175 countries have implemented VAT or GST – August 2024 Since the first introduction of a Value Added Tax in France in 1954, it has now been adopted by 175 countries around the world. This follows the adoption of VAT / GST last summer São
Standard Audit File for Tax SAF-T Harmonised transactional data schema for simplified exchange with tax authorities The countries below have implemented (or propose) the OECD’s Standard Audit File for Tax (SAF-T). This is an harmonised XML schema of company transaction data from accounting records for
Automation of VAT & GST determination vital in live e-invoicing sphere Tax authorities will soon know businesses’ VAT and GST obligations before their CFO thanks to global real-time e-invoicing mandates. This means the traditional option of validating and correcting invoices in the period between month
Operational challenges & market risks mean we may see retreat from full liability, deemed supplier VAT obligations for marketplaces The introduction of deemed supplier VAT obligations for online marketplaces has created a range of challenges for both the platforms themselves and the wider ecosystem of
Artificial Intelligence automating optimising tax code mapping in tax engines and ERP’s Tax codes, short digit and numeric codes, provide the information tax engines, ERP’s or accounting systems need to correctly identify the right VAT, GST or sales tax rates and reporting for any transaction.
