Financial Management & GRC
Managing Value-Added Tax (VAT) in a Global Environment
Managing Value-Added Tax (VAT) in a Global Environment
Brought to you by DSD Business Systems and the Aberdeen Group
Despite a recovering global market, governments worldwide are still facing a revenue shortfall. To address this problem, they are strengthening audit initiatives in hopes of claiming additional tax dollars from companies. The area of value-added tax (VAT) has been a prime audit focus, with transaction taxes accounting for a significant portion of government revenue. In Aberdeen’s May 2010 study, Effective Sales and Use Tax Management: Reducing Errors and Increasing Productivity, 47% of companies are accelerating their tax compliance initiatives due to this sharp increase in government audit activities. Aberdeen hypothesizes that to achieve success in managing VAT, Best-in-Class organizations must have effective access to taxability requirements and tax rates for products and services, and streamline processes that support accurate VAT preparation, filing, and remittance / recovery.
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