Equipping AP to Support VAT Compliance

If you conduct business in certain countries, one of the issues your organization faces is value-added tax (VAT) compliance. A value-added tax (VAT) is a type of consumption tax that is based on the “value added” at each stage of production. It is usually implemented as a destination-based tax, where the tax rate is based on the location of the customer. Suppliers are required to collect VAT on your offshore purchases while your own organization is required to collect VAT on your sales in…