Value-added tax (VAT) gaps take a toll on tax authorities around the world. Errors and tax fraud reduce what governments can invest in services for citizens or needed infrastructure improvements. Now, countries across the globe are adopting technology-driven approaches to reduce the gap and gain real-time visibility into business transactions.
Throughout Latin America, countries like Brazil, Mexico and Chile are pioneering digitisation and integration between business and government. They leverage technology for electronic invoicing, receipts and audits, as well as tracking foreign commercial exports.
Now, this wave of change is moving into Europe. Cross-border standards like SAF-T, as well as country-specific adoption of eLedger filings that automatically trigger audits, split payments and fiscal cash registers are transforming the VAT landscape.
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Download this interactive infographic to see how the 10 most innovative countries are improving VAT compliance: The 10 Most Innovative Countries in VAT Compliance