A new Thomson Reuters survey finds a 51 percent increase in the resources global companies allocate to manage indirect tax compliance as compared to five years ago. Concern over U.S. government’s need to raise revenue through taxes has prompted companies to optimize their indirect tax management function, with 88 percent claiming they are ready to successfully undergo a government audit. However, the survey also revealed that 60 percent of companies lack a standardized process for managing a government audit, indicating a gap for many companies looking to achieve superior results from their indirect tax compliance efforts.
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