Automotive

Global Automotive Components Supplier

A top worldwide automotive supplier, based in 36 countries, required a VAT review of their international businesses. With the European Union expanding and regulations frequently changing, they were concerned to meet their VAT obligations and ensure they were not being exposed to financial penalties and liabilities.

Accordance was asked to conduct VAT reviews at a number of their subsidiary companies to ensure compliance with local and EU wide regulation. During the course of the reviews, Accordance discovered several issues that needed addressing. The client is currently implementing recommended changes, which will have the effect of reducing the level of risk exposure to penalties from EU VAT authorities; improve their business accounts payable systems and processes; and thereby improve cash flow.