Great attention must be paid to VAT issues
VAT is the main tax in terms of amounts due by taxpayers, and fines provided for in case of breach of VAT compliance are among the highest. Therefore, considerable attention must be paid to VAT issues related to the business activity carried out.
The constant drive to internationalisation and to expansion in emerging and innovative markets (e-commerce and sharing economy) requires organisations to involve considerable human and financial resources to ensure compliance with VAT (or GST) regulations in foreign countries, the fulfilment of documentary, accounting, payment and return requirements, a suitable management of cash flows generated by VAT (or GST), as well as an efficient procurement chain and supply chain.
Indirect international tax experts at Bernoni Grant Thornton, together with their counterparts operating across the global Grant Thornton network, can provide a comprehensive assistance on indirect taxation for the implementation of international commercial strategies, acting as a business partner and providing solutions based on cost saving and operating efficiency.
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Our Indirect international tax team provides assistance, among others, within the following areas:
- identification of VAT (or GST) requirements deriving from the business activity carried out in a foreign or in the Italian market
- restructuring of international procurement chains and supply chains
- optimisation of cash flows generated by VAT (or GST)
- organisation of the administrative structure to comply with VAT (or GST) requirements
- outsourcing of VAT (or GST) accounting
At Bernoni Grant Thornton, our Indirect international tax professionals also provide assistance in the relationship with the Tax Authorities in case of:
- registration for VAT (or GST) purposes in Italy and in other countries
- refund of VAT (or GST) credits in Italy and in other countries
- filing of VAT rulings and cross-border ruling applications
- VAT audits
- VAT litigations