How is VAT Technology affecting Tax Professionals?
VAT is considered a crucial source of revenue for countries and more technology is now being applied to its reporting process. This year marks the start of some big changes with the introduction of ‘making Tax Digital’ across VAT. CIT is expected to follow in 2020 (at the earliest).
The emergence of this new and highly efficient technology along with governments going digital is forcing big corporations to reassess their current processes in order to respond to the changing Tax landscape.
How is this affecting Tax professionals?
• This new VAT technology shift will make it vital for VAT specialists to be proficient in the use of technology tools and platforms and those with the skills will be in high demand.
• Tax teams will likely include technology ‘experts’ and specialists in data analytics.
• Team members will need to be able to understand and work with new tools and interpret reports in order to answer questions that may arise from the Tax authorities.
• Some large Corporations have already created specialized ‘Tax Technology teams’, dedicated to automating tax processes, showing the way for other businesses to follow.
• Many Tax functions are discovering they have a growing need for Tax experts with data management and data science skills. To satisfy this need for talent, Tax leaders will seek to recruit and develop tax technologists; professionals who combine formal Tax experience with technology.
• Future Tax functions will need to establish a deeper working partnership with their IT departments. This strengthened relationship will help ensure Tax technology is quickly and successfully implemented.
Not being a technology expert, however, will not prohibit the next step in your VAT reporting career- at least not for now. There are still many widely sought after skills that can elevate your career.
Here we have listed a few of them:
• Project management and especially experience of having organized and led projects that require the coordination and collaboration of inter-departments and teams such as Service delivery, Technology, Testing, VAT compliance, transition, etc.
• International VAT reporting experience and good knowledge levels in multiple Tax jurisdictions.
• The ability to build and maintain strong relationships with internal and external stakeholders will always be invaluable for businesses operating in numerous countries and cultures.
If you are a VAT Compliance expert who wants to take that next career step in this rapidly evolving profession, then get in touch with us today. Alternatively, view our current International Tax vacancies.