Global VAT Reporting Tool (GVRT)
What EY can do for you
As increasing numbers of tax authorities around the world introduce new reporting obligations, businesses are under growing pressure to stay compliant with the complex requirements and changes. The introduction of transaction level reporting makes this even more challenging, removing the ability and the time to manually interact with data before its submission to governments.
EY Global Technology helps in keeping acceptable compliance levels today while future-proofing one’s organization for tomorrow.
Redefining the approach to insourced compliance
EY teams have developed GVRT, a cloud-based tool, to help companies insource their indirect tax function by leveraging the latest value added tax (VAT) reporting technology available, redefining the standards of indirect tax compliance reporting processes.
GVRT is a broad global VAT and goods and services tax (GST) reporting solution, that redefines and globally standardizes the preparation, production and reporting process of the business.
- Quickly load data via “drag and drop” functionality
- Multiple accounting and finance systems supported
Load from multiple sources
- Extensive tax technical testing feature to stress test your transactional data before reporting
- Use pre-defined EY tax technical tests or customize your own
- Automatic testing of all transactions
- Automatic anomaly detection
- Review and edit transactions
- Track changes and repost schedules
- Broad digital audit trail compliant with digital reporting requirements globally, including UK MTD, SII and SAF-T
- Generate returns at a click of a button
- Supports multiple return types: VAT/GST, Intrastat, EC Sales Listings and other returns*
- Automated indirect tax returns production with your transactional data either via an automatic feed from your business systems or via simple upload functionality
- File directly with the tax authority*
(*functionality varies by jurisdiction)
- Built-in obligation and deadline tracking via management dashboards
- Powerful analytics produce key indirect tax metrics, trends, liabilities and status reports
Why choose the EY Global VAT Reporting Tool?
GVRT provides organizations with a flexible, scalable, cloud-based solution for global indirect tax compliance.
Helps reduce compliance process time
By standardizing the compliance process across countries and entities, GVRT helps enable organizations to reduce the compliance process time. Benefits of this include:
- Standardized VAT compliance process
- Automated return preparation
- Automated data consolidation and manipulation
- Automated checks
Helps enhance controls and governance
GVRT helps to enhance the control and governance framework of your indirect tax compliance process by globally standardizing it. Features include:
- Centrally agreed set of controls
- Inability to bypass key controls
- Clear process and audit trail
- Standardization of VAT return process including workflow tracking and role segregation
Helps manage indirect tax risk
Reduce your compliance risks by being updated automatically of any legislative changes and by automating your indirect tax returns production. GVRT provides:
- 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
Helps improve data accuracy and access
Powerful tax technical testing and analytics provide easy access to your organization’s data at the transaction level; providing extensive insight into your data.
- Consolidation of multiple data sources
- Automated exception reporting
- Quick access to transactional data
- Identify cash savings and other opportunities
Our latest thinking
Like what you’ve seen? Get in touch to learn more.