Despite the end of the recession, most companies (96 percent) believe transaction tax will continue to be an area of focus. That’s according to a recent survey of over 140 influential transaction tax leaders from Global 2000 companies provided by Sabrix, a provider of transaction tax management for companies of all sizes.

“This year, CEOs are still relying on tax directors to continue to help manage cash flows and cut costs as we recover from the recession,” said Steve Adams, president and CEO of Sabrix. “However, in addition, as government authorities are expected to continue to rely on transaction taxes to shore up their deficits, companies are looking to sustain transaction tax best practices indefinitely.”

Other findings from the survey reveal:

• 83 percent have experienced an increased number of audits due to state and local revenue shortfalls;
• 45 percent reduced headcount, but an equal number increased their investment in tax technologies;
• 81 percent have made sales and use tax and VAT a more strategic focus of their company due to the economy; and
• 81 percent have implemented new programs and processes to remain compliant.

The results were revealed at the annual Sabrix Forum, a conference where tax thought leaders gather to discuss key transaction tax compliance challenges and opportunities.