In a globalised economy, the need to register for VAT and manage VAT returns is one of the pain points many taxpayers have to face. Often, some of the tax laws are not clearly understood by taxpayers, there is a language barrier and processes for filing the returns can be complex; the anxiety for fear of tax penalties for non-compliance can be high.
However, VAT returns have evolved during the years. Long gone are the times when tax returns were submitted in paper form, putting pressure on tax offices and taxpayers’ resources. Digital technology has simplified procedures improving compliance levels for taxpayers.
Source Taxbackinternational
