With the increased focus on consumption taxes as a source of tax income and the steep rise in real-time reporting requirements, precision VAT management is essential to maximise efficiency and minimise risk.
Do you have the right strategy, tax function and technology in place?
The processing and management of invoices and expenses, accounts payable and receivable and value-added tax (VAT) reporting can quickly spiral out of control, especially when you’re dealing with complex rules across borders. Some sectors are subject to VAT, others in part or not at all - with corresponding complexities in the right to deduct VAT. Errors in setup, coding or other processes can lead to non-compliance, VAT cash loss, significant penalties and/or reputational damage.
Evolving transparency requirements and real-time reporting on a global scale can leave you with less time to review your data and documentation. You need to be quick, accurate and in control, which is next to impossible without a clear strategy and streamlined coding, invoicing and reporting processes.
Do you have the proper measures in place to optimise your VAT management?
Our technology-enabled VAT team will take a pragmatic approach to help design an optimal VAT setup and fulfil obligations like registration, filing, returns and invoicing. We’ll guide you in designing your strategy, selecting platforms and tax code mapping and logic. We work with you to integrate technologies like analytics, robotics or machine learning, as needed.
Not only are we market leaders in invoice automation, but also in all aspects of VAT optimisation, from determining the best setup to redesigning your entire tax function or rolling out your enterprise resource planning (ERP) implementation.
Our extensive local and international experience, proven credentials and multidisciplinary PwC Network enable us to customise the best end-to-end VAT solution for your sustainable tax strategy.
Validate your VAT numbers with speed and precision using RoboVAT, PwC’s robotic process automation (RPA) solution.
Our VATInsights tool can perform predefined VAT checks externally or internally, to help propel your VAT process into the digital age.