New research by Accordance reveals that some 78% of European businesses are unaware of the upcoming EU Four VAT ‘Quick Fixes’ legislation, and less than half (48%) are ready to manage the changes they will bring. Similarly, despite 58% of financial decision makers believing their companies will be affected by Real Time Reporting (RTR) in the next two to three years, almost two in five (38%) state that their businesses are not prepared for the adoption of RTR in the EU.
Accordance Chairman Nick Hallam said
“Our research shows that on the whole, businesses need to act to ready themselves for the future of VAT and the departure it signals from current practices. Far too many businesses are unprepared in the face of the changes to come – risking both their ability to comply and their bottom lines. Digitisation and EU-wide harmonisation of procedures offer internal benefits like improved productivity, accuracy and the reduction of risk. Crucially, improved compliance goes hand in hand with being a good tax citizen, and is fundamental to the future of the European social project and the services we have come to rely upon.”