The rapid pace of change in global regulations and reporting requirements is making tax compliance increasingly important, but also more complex. Governments around the world are rolling out new requirements for E-invoicing, real-time reporting, and other data-intensive tax initiatives, which means companies must adapt their systems and processes to meet these demanding new tax reporting obligations. Tax and electronic invoicing technology can help streamline compliance processes, but there are challenges to consider, such as the lack of a clear standard to follow for E-invoicing, the integration required for real-time reporting, and the complexities of managing compliance across multiple countries. The cost of global compliance is also rising, making it essential for companies to evolve beyond manual processes and disparate systems.
Source Thomson Reuters
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