The financial crisis will make it more difficult for businesses to comply with sales and use tax payments, according to a new survey.
Tax management software provider Sabrix said that 61 percent of the more than 150 corporate executives it polled at a recent annual user conference believe that the financial crisis will make it more challenging to achieve sales and use tax and value-added tax compliance. Eighty-eight percent of them believe that state and local revenue shortfalls will result in an increased number of audits.
Sixty-eight percent believe that the current economy will make sales and use tax and VAT a more strategic focus for their company, and 73 percent view VAT and goods and services taxes as the top tax risk for global finance directors due to the integration of the global economy.
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