A new and growing reporting trend in Europe, despite the current pandemic, is the move towards more transaction-based reporting – also known as Continuous Transaction Controls (CTCs). In an economic climate where the protection of government revenue bases is more important than ever, we still see the continuing trend of mandates providing governments with more visibility over data, and more control of the right to deductions at the first instance. While taxpayers would generally welcome greater transparency, this can also place greater strain on both IT and tax technical resources. So, the question is, how can tax functions stay in front of these new mandates in a cost and risk effective way?
Source: SOVOS
