Introduction

I am delighted to present the findings of Deloitte's 2014 'Indirect Tax Survey'; our second survey of indirect tax professionals to gauge their views on their priorities and the current indirect tax environment. Like last year, we have had an excellent response, giving an indication of the growing importance of indirect tax. The findings reflect both the practicalities and the challenges faced by practitioners across a wide range of industries.

In the past year, VAT accounted for 21% of total HMRC receipts. We are also continuing to see indirect taxes grow in importance as part of a wider political and social debate. With this increasing profile for indirect tax comes increased awareness from senior management and boards. In addition to this higher profile, indirect tax professionals are required to remain focused on their core priorities of compliance and improving systems. With the standard VAT rate now 20%, efficient indirect tax management is, now more than ever, an important issue in terms of cash-flow and absolute cost.

I'm sure you will find the survey results interesting and supportive of the role you play in your organisation. If you have any comments on the findings, I'd be delighted to hear from you.

To read this Survey in full, please click here.

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