Greg Lockhart, head of the firm's VAT and Customs
consultancy practice, was interviewed by Finance Monthly for its July 2013
issue. Read his views on the importance of planning for indirect
taxes.
Q. Why is indirect tax planning important and how can it
help multinational companies manage risk, improve cash flow and
reduce costs?
Indirect tax is the broad term used to describe a collection of
taxes which, from an EU perspective, generally have a link with EU
law, including most notably VAT but also Customs Duty and Excise
Duties. For many businesses, VAT is seen as no more than an
administrative burden only being a relevant real business factor
for those businesses engaged in financial services or other VAT
exempt activities. This however is not the full picture. In
practice, even though a business may have full VAT recovery there
remain many potential pitfalls and other mistakes which can lead to
significant VAT costs and the potential incurrence of
