The introduction of transaction-level reporting makes this even more challenging, removing the ability and the time to manually interact with data before its submission to tax authorities.
The use of new and emerging technology is now paramount in maintaining acceptable compliance levels today while future-proofing organisations for tomorrow. EY Global VAT Reporting Tool (GVRT) can help you stay in control.
How EY can help
EY’s cloud-based GVRT has been developed to help companies insource their indirect tax function by leveraging the latest VAT reporting technology available, redefining the standard of indirect tax compliance reporting processes.
EY’s GVRT can also help to identify anomalies and opportunities by reviewing the VAT treatment applied to transactions against highly customisable parameters, covering general VAT checks and business-specific scenarios. Returns are mapped automatically, and are reviewed and finalised within a defined control framework, supported by a well-documented end-to-end digital audit trail.
GVRT is scalable and adaptable so organisations can benefit regardless of the number of VAT registrations or the level of complexity.