- Digital innovation, including AI and automation, has given businesses more control over their taxes, which is especially important during economic volatility.
- Tax innovation will become more important this year, and businesses should view taxation as an opportunity for improving financial performance.
- Businesses should take a holistic view of VAT compliance processes and ensure their tax data is accurate, comprehensive, and traceable.
- As inflation continues to impact businesses and individuals, some countries are leveraging VAT to counter the impact.
- European regulatory bodies are adopting digital methods to track fraud and facilitate compliance more efficiently.
- Digital practices will be crucial for CFOs to satisfy updated tax compliance standards while maintaining their organization’s financial position. E-invoicing and SAF-T are examples of digital tools that can help with tax compliance.
Source Spiceworks
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