Tax master data: What is it and why does it matter?

What is tax master data? 7 things it must include…

Tax master data entails details about customers, suppliers and key contacts held either on a business or individual level. It most commonly relates to identification, relationship and tax status information.

Best-in-class tax teams will hold extensive data relating to every aspect of their operations, including customer and supplier details, product classifications and contact information.

What’s more, they will deploy systems that ensure the accuracy and completeness of their information. Gaps or errors in master data will only lead to a failure to determine or apply tax correctly – and, ultimately, non-compliance.

Source Innovate Tax

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