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
New regulations in Norway and Romania illustrate further regulatory updates impacting European VAT compliance and reporting obligations as tax authorities push towards digitalisation and greater transparency. Our constant monitoring of VAT legislation ensures that ONESOURCE Indirect Compliance continues to support our clients seamlessly through evolving changes. Below are the specific Norwegian and Romanian VAT changes […] … Read More
How can manufacturers maximise VAT recovery with indirect tax automation software? Recovering as much value-added tax (VAT) as possible is a sound business practice for multinational manufacturing companies. VAT rates are typically much higher than the consumption tax rates in the US. For example, Hungary has a 27% VAT rate, the highest in Europe. VAT […] … Read More