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Do You Have Foreign Vendors Hiding in Your VMF?
Manage episode 381614706 series 3221063
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Most organizations have non-U.S. vendors lurking in their vendor master files, but may not even realize it. Worse yet, some of those vendors may appear on the watchlists published by the U.S. government. Because doing business with these entities without proper due diligence regarding withholding — or even doing business with them at all — can result in steep fines and penalties, it’s important to identify those vendors in order to maintain compliance. But where to begin?
Vendor master file expert consultant Debra R. Richardson discusses this issue with IOFM’s Managing Editor Royce Grayson Morse, reviewing techniques that will help you identify foreign vendors you may not know you have. Once you find them, Richardson explains how to set them up properly and make sure you’re managing them correctly going forward. That includes collecting the right tax form and checking them against the government blocked and prohibited lists, plus recovering VAT and GST taxes if you paid them.
Listen in on the podcast “Identifying Foreign Vendors in Your VMF — and What to Do When You Find Them,” to discover best practices for managing these vendors in order to maintain compliance and avoid significant financial implications.
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