Whitepaper | ONESOURCE INDIRECT TAX
How Governments in Asia are Approaching Indirect Taxes
What does this mean for organisations and the role of tax technologies?
The usage of indirect taxes, such as value-added tax (VAT), goods and services tax (GST), and consumption tax, is on the rise, notably in Asia.
To collect indirect taxes faster and more accurately, tax authorities in Asia are realizing the advantages of investing in data analytics and other capabilities, rolling out e-invoicing systems that offer real-time reporting in China, Singapore and Taiwan, with Japan and Philippines planning to introduce them. Considering the expectations organisations now have from governments and tax authorities, many are accelerating their adoption of tax technologies and low-cost resourcing models that can fast-track indirect tax returns.
Thomson Reuters has compiled the latest tax and technological trends across the Asia region, summarising recent developments and initiatives taken by the tax authorities to enhance indirect tax collection. The paper will also delve into how organisations based in these countries are reacting to these changes, as governments lead the way with tax automation, paving the way for an increasingly digitised future.
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