In 2024, Poland, Romania, Denmark, and Malaysia will implement electronic invoicing (e-invoicing) mandates that demand more real-time tax data. They are not alone in this trend: More than 30 jurisdictions have enforced some form of e-invoicing mandates. Countries such as Poland, Belgium, and China, among others, have announced mandates to begin within a two-year period amidst […] … Read More
The indirect tax landscape is undergoing a profound transformation, driven by the relentless pursuit of efficiency, accuracy, and strategic advantage. A recent Thomson Reuters webinar underscored the critical role of technology and automation in reshaping the indirect tax department. This blog looks at the key challenges faced by tax professionals and explores the emerging technological […] … Read More
The digital transformation of tax, accounting, and financial management is no longer optional. This transformation is most visible in the adoption of electronic invoicing (e-invoicing), a critical shift reshaping the financial landscape of businesses worldwide. The rise of e-invoicing According to a recent study run in partnership with Accountancy Age, 134 organisations were surveyed, 83.8% of […] … Read More
The HMRC’s Making Tax Digital (MTD) mandate was designed to simplify and expedite tax reporting, with advantages, according to their gov.uk website that include: Making it easier for individuals and businesses to get their taxes right Allowing businesses to integrate tax management with a range of business processes through software Contributing to wider productivity […] … Read More
In any large company, the idea of achieving greater “efficiency” is really an ongoing effort to increase profitability by finding ways to modify various systems, processes, and workflows in order to save time and money. Tax departments must also take into account external factors such as inflation and rising interest rates, which add pressure to […] … Read More
Unbeknown to many companies outside of the United States, the US has reinstated a long-dormant environmental tax known as the Superfund Excise Tax, which impacts certain companies in the EU and UK — especially those involved in the chemical, gas, and petroleum industries. Reinstated as part of the (IIJA), the Superfund Excise Tax was originally […] … Read More