Despite the shift to indirect tax globally, recent survey findings suggest that VAT/GST remains under-resourced, under-measured and under-managed in most businesses. Results show: a lack of VAT/GST performance benchmarks visible to the CFO and wider business; a lack of full-time resources allocated to the management of VAT/GST at local, regional and global levels; and limited embedded processes of sufficient quality to effectively manage VAT/GST from end to end across the business. In general, there is evidence of quality VAT/GST management in larger businesses and in those operating in EMEA (Europe, Middle East and Africa) compared to smaller businesses and those operating in ASPAC (Asia & the Pacific) and LATAM (Latin America). CFOs in the Financial Services sector are much more likely than their peers in other industries to judge the effectiveness of their tax department with VAT/GST in mind and set KPIs accordingly.
