Internal indirect tax groups across all industries leverage supporting automation to “address their greatest challenges, including talent shortages, compliance requirements, and regulatory complexity. This is the case within manufacturing companies, where operations teams and back-office functions, including tax groups, have their eyes on investments in artificial intelligence (AI) tools, machine learning and other advanced technologies.
Yet, to fully harness the power and value of emerging technologies, indirect tax groups in manufacturing companies must strengthen foundational tax automation and tax data management capabilities that support compliance activities.
This is no small task in an industry brimming with complicated supply chains, intricate logistics and unique warehouse management approaches. Those factors pose unique and substantial compliance challenges, regardless of whether a manufacturer is subject to sales and use tax (SUT), value added tax (VAT), and/or another goods and services tax (GST).
