Solving VAT: Challenges for IT, Finance, and Tax teams

The methods being used at present by surveyed European businesses to address their tax needs are far from perfect in the majority of cases. For many, native ERP configurations (52%) or bespoke in-house solutions (32%) are being deployed, and while this may be getting the job done to some extent, it is unlikely to be doing so in the most accurate or efficient way.

As the complexity of the tax landscape increases over time through developments in legislation and regulations across a number of geographies and jurisdictions, the challenge with using such solutions will only augment further. As a result, the need for a purpose-built indirect tax automation solution will crystalise in the coming years and businesses will have a growing requirement for a system that is both automated and future proofed.