As an ‘above-the-line’ cost for financial services businesses, identifying and releasing provisions relating to VAT, GST and similar sales taxes can generate significant savings. Ensuring only the right amount of indirect taxes are paid is critical in terms of cost management. This is particularly important in the current Covid-19 environment as well as ensuring that you optimise the use of the facilitation measures available.
EY teams can support clients to improve VAT and GST management by assessing the reliefs available, reviewing indirect tax processes, transactions, and data to identify areas where more precise compliance could improve cash flow and reduce costs in both the short and longer-term.
Download our latest guidance below on the different areas you could consider as you navigate the now, next and beyond of indirect tax efficiencies and if you have a question, don’t hesitate to get in touch.