shortfall between expected revenue from the tax and the amount actually collected. Tax executives within multinational corporations (MNCs) ought to monitor how jurisdictions address this gap.

Every day, global companies are met with challenging questions about VAT. In this e-book, we look at the top five VAT compliance challenges facing global companies today.