Cross-border trade of goods and services continues to grow, in tandem with the relentless advances of both globalisation and technology. Meanwhile, many high-trading countries continue to impose significant changes in their indirect taxation schemes. The challenge of integrating any changes in indirect taxation into your accounting and reporting systems can be considerable.
These on-going developments are putting growing pressure on tax departments — who not long ago were primarily focused on only a small handful of countries — to be aware of what is happening all over the world at the same time. And there is little margin for error: the potential for mistakes on these complex tax returns is significant and penalties can be material.
PwC's global team of indirect tax compliance specialists is well placed to assist with all your VAT, GST and other indirect tax needs. We constantly monitor and analyse the implications of new and changing legislation, and focus on helping you use the different local indirect tax conditions effectively when preparing your returns.
We can help assure your multi-territorial and local-territory VAT/GST compliance, including preparation and review of returns, around the world. For VAT compliance, we have a UK-based, pan-European VAT Compliance Centre, which prepares VAT returns and other indirect tax filings for Europe and beyond, supported by local country VAT specialists.
And, where appropriate, we can assist with tax authority audits, and represent you as needed in any proceedings.
Just as indirect taxation is more complex than direct taxation, indirect tax compliance also carries an extra burden of complexity and risk. And with more than 150 countries now depending on indirect taxes for revenue, optimising your indirect tax compliance is key to reducing your tax spend and giving you a competitive advantage.
Contact us to learn more about how we can help you manage your indirect tax compliance.