Tax & Accounting Blog

Thomson Reuters Survey Reveals 80 Percent Increase in Indirect Tax and VAT Audit Activity

Indirect Tax, ONESOURCE, Sales and Use Tax May 5, 2011

New York, May 4, 2011 – A Thomson Reuters survey conducted with global companies showed that despite an 80 percent perceived increase in audit activity, less than half of companies (48 percent) automate the entire indirect tax process — from tax preparation to remittance and recovery. The automation process is a critical component of achieving best-in-class indirect tax performance, according to Aberdeen Group (“Managing Value-Added Tax in a Global Environment,” January 2011). In addition, Aberdeen recommends that companies centralize management of tax information and establish standardized procedures for managing government audits. Read more….