Research Reveals Tax Professionals' Concerns Surrounding Risk Tolerance
2023年11月14日 - 10:00PM
Research Reveals Tax Professionals' Concerns Surrounding Risk
Tolerance
According to research conducted by Vertex,
Inc. (NASDAQ:VERX) (“Vertex” or the “Company”), a global
provider of tax technology solutions, the approach to indirect tax
compliance by almost three quarters of global businesses is risk
prone. Seventy-four percent of global businesses report accepting
indirect tax compliance risks, in relation to their company’s tax
compliance strategy.
Peter Boerhof, Senior Director of VAT for Vertex’s Chief Tax
Office, commented on the findings: “The attitude to indirect tax
compliance by businesses everywhere is concerning, particularly
when the technology exists to mitigate many risks being taken. If
businesses haven’t taken account of indirect tax properly,
especially in Europe where the VAT rate can be up to 27%, this can
have a detrimental effect on profit and brand reputation. Tax
authorities will always catch up with a business, and the financial
impact of non-compliance can be huge.”
The research surveyed 580 indirect tax decision makers from
global companies with an annual revenue of at least $50 million and
found that 74% of respondent’s businesses were accepting compliance
risks. In comparison, only 16% of businesses were risk-averse with
their indirect tax compliance strategy. The remaining 10% were
neither tolerant nor averse to taking risks.
The survey also revealed that 62% of respondent’s businesses
have been found to be publicly non-compliant, meaning errors were
found following government investigation or audit. Additionally,
84% of the tax decision makers said they feel personally exposed by
the current level of indirect compliance within their business.
Regional differences in attitude to risk are stark. 90% of the
survey’s U.S.-based respondents considered their business to be
risk prone, whereas just 56% of respondents from Southern Europe
(France, Italy and Spain) felt the same. 72% of respondents in the
UK and Ireland believed their businesses to be risk prone.
However, when asked how they would define their business’s
current indirect tax capabilities, 43% of U.S. respondents describe
their organisation as a ‘champion’ - meaning protected and
futureproofed, whereas just 29% of respondents from Southern Europe
say the same. Conversely, 25% of respondents from the UK and
Ireland define their business as a ‘crawler’ - meaning compliance
is slowing their business down.
Gunjan Tripathi, EMEA Director for Solutions Marketing at
Vertex, added: “For me, the most troubling element of this research
is how many respondents from around the globe feel personally
exposed about the level of risk being taken by their business in
relation to indirect tax compliance. From a duty of care
perspective, willingly exposing tax teams to this level of risk
seems unwise and warrants further consideration.”
The full findings of the research can be found via this
link.
About the research
The survey was conducted with 580 professionals who have
influence on decisions around indirect taxes in companies with an
annual revenue of at least $50 million, from Belgium, Netherlands,
DACH, Nordics, Spain, France, Italy, UK, Ireland and the U.S.
At an overall level, results are accurate to ± 4.1% at 95%
confidence limits assuming a result of 50%.
The interviews were conducted online by Sapio Research in June
2023 using an email invitation and an online survey.
About VertexVertex, Inc. is a leading global
provider of indirect tax solutions. The Company’s mission is to
deliver the most trusted tax technology enabling global businesses
to transact, comply and grow with confidence. Vertex provides
solutions that can be tailored to specific industries for major
lines of indirect tax, including sales and consumer use, value
added and payroll. Headquartered in North America, and with offices
in South America and Europe, Vertex employs over 1,400
professionals and serves companies across the globe.
For more information, visit www.vertexinc.com or
follow on Twitter and LinkedIn.
Copyright © 2023 Vertex, Inc. All rights reserved. The
information contained herein is intended for information purposes
only, may change at any time in the future, and is not legal or tax
advice. The product direction and potential roadmap
information is not a guarantee, may not be incorporated into any
contract, and is not a commitment to deliver any material, code, or
functionality. This information should not be relied upon in
making purchasing, legal, or tax decisions. The development,
release, and timing of any features or functionality described for
Vertex’s products remains at the sole discretion of Vertex,
Inc. Any statements in this release that are not historical
facts are forward-looking statements as defined in the U.S. Private
Securities Litigation Reform Act of 1995. All forward-looking
statements are subject to various risks and uncertainties described
in Vertex’s filings with the US Securities and Exchange Commission
(“SEC”) that could cause actual results to differ materially from
expectations. Vertex cautions readers not to place undue
reliance on these forward-looking statements which Vertex has no
obligation to update.
Press enquiries:Jack DoyleSkout PR for Vertex,
Inc.Jack.doyle@skoutpr.com +44 1625 869 418
James WeaverSkout PR for Vertex, Inc.james.weaver@skoutpr.com
+44 1625 869 418
Company contact: Rachel LitcofskyVertex, Inc.
mediainquiries@vertexinc.com
Investor Relations contact: Joe Crivelli
Vertex, Inc. ir@vertexinc.com
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