VAT checking systems aim to validate the business information of VAT-registered taxpayers through a central database. This business information includes the name, address, VAT number, VAT status, bank account, and many others. Taxpayers should reach the information shared by other taxpayers (suppliers or customers) to stay compliant and avoid fines or sanctions imposed by government authorities.
VAT payers are able to check the relevant VAT-related information manually through a database or website. This is mostly advised for small enterprises that have small numbers of transactions, rather than for medium and large enterprises, which may incur time and cost inefficiencies due to their high volume of transactions and customers. As a result, these organizations are advised to use a tax technology solution integrated with their ERP systems to keep track of their trade partners’ VAT information.
EU Vies VAT validation and Poland Whitelist for checking bank account numbers are the most important regulations in the EU area in this respect. Both of the regulations are already mandated by EU and Polish legislation. SNI has already developed an add-on for SAP ERP and SAP S4HANA for the above-mentioned value added tax regulations. Currently, we offer both products to our customers.
The verification of VAT information and the VAT number check is done on demand or automatically, depending on your business needs through the SNI solution. It can be easily installed by an external transport and configured according to the business needs. The solution is directly integrated into the VAT database and enables taxpayers to verify any information in a quick and automated fashion. It is an end-to-end process and there is no need for a third party or external SAP consultancy for implementation. As a result, it speeds up your business processes in a cost-efficient way.