[Infographic] Top 4 Features for a European VAT Compliance Solution

October 3, 2018 Casper Winkelman

 

Technology-driven initiatives to overhaul outdated VAT regulations are changing the landscape for businesses in Europe. By requiring real-time, transaction-level data, tax authorities are making businesses rethink processes and seek solutions to ease the burden.

Tax authorities across Europe are cracking down on fraud and increasing tax revenue collection through new VAT initiatives. eLedger, eAccounting and eInvoicing requirements are forcing companies to dramatically overhaul their accounts payable, accounts receivable and tax reporting processes.

With constant government updates, mandated regulations, reporting formats, processes and deadlines, businesses must rethink their VAT compliance and reporting approaches. Four must-have solution features can help to simplify operations, decrease costs, and avoid audits, fines and penalties for non-compliance.

As businesses across Europe evaluate the technology needed to help them comply with the various VAT-related mandates being introduced, they should look for:

  1. Flexible end-to-end integration
  2. Powerful data analytics
  3. Reliable security
  4. Efficient scalability

With each government across the world having different requirements, the compliance costs for global entities can be huge.  Sovos can help you:

  • Ease the burden of compliance and reduce costs – especially in SAP building, monitoring and maintenance
  • Keep up to date with local regulations in every country in which you operate simultaneously across thousands of jurisdictions and taxes
  • Localise your ERP in hundreds of facets whilst maintaining your global template
  • Efficiently translate your master data to meet government requirements

Simultaneously keep a constant and secure connection to a number of government servers

Post by Casper Winkelman 

Top 4 Features for a European VAT Compliance Solution

 

 

About the Author

Casper Winkelman

As General Manager of Value-Added Tax (VAT) at Sovos, Casper is responsible for building out and managing the VAT line of products and solutions available on the Sovos Intelligent Compliance cloud platform. Casper is a tax lawyer with over 20 years of international VAT experience, beginning his career as a consultant for Arthur Andersen and before serving as VAT director for KPNQwest, a Pan-European telecommunication company. Casper also co-founded VAT Resource, a successful VAT services company that was acquired by Sovos 2014. Casper holds a master’s degree in tax law from the University of Leiden, The Netherlands.

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