Simplifying Real Time EU Reporting, Guaranteeing Compliance
There are a number of countries’ tax authorities that have introduced legislation requiring companies to move to mandatory electronic VAT reporting for the immediate supply of Domestic VAT Recovery (DVR). It is challenging for companies to ensure they have audited for compliance and submit reports in real-time without a major in-house systems update. It is inevitable that more E.U. countries will follow suit in the near future as it is considered highly successful
Our VATConnect-Scheduler is the perfect marketplace technology solution.
Domestic VAT recovery (DVR) must be reported each month in advance of the tax office deadline. Some EU countries have made this DVR real-time electronic book- keeping a mandatory obligation for companies in affected countries.
Real-Time Systems: The requirement for companies to upgrade systems across countries.
Visibility: Difficult to accurately audit data for compliance in real-time reporting timelines without technology support.
Compliance: Non-compliance results in tax office audits, fines and penalties.
We have created technology that can automatically analyse and sort your data transactions into an audit-ready report in a 1 step process without human intervention. With no time-lag, this gives tax experts time to audit the data, applying compliance corrections ahead of the tax deadlines. This ensures 100% compliance and maximum VAT refunds.
How VATConnect-Scheduler works:
VATConnect – Scheduler has a pre-built schedule in place. In collaboration with your dedicated Taxback International representative, the reporting parameters, and entity groupings for your data are set up at a frequency you require. Simply put, it is a bespoke schedule specifically as per your requirements.
Every day, your data and images required by your schedule parameters are sorted and processed by Taxback International’s Artificial Intelligence (A.I.) engine without any need for human intervention. The end result is virtually no time lag on the availability of an audit-ready report for your Domestic VAT recovery. This capability gives tax experts the time to audit details in real- time and apply compliance corrections ahead of the tax office deadlines.
NO HUMAN INTERVENTION
Scheduler Parameters set (as per your data fields required)
Artificial Intelligence (A.I.) reviews data and pulls as per scheduler parameters
A.I. Character Recognition Software matches images with Data Text
A.I. sorts Data into VAT reports for auditing