- Tax management by businesses has rapidly advanced in the last 15 years due to digitalisation. E-invoicing, SAF-T, real-time reporting and other digital processes have been mandated by countries across the world, particularly in Europe.
- The European Commission’s Annual Report on Taxation 2023 highlights five digital megatrends that are worth monitoring.
- Digitalisation has simplified tax management, reduced costs, and made it easier for tax teams to keep track of deadlines and day-to-day reporting.
- Digital preparation of taxes is 27% faster than traditional methods, and time to comply has fallen 30% since 2004.
- Italy was the first EU country to mandate e-invoicing for B2B transactions, and 12 member states have since imposed Digital Reporting Requirements (DRRs).
Source Innovate Tax
