eBiz Answers have recently added Real Time Tax Analytics to their indirect tax toolkit, the application has designed specifically with the tax department in mind. Real Time analytics is a user friendly web application which will inform the tax department of a transaction with a potential tax issue within seconds of it being entered. This allows the tax department to identify and correct issues at source and empowering the tax department to be involved in the end to end process.
The ever increasing use of technology by Tax Authorities for tax compliance is directly impacting the inner workings of the tax department. The VAT landscape is changing rapidly across the globe as Tax Authorities introduce technology to crackdown on tax avoidance and ensure corporate tax transparency. From South American to Europe, tax authorities are passing regulation to ensure companies provide accounting data in a standardised format, direct from their ERP applications on a monthly basis. The tax authorities can then check the file, validate the data and ensure compliance. Poland has introduced electronic filing with SAF-T files from the 1st July to join Portugal, Luxembourg, Austria and Lithuania who are already using the SAF-T filing format.