VAT is embedded in your business. Which means that a good VAT specialist has its tentacles in all parts of the business in order to ensure that the business complies with the VAT rules and spots any gaps and opportunities.
Often I make the remark that Corporate Income Tax is simple: just some jiggling with numbers at year-end, and if the taxable profits are nil, the tax advisor has done a good job.
Whereas VAT... well, that's a different story. VAT is levied on every transaction, and a good tax advisor will understand that the relevant information, documentation and reporting for all these transactions is not (all) found at the finance department of a company. Finance is only part of the source. Logistics, Supply Chain, Commerce, IT and many other parts of the business make decisions that may have an impact on the VAT position of your company every day.
The VAT Return may be regarded the end-result for the company, but it is also the starting point for the tax authorities to ask questions or start an audit. This picture shows that all parts of a company add something to the VAT Return. And therefore it is important that all these parts are 'VAT proof'.
The 3 main pillars that your company should have to ensure that you are VAT proof are:
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