Rob Skinner is joined by Paul Guyer, Vice President and General Manager - Europe at Vertex and Harry Porter, Tax Technology Practice Business Lead at Innovate Tax.

The conversation explores the evolving landscape of indirect tax, the pressures driving transformation, and the role of technology in shaping tax teams. It highlights the importance of collaboration, the impact of ViDA (VAT in the Digital Age) in Europe, and the future outlook as they navigate these changes.

It also emphasises the importance of adapting to new technologies, the need for tax teams to secure a seat at the table during transformation projects, and the critical role of skills and data analysis in navigating these changes; alongside the challenges and opportunities posed by ERP transitions and the need to embrace agility and collaboration.

Key takeaways:

• More than half of tax professionals are going through transformation processes in response to the evolution of digital technology and cross-border payments. This means collaboration between tax and other departments is increasing, and technology is reshaping industry roles.

• As tax teams go through transformation, they need to develop relationships across their businesses to influence the outcome of these projects, and build on their data analysis skills to make sense of the information collected. AI can and will augment these activities, but like many other industries, it will require close human oversight.

• The modernisation of Enterprise Resource Planning (ERP) systems poses challenges for tax teams, but it also presents an opportunity to clean up the technical debt of older systems and implement automation to increase control and efficiency.

Timestamps:

12:13 - Collaboration and maturity in tax teams

19:55 - The European landscape and ViDA (VAT in the Digital Age)

32:54 - ERP shifts and tax transformation; cleaning up technical debt.

41:31 - Skills and digital transformation in tax

43:57 - AI and human collaboration in tax

45:54 - Influencing skills in tax teams; data analysis and interpretation.

52:56 - Future-proofing tax functions; securing a seat at the table.

57:05 - Key takeaways for tax professionals.

Episode links

Paul Guyer - https://www.linkedin.com/in/pguyer/ 

Harry Porter - https://www.linkedin.com/in/harry-porter-21711237/ 

Find out more about Vertex Inc here.

The podcast is edited by Suzi Dale at Story Publishing.

Hosted on Acast. See acast.com/privacy for more information.

Host Kiran Padam is joined by Peter Boerhof, Senior Director, VAT and Gunjan Tripathi, Director, Product Solutions Marketing at Vertex. Their conversation explores the evolution of e-invoicing and the challenges and goals of tax administration in the digital age. It covers key milestones in the development of e-invoicing, the convergence of indirect tax compliance into core finance systems, the shift towards an e-clearance model, and the impact of continuous transaction controls. They also discuss the changing concept of an invoice, the practical realities of compliance and the sources of data for tax authorities. 

Key takeaways:

• The evolution of invoicing has progressed from traditional paper invoices to electronic invoicing, with key milestones including the development of EDI, XML, and real-time reporting.
• Various formats of e-invoicing create complexity for businesses operating in multiple jurisdictions, and VAT managers face challenges in handling different processes and authorities.
• Invoice electronification has led to an increase in the amount of information included, which can sometimes create complexity and debates around tax consequences and jurisdiction.
• Continuous Transaction Controls (CTC) allow tax authorities to monitor businesses more closely, but there is a concern about maintaining data integrity and preserving information for its intended purpose.
• The traditional tax system faced challenges in keeping up with the changing economics, business practices, and consumption patterns, which led to the need for modernization and evolution.
• Tax authorities aim to achieve better tracking of transactions, closing the VAT gap, fighting the grey economy, and creating more transparency with the new tax administration system.
• Businesses can achieve accurate, complete, and consistent data by leveraging technology to automate data collection, transmission, and quality checks, reducing the risk of human error.
• Tax professionals need to shift their mindset and adopt new processes that focus on internal audits, controls, and frameworks that can handle 100% of transactions without manual intervention.
• The role of a tax professional today has shifted from a purely tax-focused role to one that requires a broader perspective, including understanding accounting, financial systems, supply chains, data sources, and software solutions.
• Technology, such as AI, can support tax professionals by automating data collection, transmission, and quality checks, as well as providing insights and advancing tax automation.

2:45: Evolution of Traditional Invoicing to Electronic Invoicing

6:00: Convergence of Indirect Tax Compliance into Core Finance Systems

10:00: E-Compliance and Continuous Transactional Control

13:42: Practical Realities of Continuous Transaction Controls

20:00: Evolution of Tax Systems and E-Invoicing

24:44: Sources of Data for Continuous Transaction Controls

30:00: Convergence of Tax and Core Finance Processes

33:00: UK MTD Route for VAT and Technology's Role

37:42: Shift in Skills for Tax Professionals

40:51: AI and Machine Learning in Tax Industry

Hosted on Acast. See acast.com/privacy for more information.

The Vertex Exchange Europe Podcast is the place to connect and converse on all things related to indirect tax. 

Join Host Rob Skinner for a series of conversations with global experts. In these conversations, they will exchange ideas, experiences, and advice to help you navigate a changing regulatory and digital landscape.

You might be a tax professional navigating VAT compliance in a digital world. Or getting to grips with regulations in multiple jurisdictions. If you manage indirect tax, this podcast is for you.

This podcast will keep you up to date with the latest information and global trends impacting tax. And it will share practical steps you can take in your business.

So, join us on the Vertex Exchange Europe podcast, where tax professionals connect to exchange insights and inspiration.

If you would like to learn more about how Vertex can help you, contact us at www.vertexinc.co.uk

The podcast is edited by Suzi at Story Publishing

Hosted on Acast. See acast.com/privacy for more information.