When it comes to managing global indirect tax, the challenges many businesses face today may feel a bit like an insurmountable wall – leaving tax professionals looking for solutions to break through.
To learn more about these indirect tax challenges, Vertex recently conducted a survey of over 700 senior finance professionals and found for nearly half of respondents, the following are impeding their business goals for growth:
- An increasing need to perform VAT/sales tax calculations and charging at digital point of sale
- Registering with all the local tax authorities in every country they trade in
- Manual indirect tax processes are becoming unsustainable
- Providing accurate and timely sales tax/VAT/GST reporting and returns
- The ever changing/expanding global VAT sales tax rules
The e-commerce boom has opened the door to new growth opportunities for many companies selling goods and services online. Transacting through online platforms allows organizations to transcend geographic barriers to reach a global audience of buyers. But digital commerce and cross-border trade come with challenges as it relates to effective indirect tax compliance.
In addition to these challenges, tax authorities continue to implement new rules and regulations to ensure they receive their fair share. These laws and regulations have an impact on everything from the requirements for tax filing and reporting to how purchases are taxed once in the online shopping basket. Businesses who do not manage their indirect tax effectively will not only find it more difficult to scale but could also expose themselves to compliance issues.
For over 30 years, Vertex has been on the forefront of innovation when it comes to indirect tax solutions to help the world’s leading businesses break through the challenges of managing indirect taxes.
I am excited to share that Vertex was recently awarded the “Best Tax Software Solution” for our Vertex O Series Edge solution at the 7th annual FinTech Breakthrough Awards. This award recognizes products, services, and companies breaking through the crowded FinTech industry,
Vertex’s O Series Edge cloud solution supports businesses who need to process transactions anywhere and scale as transaction volumes increase - with no latency or dependencies on connectivity. Providing retailers with the flexibility and scalability to deliver a frictionless experience regardless of how and/or where they transact, while reducing risk and streamlining global tax compliance. Consumers then experience a seamless transaction, while retailers are provided with an end-to-end solution to support global business growth, reduce risk and remain tax compliant.
Discover more here to learn how businesses can use Vertex O Series Edge, as part of an end-to-end tax solution, to help break through today’s indirect tax challenges and improve tax consistency across the in-store and e-commerce experience.
Please remember that Tax Matters provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information. The views and opinions expressed in Tax Matters are those of the authors and do not necessarily reflect the official policy, position, or opinion of Vertex Inc.