In the competitive world of retail & consumer ever narrowing margins often result indirect tax being the difference between success and failure, profit and loss.
Retailer and Consumer businesses must contend with constant supply chain and cost pressures stemming from global instability, political uncertainty, volatile currency exchanges and multi-jurisdiction tax regimes and trade agreements. Moreover, with evolving digital channels and enhanced logistical solutions, global borders are shrinking and barriers to new markets are reducing. As a result customer choice, market competition and overall price pressure has never been greater.
Against this market backdrop, it is more important than ever that the cost and potential reputational risk associated with indirect tax is managed effectively to ensure it does not present an unforeseen cost and place the business at a competitive disadvantage.
Businesses must consider their end to end supply chain, from the point of purchase to the final sale to the consumer and ask themselves - am I compliant in each territory? What is the cost of my compliance, can I streamline the process through better resourcing/technology or outsource it entirely? Am I paying and charging the correct rates of indirect tax to my suppliers/customers? Am I benefitting from the reliefs available? Can better management of indirect taxes give me a competitive advantage, reduce my costs and improve my margins?