Navigating the global VAT, GST and sales tax landscape
We are seeing many changes relating to registration requirements, digital reporting requirements, the approach to audits and compliance by tax authorities and the approaches to taxing the digital economy. It has been said that we are now living in a volatile, uncertain, complex and ambiguous (VUCA) world, and in relation to international indirect taxes, this is certainly the case.
Unexpected election results (including the UK’s referendum on Brexit) have resulted in a range of changes in VAT/GST and customs regimes and there have also been unanticipated decisions of the courts. Businesses are at the first line of response with a need to respond to these changes and make sure they remain compliant, adhering to new requirements across the globe, often with short notice.
There are numerous challenges facing businesses, and below we have set out some of the key international indirect tax trends that we and our clients are seeing and facing. Indirect tax has become a genuine commercial conversation now.