# Avalara EMEA Summit Explores Future of VAT Automation Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2016-09-16 Category: BUSINESS Category URL: https://financedigest.com/category/business Meta Title: EU VAT Fraud: Eliminating €160 Billion Gap with Avalara EMEA Meta Description: Join us at the Avalara EMEA VAT Automation Summit to discuss the future of tax compliance, combating fraud, and the latest trends in VAT automation. URL: https://financedigest.com/avalara-emea-summit-explores-future-of-vat-automationhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/businessman-hand-touch-virt-1-1736844516819-compressed.jpg) **_Key Theme Includes EU VAT Fraud: Eliminating the €160 Billion VAT Gap_** Avalara EMEA, a leading provider of cloud-based transactional tax compliance automation for businesses of all sizes, held its second annual VAT Automation Summit, sponsored by Brewer Morris. The summit brings together leading indirect tax professionals to discuss topics affecting the industry, including EU VAT fraud and the future of tax compliance automation. A central theme of the summit is focused on the need for [businesses to adopt tax automation solutions](https://www.financedigest.com/why-no-code-beats-custom-software-and-turnkey-solutions-for-business-automation.html "Why no-code beats custom software and turnkey solutions for business automation") to combat fraud and ensure greater compliance. This topic is timely, due to recent news released by the [European Commission](https://www.financedigest.com/ftx-collapse-shows-urgent-need-to-finalise-eu-crypto-rules-says-european-commission.html "FTX collapse shows urgent need to finalise EU crypto rules, says European Commission") regarding the ‘VAT Gap’, orthe staggering €160 billion in lost EU VAT revenues in 2014. . “Moving to real-time tax [reporting will help to increase transparency in the VAT](https://www.financedigest.com/transforming-vat-how-is-europe-modernising-tax-reporting.html "Transforming VAT: How is Europe modernising tax reporting?") system and can prepare businesses for tax authorities’ demands for more, live data,” said summit speaker Richard Asquith, vice president of Global Indirect Tax, Avalara EMEA.  “VAT [automation systems](https://www.financedigest.com/test-automation-systems-for-powertrain-dynamometer-market-to-reach-worth-of-us-1-20-bn-by-2031-tmr-insights.html "Test Automation Systems for Powertrain Dynamometer Market to reach worth of US$ 1.20 Bn by 2031, TMR Insights") are a valuable solution for managing complex VAT processes, such as cross-border sales for businesses trading in countries with different regimes or regulatory requirements.” In addition to the EU VAT Gap, the summit is addressing major developments shaping domestic and international trade, including the UK’s initiative to streamline the [tax reporting process through its 2020 ‘Making Tax Digital’](https://www.financedigest.com/self-employed-taxpayers-and-making-tax-digital.html "Self-employed taxpayers and Making Tax Digital") initiative.Through this new system, HM Revenue & Customs aims to eliminate the tax return over the [next five years](https://www.financedigest.com/next-years-geneva-auto-show-cancelled-organisers.html "Next year’s Geneva auto show cancelled -organisers").  Instead, businesses will be required to track tax compliance digitally and update HMRC at least quarterly via a [digital account](https://www.financedigest.com/community-fintech-11onze-to-launch-el-canut-a-super-app-offering-universal-banking-accounts-and-digital-debit-cards.html "Community fintech 11Onze to launch – EL CANUT – a super APP offering universal banking accounts and digital debit cards").  The goal of this proposal is to create a more efficient tax [reporting process; with further regulatory change on the horizon, such as Brexit, its implementation is paramount](https://www.financedigest.com/global-tissue-processing-system-market-report.html "Global Tissue Processing System Market Report"). Across the globe,countries such as China, India, Egypt and the Gulf Cooperation Council (GCC) states,are placing increased emphasis on VAT collections or introducing new regimes. These new [systems lead](https://www.financedigest.com/north-america-to-lead-the-lentiviral-expression-systems-market.html "North America to Lead the Lentiviral Expression Systems Market") to further changes in international VAT requirements, and thus further complexity. New regulations and the need to mitigate fraud present a prime opportunity for tax [automation services that help businesses](https://www.financedigest.com/covid-19-makes-the-case-for-technology-and-automation-for-business-development-in-professional-services.html "Covid-19 Makes the Case for Technology and Automation for Business Development in Professional Services") to comply with country VAT rates and eliminate errors which are costing firms millions in tax penalties. **Blockchain technology** While VAT automation services offer a more immediate solution to address these [recent trends](https://www.financedigest.com/percutaneous-tibial-neuromodulation-devices-market-analysis-recent-trends-and-regional-growth-forecast-by-2027.html "Percutaneous Tibial Neuromodulation Devices Market Analysis, Recent Trends and Regional Growth Forecast by 2027"), a longer term opportunity for accountants lies in blockchain technology.  This public ledger [system records](https://www.financedigest.com/market-for-tire-pressure-monitoring-systems-market-to-record-significant-incremental-dollar-opportunity-through-2026.html "Market for Tire Pressure Monitoring Systems Market to Record Significant Incremental Dollar Opportunity Through 2026") and validates each and every transaction.  Entries are registered and cryptographically sealed, making them nearly impossible to falsify or destroy. “Blockchain technology has massive implications for tax professionals,” said Kid Misso, Senior Director of Solution Consulting, Avalara EMEA.  “The fact that it is a validated agreement between two or more parties means it cannot be repudiated or invalidated.The indelibility, speed, and synchronization of this [technology can lead](https://www.financedigest.com/mldw-technology-market-size-share-top-leading-companies-consumption-drivers-trends-forces-analysis-revenue-challenges-and-global-forecast-2028.html "MLDW Technology Market: Size, Share, Top Leading Companies, Consumption, Drivers, Trends, Forces Analysis, Revenue, Challenges And Global Forecast 2028") to greater accuracy and transparency, helping to reduce the likelihood of fraud in the future.” For more information on Avalara and video from the 2016 VAT Automation Summit, please visit [www.vatlive.com](http://www.vatlive.com). --- This blog is powered by Superblog. 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