How Tax Engines Ease the Compliance Burden

In this World Finance Video, we explore solutions designed to get tax right the first time.

Video Overview:

In this World Finance video, Andrew Hallsworth, European manager of client solutions here at Vertex, explains the change that is happening around indirect tax. The most prominent, he says, revolves around compliance. Tax authorities want more data and they want it quicker than ever before – a quarterly VAT return no longer checks the box for European tax authorities.

  • The government’s push for more rapid and more frequent filing is putting pressure on businesses to get VAT correct up front, something that can be facilitated with a tax engine in place.
  • Perhaps the greatest feature of a tax engine is the indirect tax content – that is, the content that shows us which nations are in the EU and which are not, the place of supply rules, tax types, tax rates, and so much more. We embed this content into our tax systems and update the content for our customers.
  • The alternative to having a solution do this for you is building your own rates and rules in your core system, an option that puts you at risk for non-compliance and can put a strain on your teams.
  • With a tax engine in place, tax professionals don’t need to rely upon their organization’s technical/IT team to build something. The tax person can handle this themselves, giving them the power to manage tax with confidence.

World Finance + Vertex

In March 2019, tax professionals, solution experts, and our very own customers met in Munich for Vertex Exchange Europe. World Finance interviewed half a dozen delegates for an update on Europe’s tax compliance challenges and technological advancements.

Vertex Exchange Europe 2020

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