VATupdate

VATupdate Newsletter Week 44 2021

Many people think that VAT is the most complicated tax there is. Perhaps that’s true. But this perception also exists because companies have to deal with VAT every day. Every transaction is subject to VAT, whereas other taxes only apply to specific occasions or periods. It still baffles me that most multinationals that have a tax department have more people dealing with tax on profits than tax on turnover or sales.

With VAT being a transactional / operational tax, the growth of technology seems logical, as companies (and governments) want and need the information quicker and more detailed. Systems and (also very important) processes must be adapted so that the VAT rules can still be applied correctly, but reporting can be done real-time.

And as technology becomes more important every day, we see that the role of a VAT specialist is also changing. The traditional lawyer or economist who interprets and explains the laws and rules is slowly replaced by the person who knows these rules, but who also knows and understand how these rules can be applied and implemented efficiently.

Just a thought, but did the fact that the VAT person in a company often was alone, result in the advance of technology in the VAT world? ‘Desperate’ VAT people trying to get the extra hands (and to some extend the extra brains) they need to get all the work done?

Microsoft, Apple and Google may do a fine job. But the real hero’s of the technological evolution may well be us: the readers of VATupdate. Because we know VAT!


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