- Technology-driven VAT management is essential for indirect tax and VAT managers in today’s digital economy.
- Legacy tools and platforms are not capable of understanding the nuances and context of employee-generated expenses, leading to data gaps and manual errors.
- Implementing a technology-driven solution can automate tasks, ensure accurate record-keeping, and meet compliance requirements.
- VAT recovery processes have been impacted by remote and hybrid work models, leading to compromised data quality.
- Finance teams must deal with the unstructured nature of online purchases and missing or incorrect data on invoices and receipts.
- Manual-heavy processes and systems are not suitable for today’s digital reporting mandates.
- Regulators are implementing e-invoicing, e-audit, and real-time reporting requirements.
- Expense management systems still require manual checks for eligible VAT refunds, which are difficult to control at scale.
Source: bluedotcorp.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
