- Fast changes in business models and VAT regulations increase pressure on VAT managers.
- Each jurisdiction has unique VAT rules, filing frequencies, and reporting mechanisms.
- Regulatory changes create a complex landscape due to local interpretations and minimal notice for new requirements.
- Timely VAT filing is crucial to avoid penalties and reputational damage, with varying deadlines across jurisdictions.
- Decentralized VAT management increases non-compliance risk due to lack of oversight and standardization.
- Data management challenges arise from inconsistent ERP systems and the need for clean, validated data.
- VAT teams face difficulties in ensuring compliance due to these complexities.
Source: meridianglobalservices.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.
