Indirect taxation is becoming ever more complicated, varied between jurisdictions and prone to government tinkering. With some of the biggest tax reforms occurring within indirect tax, getting on top of the complexity and change is vital.
So how can your business put management of indirect tax onto a sustainable footing and manage this myriad of fast-changing demands?
Our International indirect tax guide 2016 talks about the five key steps to getting compliance on track and also provides an overview of the different indirect tax rules, rates and regulations in over 80 countries.
Five key steps to keeping compliance on track
1. Central team to anticipate changes and develop proactive response
2. Augment enterprise resource planning with dedicated tools
3. Workflow management tools to plan and track payments
4. Close co-operation with sales teams
5. Blueprint of documentation to demonstrate compliance
Greater centralisation, supported by strategic technology tools and closer co-operation with business teams, are at the heart of the more systematic and proactive indirect tax management approach needed to comply. Managing indirect tax will still be demanding, but simply relying on existing approaches and capabilities will make it far more risky and taxing than it needs to be.
Contact Alan Chung to discuss how Grant Thornton can help your organisation keep up to speed with the shift to indirect taxation.