Taxes are an increasingly important source of revenue for governments. Over 160 countries have a form of GST/VAT in place and as it grows as a source of revenue for governments, so does the complexity of the legislation and related GST law surrounding it. In Australia, this is coupled with ATO assurance review activity on the rise.
Navigating compliance is one thing. Navigating the processes involved in recovering GST (i.e. input tax credits) on costs that’s legitimately owed to business is another. Leaving recoverable costs on the table is unacceptable at the best of times and is especially unacceptable in the current climate.
The solution lies in rethinking the way the processes work. In particular, it means moving from a paper-based system to one driven by technology and AI.
An automated system provides an end-to-end process that mitigates errors, makes it easier to enforce policy to maintain compliance, ensures all the appropriate documentation is available for frictionless submission and reclaim, and provides an audit trail should one be required.
But the state-of-the-art in these solutions goes much further than simply giving businesses a means to comply with tax digitalisation initiatives. They harness automation, AI and machine learning to give businesses an enhanced ability to ensure compliance and maximise reclaim.
Download our whitepaper to learn more.