Analytics has become an essential aspect of indirect tax data management and more recently, analytics thought and practice have been dominated by three major trends.
First, tax authorities are increasingly aware of the importance of data and a wide range of regulations concerning e-invoicing, e-filing, e-auditing, digital transparency, data warehousing, and access rights have been introduced. Moreover, in an effort to gain better data, to develop their analytical prowess, and ultimately to harness analytics in the fight against fraud, authorities have invested more and more in software and their own people.
Second, ‘centres of excellence’ for tax reporting are being developed, both in-house and in consultancy. Here, dedicated tax reporting software allows for the efficient collation, analysis, and processing of indirect tax returns and declarations.
