More and more of the world's governments are relying heavily on indirect taxes as a source of revenue - creating a dramatic shift in compliance obligations and the rules and regulations being enforced by tax offices around the world. Value Added Tax (VAT), in particular, is a massive revenue generator for the roughly 120 economies that use it. As international trade in goods and services rapidly expands, so does the spread of VAT and the complexity that comes with it — from potential double taxation, unintended non-taxation, and steep penalties for noncompliance. This poses significant risk for multinational companies that may be obligated to collect and pay VAT in the countries where they operate. For those that pay attention, however, there is also opportunity to recover a significant portion of the taxes paid, including for employee travel, entertainment, and invoice expenses.
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