Take the Risk and Confusion Out of Tax Compliance

As the economy and world of work evolve, governments worldwide are attempting to shore up tax collections with new sources of revenue.

And that puts the spotlight – and responsibility – on you and your business to comply. The risks of noncompliance involving work-from-home taxable benefits or e-commerce sales tax collections are great, including fines and other penalties

Still, the shifting landscape of tax codes and regulations presents opportunities. What were once considered job perks – like home Internet service – can now be deductible. Valued-added taxes (VAT) and goods and services taxes (GST) can be reclaimed.

$74.9 billion: amount of potential global VAT reclamation

54%: VAT left unclaimed each year

The trick – no small challenge – is keeping up with ever-changing rules and requirements that can come from over 150 countries, as with VAT and GST. Or combing through expense reports line by line to identify taxable – or deductible – purchases. Most finance teams likely don’t have the time even if they have the knowledge. And that means a risk of noncompliance, error and lost opportunities, all of which can chip at the bottom line.

It's a matter that calls for new approaches involving both technology and expertise. With the right tools and processes and use of AI and machine learning, your company can obtain a faster, more targeted way to find eligible expenditures and dig through mountains of data to identify whether an expense is fraud or simple error.

Solutions for your compliance problems

If you’re one of the 70% of executives who think AI and machine learning are keys to raising productivity and efficiency, as an Oxford Economics study found recently, then you might look closely at two SAP® Concur® solutions that deliver both automation and human expertise to tax compliance challenges.

Concur Benefits Assurance by Blue dot, automatically tracks, reports, and calculates taxable employee benefits within expense reports. It can be customized to update company policies and do so on a country-specific basis, overcoming one of the biggest challenges confronted by a company doing business all over.

Concur Tax Assurance by Blue dot, takes the automation of compliance a further step by optimizing the integrity of your company’s business and tax data. It, like our benefits solution, keeps up with country-by-country shifts in regulations, protects against audits and penalties, and ensures you don’t leave VAT-eligible expenses unclaimed.

Taking a deeper look at risks, opportunities

Once you delve into tax compliance, you’re likely to come up with a long list of questions about the best approach.

Our new tip sheet, Three Ways to Mitigate Risks While Maximizing Profitability, is intended to help guide your exploration. It examines three broad areas to help you better understand where you stand and where you can go next:

• Put Regulatory Changes into Action Quickly and Accurately
• Maintain an Updated Source of Compliance Requirements
• Forming Tax Strategies with Expert Guidance and Insights

A trusted partner providing both technology and human expertise can help interpret and respond quickly to tax and reporting changes. The result can provide the clarity you need to make better spending decisions, minimize risks, and make the most of your money.

Learn more

Get a copy of our tip sheet to learn how you and your business can minimize tax compliance risks while also boosting its bottom line.