From paper to XML: The shifting paradigm of VAT compliance

Technology has fundamentally changed the way global VAT is enforced. But here’s the good news: digital technology also makes it much simpler to meet your VAT compliance obligations.

By contrast, failing to adopt the latest technology-driven VAT compliance solutions could put your business at risk. As global VAT enforcement goes digital, businesses can no longer risk the errors and inefficiencies of outdated manual VAT compliance processes.

It’s not just about enforcement. Many tax offices now require digital VAT reporting. Failure to meet the new digital VAT reporting standards will, in many cases, lead to severe penalties.

Let’s briefly consider how technology has made VAT enforcement much more effective. And why businesses need to take active steps to catch up – or risk penalties and reputational damage.

Source: vatglobal.com

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