EY Global VAT Reporting Tool (GVRT)

EY Global

EY Global VAT Reporting Tool (GVRT)

EY Global

Indirect tax compliance automation in the cloud

Solution overview:

EY GVRT is a cloud hosted end-to-end global value-added tax (VAT) and, goods and services tax (GST) reporting solution that redefines and globally standardizes the preparation, production and reporting process. It is an EY cloud-hosted global compliance solution which automates the preparation of indirect tax returns in over 70 countries globally.

Integrated within GVRT is a powerful tax technical testing engine capable of identifying anomalies by reviewing the VAT treatment applied to transactions against highly customizable parameters that cover general VAT checks and business- specific scenarios. The returns are mapped automatically and are reviewed and finalized within a defined control framework, supported by a well-documented end-to-end digital audit trail.

Solution benefits:

•Reduce compliance process time through:
•Standardized VAT compliance process
•Automated return preparation
•Automated data consolidation and manipulation
•Automated checks to confirm correct VAT/GST liability

•Improve controls and governance through:
•Centrally agreed set of controls
•Inability to bypass key controls
•Clear process and audit trail
•Standardized VAT return process
•Standardized workflow tracking and role segregation

•Manage VAT risk through:

•Increased exception reporting and analysis
•Analytics routines to flag anomalies and transactions requiring review
•Improved visibility and identification of overall VAT risk
•Status tracking of indirect tax filings

•Improve data accuracy and access through:

•Consolidation of multiple data sources
•Automated exception reporting
•Quick access to transactional data
Identification of cash savings and other opportunities