10 Most Common VAT Compliance Issues
22nd March 2021: The most common VAT compliance issues have now been solved, thanks to Comply by Taxback International
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 by TBI, the only cloud-based platform your business needs. 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.
1. Penalties applied when VAT compliance deadlines missed
Comply by TBI sends you early warning alerts ensure prompt payment through out 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 by TBI, avoids service silos and streamlines costs for your business.
4. Skilled employees are bogged down in time-consuming manual processes
Thanks to VAT compliance technology, time-consuming, manual processes are a thing of the past. 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 featured detailed and centralised data repository that enables forecasting and advanced analytics.
10. Disconnected systems hinder payment processes
Comply fully integrates with Expense Management System, Enterprise Resource Planning software and your local tax office allow for seamless reconciliation
One Partner, One Platform, One Technology.
Comply, Taxback International’s innovative end-to-end platform is transforming how all VAT compliance workflows are managed. Automated preparation and filing of your VAT reclaims, removing complex manual and often non-compliant reporting. Comply is solving the worlds most complex and common VAT compliance issues, all under one secure streamlined platform.
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