As tax authorities push their global VAT digitalisation mandates, a new risk of incorrect classification of items for VAT, customs and other transaction taxes is emerging. Manually picking the right item description or tax code for purchase and sales invoices is a huge time sucker and wide-open to human errors.
- 4 risk areas for VAT item classification
- Machine learning and generative AI to solve the product taxonomies challenge
Source: vatcalc.com
