In their annual report, Thomson Reuters has surveyed over 400 European tax teams gaining valuable insight into how corporate tax teams are managing the challenges of the new global digital tax world.
The key findings are as follows:
- 76% of senior tax executives have seen an increase in attention on tax compliance and planning at the board level.
- 28% of tax teams plan to significantly increase spending (>10%) in the next 12 months, primarily to address the needs of digital tax reporting.
- Managing compliance across multiple jurisdictions continues to be the biggest challenge, although preparing for Brexit has also significantly increased in importance too.
- 89% consider tax technology as strategic to the success of their tax function, although only 39% have a tax technology strategy.
These findings support the shift in client requests Vatglobal have received over the past 12 months. We have witnessed a drastically increasing number of clients and prospects approaching us to help digitise their VAT compliance and reporting, primarily via our MTD compliant software offering – vsuite.