Due to increasingly complex circumstances and ongoing legal changes, handling VAT correctly places high demands on companies subject to declaration. As a result, the importance of indirect taxation continues to rise, in particular that of VAT. In addition to German tax law, however, international legal bases are increasingly becoming the focus of companies. As a result, often only tax specialists are in a position to meet these legal requirements.
The introduction of digitally supported standard processes is essential in order for companies to meet the high legislative demands and the resulting liabilities as efficiently and with as few errors as possible.
With WTS VATmanager, we have developed a web-based solution to meet essential VAT obligations.
In particular, the IT tool supports the core functions of reporting, risk management and VAT process design.Due to its extensive functions, our VATmanager enables VAT risks to be appropriately identified, assessed, managed, and controlled.
The tool includes the following modules:
- VATdashboard: Overview of the submission forms and the associated deadlines at a glance;
- VATworkflow: Transparent process overview of the respective workflows of the VAT processes;
- VAT Risk Management: Centralised and maintained questionnaires for identifying VAT risks;
- VATdocumentation: Unified document storage, designed as a "single-point-of-truth";
- VAT-IDchecker: Uniform and verified core database for customers and vendors.
The various modules can be implemented either as single or complete solutions.
In order to implement statutory requirements and effectively manage VAT processes in the company both digitally and optimally, the following in particular must be achieved:
- Efficient gathering and processing of the relevant VAT data in the companies (including identification of core data relating to VAT);
- Cross-country management of VAT assessment processes (responsibilities, deadline management, etc.);
- Monitoring and minimising compliance risks.
Corporations with various subsidiaries in Germany and other EU countries.