Does your business have the level of global tax compliance it needs?
VAT computation for cross-border transactions is complicated, as we all know.
The rules for VAT and other indirect taxes are always changing. Plus, native ERP systems like SAP and Oracle aren’t capable of automating the tax decisions for complex business transactions.
It gets even more complicated when companies operate in multiple countries. They have to consider factors like triangulation, VAT groups, bonded warehouse, place of supply of services, B2B, B2C, partial recoverability and countless others.
Companies invest so much time and resources into working it all out. And if they get it wrong, they are liable to pay penalties.
That’s why so many multinational companies automate the process through an external tax engine. It takes the hassle out of compliance, giving peace of mind.
‘The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency. ‘ – Bill Gates
But how do you know if an engine is right for your company? And if so, which one?