The business world is exposed to various transformational processes, including global supply chains. The future of VAT compliance will be crucial for companies in all sectors.
Import VAT is levied on goods purchased outside the EU, with the amount varying depending on the country. Local delivery of goods within an EU Member State requires VAT payment. Intra-Community supply chain transactions have specific rules and may require VAT registration in multiple countries.
VAT compliance has a direct impact on cash flow for European companies. Non-compliance with VAT rules has significant financial consequences and governments are taking steps to address this. Proactive approaches and technology solutions can help businesses manage VAT compliance in global supply chains. Understanding and ensuring compliance with VAT regulations is important for reducing operational, reputational, and financial risks.
Source zdnet.fr
