- Increased Scrutiny and Compliance Challenges: The validation of pre-populated VAT returns poses significant compliance and data challenges for tax and finance teams, requiring businesses to ensure the accuracy of transactional data as tax authorities gain near real-time access to this information.
- Lessons from Early Adopters: Tax and finance leaders have identified key lessons, including the lack of uniform standards for VAT pre-population, the need for parallel compliance during transition periods, and the importance of high-quality data governance to manage increased scrutiny and ensure accurate reporting.
- Future Opportunities and Data Governance: While initial compliance may be burdensome, the shift towards pre-populated returns is expected to streamline the compliance process, reduce tax fraud, and unlock working capital. Companies are encouraged to proactively address data quality and governance issues to adapt to this evolving landscape and capitalize on future efficiencies.
Source EY
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