In a region with little experience of indirect taxation, the introduction of VAT in 2018 was a paradigm shift for companies. In a business environment that saw rapid change to internal finance processes and to the technology and systems that support those processes, some companies have coped better than others.
Businesses have recognized two main challenges: identifying the right systems and implementing the correct processes. At the same time, tax authorities globally are pursuing more real-time reporting and beginning to delve into real data to find out what is factual as opposed to what is being reported.
With these trends, how can a business ensure that their VAT processes are compliant and future-proof? Thomson Reuters covers these areas in the latest article, breaking down the trends, challenges, and steps businesses must take to be prepared and future-proof their businesses for VAT.
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