You can’t do business in the UK or the European Union without dealing with Value‐Added-Tax (VAT). It’s a legal requirement, and like almost every tax, it can be a major pain to deal with!
As global VAT compliance moves rapidly into the digital age, this evolution has led to two key challenges for companies. First, they must be prepared to fulfill the new digital obligations like electronic invoicing and audit filing. Second, they must also ensure that the data they submit is correct, because authorities will detect non-compliance more easily than in the past.
But it isn't all bad: Taxback International takes a look at 3 of the biggest advantages of digitizing your VAT solution - digital transformation in the tax function can be thought of as pathway to hidden value.
Optimized Compliance and Full Visibility
As businesses transform through digitization, now is the time to act in order to improve your tax compliance, and to respond adequately to the growing demand from the tax authorities around the globe.
Engaging in a digital transformation of this kind can bring benefits beyond “mere compliance.” - The need for accurate and complete data brings transparency and reporting capability on all transactions providing you with actionable insights allowing you to revise your travel spend costs, shape future travel policies, and maximise your company’s VAT reclaim potential .
Reduced Expense Fraud
Your business is required to stay on top of all corporate travel expenses providing proof where necessary that all expenses claimed are viable.
Research shows that employees increasingly spend outside T&E policy. As much as 10% is lost due to errors and a further 10% can be exaggerated claims.
By boosting travel policy compliance, companies reduce errors and exaggerated claims.
Taxback International help our clients gain increased control of the expense management process by easily and quickly ensuring that expenses are within corporate policy through our smart technology - such as our Real-Time Validation app.
Increased VAT Reclaim
International VAT rules are complex and time consuming, and with companies often not knowing how much VAT they have to reclaim and whether it even merits further investigation, huge amounts of VAT reclaim can easily be missed.
But with vast amounts of data now on hand, it is easy to turn that data into dollars!
Taxback International's integrated VAT reclaim software automatically connects directly to our partner Chrome River, a leader in expense and invoice automation. With this integration data acquisition happens securely in real time, eliminating manual processes and allowing companies to control costs with automated, real-time spend policy compliance monitoring and approval routing, ensuring nothing is missed.
“Taxback International has a proactive approach to maximising our VAT… ensuring increased refunds” - Symantec
If you want to discover more on how expense management, policy and VAT audits can help companies analyse spend, isolate issues, eliminate fraud, ensure compliance and increase VAT reclaim, join Taxback International's and Chrome River's free 30 minute webinar on October 18th.
Listen as our experts discuss how the global indirect tax landscape and the corporate travel market is changing. It is more important than ever, to keep up with the evolving picture.
After registering, you will receive a confirmation email about joining the webinar.