VAT is for many governments the preferred method of raising revenue. It is more obvious than ever before that managing compliance and cash flows became crucial for every business. Level professionals help companies understand and manage their VAT obligations, by providing the technical support needed, guiding and advising on the effective processes implementation and tailoring solutions for every business.
VAT is an indirect tax. Occasionally you might also see it referred to as a type of general consumption tax. In a country which has a VAT, it is imposed on most supplies of goods and services that are bought and sold.
VAT is one of the most common types of consumption tax found around the world. Over 150 countries have implemented VAT (or its equivalent, Goods and Services Tax), including all 29 European Union (EU) members, Canada, New Zealand, Australia, Singapore and Malaysia.
VAT is charged at each step of the ‘supply chain’. Ultimate consumers generally bear the VAT cost while businesses collect and account for the tax, in a way acting as a tax collector on behalf of the government.
In a new global and local landscape, described by the increasing popularity of VAT and other indirect taxes it is more crucial than ever to understand and manage your indirect taxes with an attention toward improving cash flow and mitigating risk.
Level has the team, the resources and the tools to deliver the best results you need in today’s business environment, and in the same time face the indirect tax challenges of tomorrow’s changes. Our aim is to minimize the impact on your company’s VAT transactions.