Today, many governments around the world are tightening their e-tax regulations to step up tax controls, combat fraud and increase tax revenues, facilitate, and automate value-added tax reporting obligations, reducing the administrative burden on businesses. As far as the tax authorities are concerned, better real-time knowledge of companies’ economic activity will enable economic policies to be steered more finely. We are witnessing a paradigm shift in tax compliance towards electronic invoicing and reporting.
According to the latest announcement from the French Ministry of the Economy, Finance and Industrial and Digital Sovereignty, the widespread use of electronic invoicing will save businesses €4.5 billion a year. It will also help to simplify and modernise relations between the French administration and businesses.
Recently, TJC Group was present at the largest SAP gathering for French user groups – the Convention USF 2023,terms,e we announced our partnership with SAP to resell its Document and Reporting Compliance Solution – SAP DRC; explained its methodology, terms and conditions, and more. We are glad to have been covered in the media by ITRNews as we help consumers and businesses take on the ever-changing tax landscape.
FAQs
Q1. What is the USF convention?
Answer:
The USF convention is a benchmark annual event for the SAP ecosystem in France. The SAP users can leverage this convention to connect with various industry leaders and solution partners. Furthermore, they can gain valuable insights into various SAP solutions such as data management, ERM, CRM, and tax compliance, and discuss business requirements and implementation processes with the experts.
Q2. Why is tax compliance a critical factor for governments and businesses?
Answer:
Governments across the world are implementing new mandates related to e-invoicing and e-reporting to fight tax fraud, increase tax revenue, reduce VAT gaps, and strengthen the tax audit landscape. In the context of organisations, electronic tax reporting streamlines their business processes, automates the entire process, and helps avoid errors and discrepancies. Furthermore, by reducing the need for all physical processes with the help of digital reporting, companies significantly improve their cost savings.
Q3. Why are global tax compliance solutions important for organisations?
Answer:
The tax requirements may vary from country to country. At times, it becomes difficult for the organisation to meet these tax requirements. That’s why it is quintessential for organisations that are operating in different regions worldwide to implement a solution that supports global tax compliance.
Q4. Are there solutions available that help with digital tax compliance?
Answer:
Yes, indeed. There are various solutions and tools available in the market that help businesses seamlessly comply with tax-related requirements. One such solution is SAP Document and Reporting Compliance (SAP DRC). This streamlined solution helps organisations with efficient electronic invoicing processes and statutory reporting.
Q5. What is SAP Document and Reporting Compliance?
Answer:
The SAP Document and Reporting Compliance, or SAP DRC, is a solution that looks after every aspect of e-invoicing and tax compliance. With this efficient solution, you can easily create, process, and monitor your e-documents and periodic reporting within the SAP systems. Its features enable companies to ensure compliance with local legal frameworks and regulations.
Q6. How does SAP DRC help organisations achieve digital transformation?
Answer:
SAP Document and Reporting Compliance helps businesses address all the e-invoicing and e-reporting challenges. The solution helps them stay compliant with ever-evolving legal and regulatory requirements. Furthermore, with its embedded automation, it helps organisations enhance efficiency, reduce compliance and cost risks, and improve the sustainability of tax operations.
