How Tax Engines Ease the Compliance Burden

Solutions for staying compliant and getting tax right the first time.

Video Overview:

In this World Finance video, Andrew Hallsworth, European manager of client solutions at Vertex, explains the change that is happening around indirect tax. The most prominent, he says, revolves around compliance. Tax authorities want more data more rapidly 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 upfront, 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, which nations are in the EU, which are not, the place of supply rules, tax types, tax rates, and more. We embed this content into our tax systems and update the content for the users.
  • 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.
  • With a tax engine in place, tax professionals don’t need to rely on the 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

London UK | This year, we're bringing together top tax and technology professionals to connect tax trends, best practices, and the latest technologies for more effective global tax management.

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