VAT Compliance automation cost saving (Co-sourcing)
Global VAT Compliance performed work for a large multinational trader in work tools and machinery. The client was looking for a partner which could help them to reduce the costs of their VAT compliance process and to have one single point of contact while filing the VAT returns themselves.
We identified two areas for cost savings:
1. Automated Tax data processing solution
2. Tax compliance software License fee reduction.
Co-sourcing enabled the client to make use of GVC Tax determination software by granting GVC access to the VAT report form the client’s ERP system. GVCs analyses the data and prepares the VAT returns and provides to the client the readily prepared VAT return files. The client then takes care of the the filing of the VAT returns.