Solving the 10 Most Common VAT Compliance Issues with Technology

As global companies continue to grow, they are met with challenging questions around VAT, particularly global VAT compliance. The tax landscape and government regulations (more recently, due to COVID-19) is becoming more stringent. We understand that all of this, whilst also trying to remain compliant during the VAT returns process is becoming even more difficult.

Enter Comply, the world’s first end-to-end VAT compliance platform. Taxback International’s revolutionary technology has solved the most common VAT compliance issues that global organisations face. How? By allowing you to gain complete control and visibility of your global VAT compliance.

What are the ten most common VAT compliance issues?

Over twenty-five years of VAT compliance and consultancy, we’ve seen a number of issues crop up again and again. Though they are common, they’re not always the easiest to solve. Taxback International’s newest platform — Comply — effectively solves these problems with its robust framework. To find out more, book a free demonstration with one of our VAT experts. 

1. VAT compliance deadlines missed

Comply features a global dashboard that sends you early warning alerts in three distinct colours – Green, Amber, Red. This helps your company avoid penalties by ensuring prompt payment to tax offices via our embedded payments technology.

2. Penalties applied because of changes in tax jurisdictions

By having a team of VAT experts at your side with a Global knowledge base, you are ensuring your VAT compliance obligations are always up to date in every region.

3. Regional third party tax advisors charge too much & deliver too little

A centralised platform like Comply, avoids service silos and streamlines costs for your business. By using this platform you can gain clear visibility and total control over your business. 

4. Time-consuming VAT compliance processes 

With our innovative VAT compliance technology – Comply –  manual processes that might take hours out of a work day are now automated securely through our thorough validation process. Employees now have more time to work in more productive parts of the business.

5. Entering new markets means new VAT compliance challenges

Comply is a secure and scalable cloud platform, that is designed specifically to enable seamless growth. Entering new markets, with new VAT challenges will never be a problem again.

6. Disconnected internal business entities make it hard to change and be consistent

Dynamic, real-time dashboards in Comply allow multiple stakeholders to access the data they need instantly. As a result, ensuring cross-business improvement between different entities all over the world.

7. Errors and anomalies need drawn-out investigation and fixes

All pending issues are resolved directly on the Comply platform, with no client involvement needed. Comply does the hard work for you. 

8. Regional tax offices depend on multiple contact points

Taxback International is your one-stop contact for all filings across every jurisdiction, and with Comply supporting this, full control and visibility is just a click away.

9. Distributed and siloed data make analysis hard

Comply features detailed and centralised data repository that enables forecasting and advanced analytics. We use advanced machine learning algorithms and AI to make accurate financial forecasts which save your business revenue. 

10. Disconnected systems hinder payment processes

Our platform fully integrates with your existing Expense Management System, Enterprise Resource Planning software and your local tax office allow for seamless reconciliation. This simplifies the onboarding process and maintains data integrity. 

Comply – End-to-End VAT Compliance Technology

Comply, Taxback International’s innovative end-to-end platform is transforming how all VAT compliance workflows are managed.

Using our platform allows businesses to automate preparation and filing of VAT reclaims, removing complex manual and often non-compliant reporting. Powered by AI and more than twenty years of VAT consultancy expertise, Comply is solves the worlds most complex and common VAT compliance issues in one secure platform. 

Our technology automates the preparation and filing of your VAT reclaims, removing complex manual and often non-compliant reporting. Prepare, validate, approve and submit your VAT returns to the relevant tax offices all in one simple platform. We ensure all your VAT returns, Intrastat and EC Sales list filings will be submitted on time, fully compliant. 

Comply also features revolutionary in-built payments technology — the only platform of its kind in the world. This embedded technology enables tax office payments in local currencies and reconciliations and removes the cost and risk of late tax office payments. 

Transform VAT Management with Taxback International

For over 25 years Taxback International has been a world leader in VAT consultancy and compliance providing expert support to more than 12,000 global clients including Apple, Google, IBM, and Twitter. With increasing digitalization of global tax processes, we have developed tailored technology solutions to solve challenges facing companies today.

• Comply – End-to-end VAT compliance platform.
• TBI Pay – Streamlined cross-border payments technology.
• VAT Connect – Cloud-based, automated review of transactional data and images via AI and Machine Learning for Domestic and Foreign VAT Reclaim