The critical role of data quality in tax compliance

In the race to digitise and globalise business operations businesses must scale more hurdles than ever to achieve compliance in the increasingly complex field of indirect tax. From the risks of human error skills gaps regulatory changes or budget constraints the quest to achieve compliance is no easy feat.

A survey by Vertex interviewed 580 indirect tax decision makers and 41% said that data quality is a barrier to compliance for them. It is evidently a problem afflicting indirect tax compliance – without it compliance processes are hampered.

The reality of tax management today is that it runs through every aspect of the business with data quality influenced by every touchpoint. Enterprise data volumes are growing more than 40% a year and companies are generating and leveraging data to engage customers improve business productivity and enter new markets. Although there may be no...