Revolutionizing Indirect Tax Compliance: A Strategic Approach to Global Automation

• Global companies face a decision on whether to think globally or locally when it comes to indirect tax compliance
• Indirect tax automation is not a luxury but a necessity for companies
• The landscape of tax compliance has changed, with tax authorities now requiring data in real-time and in specific formats
• Continuous Transaction Controls (CTC’s) are becoming more common globally, requiring transactional-level data to be validated by tax authorities before transactions are completed
• Companies must ensure accurate and complete data submission for compliance and strategic value
• Tax automation requires a complete re-think, with a focus on cloud-based compliance platforms.

Source: sovos.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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