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Introduction of continuous transaction controls for VAT data

05 October 2021 / Christiaan van der Valk
Issue: 4811 / Categories: Comment & Analysis
59630
It’s the journey, not the destination

Key points

  • To navigate the introduction of continuous transaction controls (CTCs) firms must ensure their data is detailed and presentable in real-time or almost real-time.
  • Businesses need to understand new requirements through the lens of data becoming available to tax administrations rather than viewing CTCs as a new IT formality.
  • Businesses must start investing more into their own data analytics capabilities.
  • To ease the transition of tax digitisation businesses should focus on adapting their tools to deliver better data insights.

Tax is a distraction – and sometimes a source of frustration – for businesses. In the area of indirect – or consumption – tax such as VAT government requirements are at best financially neutral but they always create administrative burdens.

Many large companies have in-house or outsourced teams of VAT compliance specialists that are trained to make sure that compliance is always upheld ...

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