Governments around the world are going through a variety of digital transformations. As part of that transformation, real-time indirect tax reporting at the transaction level is becoming the new standard globally. This digital revolution is transforming governments and will help drive insight, agility, and operational efficiency to provide better fiscal policies, streamline processes, and reduce tax fraud. This gives retailers more time to focus on their core competencies and less time on the burden of fiscal compliance.
While this trend is emerging across the world, there is not a global standard. Instead, each government is creating its own unique program and processes, and as a result, implementing specific local requirements at its own discretion.
Additionally, the global pandemic is drastically impacting industries such as food and beverage, hospitality, and retail, which are traditionally key sources of indirect tax revenues, causing governments to accelerate their digital transformation programs. Doing so will provide them with real-time visibility to tax revenues as these industries come back to a level of new normal.
A modern retail platform that helps you scale globally also enables you to comply with such changing legislations with agility. Having the right solution can ensure compliance obligations don’t negatively affect the customer experience.
Making fiscal obligations management a breeze
By reducing the impact on customers, retailers also have to make sure that tax management does not bring additional stress to the financial and compliance teams, especially when managing global retail operations.
Retail-focused solutions, such as Oracle Retail Merchandising Cloud Services, address the issue pragmatically and dynamically. Here is how:
- Globalization capabilities to support multiple legal entities, multiple sets of books, multi-currency, and multiple languages in a single instance
- Global tax capabilities, including rule-based functionality to support the complex taxation scenarios required worldwide
- Ability to create tax rules at a higher level, such as all items for a country, or as low as the item/location-level tax rules
- Address the needs of multiple regions with a single solution to reduce the cost of tax administration for retail operations
- Centralized, single source of the truth across multiple countries provides a fiscal audit trail, improving accuracy, efficiency, and visibility
- E-Invoicing and gapless document sequence management
- Seamless integration to local fiscal partners to facilitate real-time indirect tax reporting to government authorities
Today retailers face enough challenges with the global pandemic, meeting consumer expectations, and adjusting to demand fluctuations and supply chain inconsistencies. Oracle Retail’s solution helps the quality and visibility of tax information, reducing the retailer's compliance maintenance cost and non-compliance threat. With one less thing to worry about, retailers can meet their fiscal compliance obligations with scale and agility and stay focused on more value-added activities.
If your legacy or current merchandising system is not allowing your team to manage fiscal compliance obligations with scale and agility, please visit our website for more information on merchandise management. Also, check out the leaders in the IDC MarketScape for Worldwide Merchandising Operations Management Solutions.