LONDON, Dec. 13, 2019 (GLOBE NEWSWIRE) -- The global digital economy (GDE) changes rapidly; too fast for some. Over the last few years, it has become evident that tax regulation in its current form is ill-equipped to deal with the intricacies of e-commerce and international supply chains. As pioneers of transaction tax technology, Vertex is aiming to bring clarity where there is currently only confusion.
In an exclusive article for World Finance magazine, George L Salis, Principal Economist and Tax Policy Advisor at Vertex, writes about the ways that policymakers and lawyers often misinterpret the GDE, resulting in tax regulations that are both unnecessarily complicated and largely ineffective.
“Successfully replacing long-standing fiscal policy attitudes and inefficient international tax standards is a complex undertaking,” Salis explained. “It requires replacing traditional forms of economic thinking with a more adaptive approach better suited to the 21st-century GDE. To accomplish this, it is essential to shift our energies towards understanding the behaviour of dynamic economic systems and adapting to their intricate, separate parts.”
On a similar note, the company’s European Manager of Client Solutions, Andy Hallsworth, explained how adding a tax engine to enterprise resource planning (ERP) software could ensure that companies achieve compliance even when VAT regulations shift rapidly.
“A tax engine is full of content; and by content, I mean indirect tax content, jurisdictional content – what’s in the EU, what isn’t in the EU, place of supply rules, tax types, tax rates, and so on,” Hallsworth noted in a video for World Finance. “That sits already pre-embedded in the tax engine, and for Vertex customers, we, Vertex, keep all that content up to date.”
Although the global digital economy shows no signs of slowing, businesses have no choice but to keep pace. Fortunately, for those that are struggling, Vertex is willing to offer a helping hand.
To find out more about Vertex and how it supports companies managing their tax liabilities in the digital world, check out the latest edition of World Finance, available in print, on tablet and online now.
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