Transforming global supply chains
From food distribution to automotive manufacturing and logistics, companies are distributing their supply chain activities around the world to reduce costs, expand into lucrative markets and launch new products faster.
165 countries worldwide levy a form of VAT. Each has its own set of rules for both compliance and reporting. From differences in local VAT legislation to evolving international VAT reporting trends, if you trade cross-border you’ll be subject to change. This may create new requirements for invoicing, VAT registrations and VAT reporting obligations.
Companies that ignore the importance of VAT compliance could easily erase the benefits of a global supply chain, disrupting operations and cash flow, and negatively impacting the bottom line in the process.
This is why VAT compliance needs to be a critical factor in supply chain planning.
Source Sovos
