A recent survey of tax and AP professionals conducted by sharedserviceslink and Sovos found that only 27% were ‘very confident’ that they can keep up with the changing international tax and regulatory landscape.
The survey also identified the top challenge for the coming 5-10 years as the diversity of country-specific digital VAT mandates and systems.
The top priorities of indirect tax professionals are ensuring technology can meet the ever-changing vat requirements and automating and centralizing our VAT reporting compliance mandates.
In the VAT landscape, all of the existing challenges of tax and finance professionals (including manual processes, bad data and insufficient controls) are soon to be compounded by new challenges including the rise of continuous transaction controls.
Indirect tax teams alone can’t ensure true compliance. IT, finance and tax professionals need to work together to ensure compliance in 2021 and beyond.
Download this report to learn how you can effectively respond to the emerging challenges, including:
- The movement toward continuous transaction controls
- New pressure on supply chain resilience in a postCOVID landscape
- The operational threat of errors on invoices
- The need for more remote working in tax and finance
- 4 tips to guide you through the next few years
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