Top 5 VAT determination challenges
Every day, global companies face challenging questions about VAT ― and they’re getting increasingly hard to answer. Companies need to know how, when, and where reporting must happen; what data is needed; what their country or jurisdiction requires; and if it applies to all transactions.
Check out this infographic to learn how a centralized, automated tax technology solution can tackle VAT determination challenges that global companies encounter:
Simplify VAT determination and overcome challenges
ERP systems often can’t guarantee the right data or setups for the correct tax to be calculated on each transaction in every jurisdiction, especially when companies have special arrangements in place. And the risk of AP VAT errors can be very high if your company relies on the vendor to charge the correct tax.
Sophisticated automation solutions contain all current, company-specific VAT rules and rates so that VAT is calculated correctly in real time, using transactional data from your ERP instead of hard-coded rules. Regular software updates also keep you current with changes in rules or rates without delays and big lifts from IT.
These solutions ensure VAT is accounted for and coded correctly, and that all legal requirements are met in terms of invoice print.