Digital VAT Compliance: From Burden To Opportunity

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.