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InfoFort VAT Compliance Solution
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InfoFort VAT Compliance Solution

VAT Compliance

Governments are and will continuously be imposing strict VAT reporting complexities that increase visibility into business activities. As a result, businesses will face challenges associated to records management and accessibility that need addressing.

Businesses are required to keep detailed and precise accounting records and documents (i.e. invoices, records, accounts, VAT returns, etc.) that conform to regulatory standards and formatting, and submit timely reports to the Tax Authorities containing transactional-level data. Under this law, the Tax Authorities can perform audits to check the fulfilment of VAT requirements and compliance with the Tax Legislation. Adherence to reporting guidelines and audit measures will require companies to present records and documents in a timely manner, with ease of accessibility to avoid an adverse impact on core operations and resources.

Another critical consideration is the risk of non-compliance associated with processing large volumes of VAT data, and the need for efficient validation of the results. The load can seem overwhelming. Now, more than ever before, the need to acquire InfoFort VAT Compliance Solution to digitize data and automate processes becomes critical.

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Challenges

The list of new practices in accounting and records keeping will present challenges, amongst these are:

  • Keeping Accounting Records, documents and all tax related information for up to 5 years or as specified by the tax authorities
  • The Tax Authorities may conduct a tax assessment for up to 15 years from the end of the tax period should tax evasion/non-registration be proven 
  • A tax evasion suspicion may result to random audit checks without prior notice
  • All Tax related records and documents must always be ready, easily accessible, and in the correct format
  • Manual processes invite inaccuracies and human error, thus risking incorrect reporting and/or non-compliance
  • Risk of data mismanagement and security breaches
  • Additional resources needed to handle the added load
  • Data integration with, and migration to, other existing platforms

Consequences of Non-compliance

  • Heavy fines and penalties for non-compliance, late or inaccurate reporting
  • Painful and time-consuming tax authorities audits
  • Charges of tax evasion, the risk of delayed sales, seizure of assets and therefore the shutdown of the entire business operation
  • Interruption of business continuity in order to produce documentation

Solution Benefits

InfoFort’s VAT Compliance Solution guarantees a holistic approach that satisfies VAT regulations by avoiding non- compliance risks and penalties through adopting the latest technologies to digitalize and automate VAT processes. Benefits include:

  • Timely collection of invoices including registration and acknowledgment
  • Segregation based on three categories: Vatable, Zero rated, and Exempt
  • Digitization and automated data capture based on pre-defined metadata sets
  • Convenient and fast accessibility of scanned and physical VAT documentation for financial audit exercises
  • Secure physical & electronic archive of all documents that deal with the entire mandatory VAT compliance through a centralized location
  • Central task management, controlled and automated approval processes with key milestones, progress reporting and audit trails
  • Seamless integration with Accounting or ERP systems
  • "Drill down" reporting from trend analysis through to exception reports
  • Consistent, streamlined and scalable tax compliance processes

InfoFort Intelligent Solutions ensure you stay ahead and that tax and government reporting does not hinder your growth, with data protection imbedded in every process; enabling you to focus on core business strategies and submit required reports with confidence.