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VAT Management

With over 130 countries operating Value Added Tax (VAT) or similar regimes, VAT management represents a compelling issue for any company conducting business across international borders. VAT management requires special emphasis as the amount involved is far greater than any other taxes.

Given the complexity of VAT and the local differences in rules and interpretations, the potential for error is very high. VAT errors may lead to regulatory issues, financial penalties or substantial losses of purchase VAT. When multiplied across a large number of transactions, even small errors may result in significant exposures.

In addition to these challenges, new regulatory pressures - such as the Sarbanes-Oxley Act in the USA and similar legislation elsewhere - are forcing companies to review their VAT processes and related accounting.

To optimize their VAT position, companies need a cohesive VAT strategy and a good understanding of the nuances in each jurisdiction. This can be a real challenge for tax or financial departments that are short on resources and even shorter on VAT expertise.