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Excluding income tax, the other direct and indirect taxes such as property tax, sales tax, use tax, goods and services tax (GST), and finally, value-added tax (VAT), can be a large portion of the tax cost. If the technological enhancements entail the procurement of better data, then it can help support the organization’s tax positions.
With cloud migration that means making upgrades, licensing, procurement and maintenance simpler with software-as-a-service (SaaS) models. As a result, sub-trends such as real-time reporting, robotics and AI, more regular forecasting, and self-service reporting via dashboards, have all gathered pace.
When: The deadline to comply with the new standard is for fiscal years beginning after June 15, 2021. Take for example a municipality that leases a building from an unrelated third-party (lessee accounting) and then subleases a portion of that building to another party (lessor accounting).
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