Connect with us

BUSINESS

Avalara EMEA Summit Explores Future of VAT Automation

Avalara EMEA Summit Explores Future of VAT Automation

Key Theme Includes EU VAT Fraud: Eliminating the €160 Billion VAT Gap

Avalara EMEA, a leading provider of cloud-based transactional tax compliance automation for businesses of all sizes, held its second annual VAT Automation Summit, sponsored by Brewer Morris. The summit brings together leading indirect tax professionals to discuss topics affecting the industry, including EU VAT fraud and the future of tax compliance automation. A central theme of the summit is focused on the need for businesses to adopt tax automation solutions to combat fraud and ensure greater compliance. This topic is timely, due to recent news released by the European Commission regarding the ‘VAT Gap’, orthe staggering €160 billion in lost EU VAT revenues in 2014. .

“Moving to real-time tax reporting will help to increase transparency in the VAT system and can prepare businesses for tax authorities’ demands for more, live data,” said summit speaker Richard Asquith, vice president of Global Indirect Tax, Avalara EMEA.  “VAT automation systems are a valuable solution for managing complex VAT processes, such as cross-border sales for businesses trading in countries with different regimes or regulatory requirements.”

In addition to the EU VAT Gap, the summit is addressing major developments shaping domestic and international trade, including the UK’s initiative to streamline the tax reporting process through its 2020 ‘Making Tax Digital’ initiative.Through this new system, HM Revenue & Customs aims to eliminate the tax return over the next five years.  Instead, businesses will be required to track tax compliance digitally and update HMRC at least quarterly via a digital account.  The goal of this proposal is to create a more efficient tax reporting process; with further regulatory change on the horizon, such as Brexit, its implementation is paramount.

Across the globe,countries such as China, India, Egypt and the Gulf Cooperation Council (GCC) states,are placing increased emphasis on VAT collections or introducing new regimes. These new systems lead to further changes in international VAT requirements, and thus further complexity.

New regulations and the need to mitigate fraud present a prime opportunity for tax automation services that help businesses to comply with country VAT rates and eliminate errors which are costing firms millions in tax penalties.

Blockchain technology

While VAT automation services offer a more immediate solution to address these recent trends, a longer term opportunity for accountants lies in blockchain technology.  This public ledger system records and validates each and every transaction.  Entries are registered and cryptographically sealed, making them nearly impossible to falsify or destroy.

“Blockchain technology has massive implications for tax professionals,” said Kid Misso, Senior Director of Solution Consulting, Avalara EMEA.  “The fact that it is a validated agreement between two or more parties means it cannot be repudiated or invalidated.The indelibility, speed, and synchronization of this technology can lead to greater accuracy and transparency, helping to reduce the likelihood of fraud in the future.”

For more information on Avalara and video from the 2016 VAT Automation Summit, please visit www.vatlive.com.

Continue Reading

Recent Posts

The lockdown money revolution 29 The lockdown money revolution 30
FINANCE2 days ago

The lockdown money revolution

By Granville Turner, Director at Turner Little. Many Brits have found that lockdown has been beneficial for their money, having...

Self-employed taxpayers and Making Tax Digital 31 Self-employed taxpayers and Making Tax Digital 32
BUSINESS2 days ago

Self-employed taxpayers and Making Tax Digital

By John Hemming, CEO of Cirrostratus Exedra, the company that runs the VAT Direct Making Tax Digital Service The HMRC’s ambition...

Auditor regulation and litigation - down to the Wire(card)? 33 Auditor regulation and litigation - down to the Wire(card)? 34
BANKING2 days ago

Auditor regulation and litigation – down to the Wire(card)?

By Tom Snelling, partner at Signature Litigation and David Entwistle, a regulatory lawyer and legal risk specialist Introduction The collapse...

Why it’s time to adapt to the virtual world: how to master online negotiations 35 Why it’s time to adapt to the virtual world: how to master online negotiations 36
TECHNOLOGY2 days ago

Why it’s time to adapt to the virtual world: how to master online negotiations

By Tony Hughes, CEO at Huthwaite International, a leading global provider of sales, negotiation and communication skills development Virtual negotiations...

Protecting against man in the middle attacks with dynamic linking 37 Protecting against man in the middle attacks with dynamic linking 38
FINANCE1 week ago

Protecting against man in the middle attacks with dynamic linking

By David Vergara, Senior Director of Product Marketing at OneSpan In recent years, the booming growth of mobile applications has...

The Case for Banks to Digitally Transform: Iterating out of lockdown 39 The Case for Banks to Digitally Transform: Iterating out of lockdown 40
BANKING1 week ago

The Case for Banks to Digitally Transform: Iterating out of lockdown

By Sudeepto Mukherjee, Senior VP, Banking EMEA & APAC, Publicis Sapient. Before COVID-19 disrupted every imaginable part of society, banks...

Difficulties of Getting on the Property Ladder Post-Pandemic 41 Difficulties of Getting on the Property Ladder Post-Pandemic 42
LIFESTYLE1 week ago

Difficulties of Getting on the Property Ladder Post-Pandemic

There is a lot of talk about what’s going to happen to the housing market over the next few months....

Russian Doll: Building digital capabilities into a bank’s core 43 Russian Doll: Building digital capabilities into a bank’s core 44
BANKING1 week ago

Russian Doll: Building digital capabilities into a bank’s core

By Ian Johnson, Managing Director of Europe, Marqeta COVID-19 has left its mark on every industry, and banking is no...

How the US and Europe's COVID-19 Responses Have Affected Exchange Rates 45 How the US and Europe's COVID-19 Responses Have Affected Exchange Rates 46
TRADING1 week ago

How the US and Europe’s COVID-19 Responses Have Affected Exchange Rates

In living memory, few events have thrown the reputations of different countries and regions under such intense scrutiny as the...

Recognising the surprise PE investment potential in southern Africa 47 Recognising the surprise PE investment potential in southern Africa 48
INVESTING2 weeks ago

Recognising the surprise PE investment potential in southern Africa

By Martin Soderberg, partner at SPEAR Capital. An event of historic significance passed largely unnoticed in the world’s media recently,...

Why Banking is experiencing a second wave of transformation 49 Why Banking is experiencing a second wave of transformation 50
BANKING2 weeks ago

Why Banking is experiencing a second wave of transformation

By Keith Pearson, Head of Financial Services EMEA, ServiceNow The financial landscape has seen significant changes in the last six...

Making your mark: an introduction to trademarks 51 Making your mark: an introduction to trademarks 52
TRADING2 weeks ago

Making your mark: an introduction to trademarks

By James Turner, Director at  Turner Little  Are you looking to protect your brand? The chances are, you are –...