Russell Hughes, VAT Consultant at Accordance explains how pharmaceutical businesses can stay compliant during a period of increased activity.
VAT
The coronavirus crisis has posed immense challenges for a number of industries, with many facing an effective cessation of business activity. Like many other manufacturing businesses the pharmaceutical industry has faced challenges, but demand for some goods – among them hand sanitiser – has been so great that non-pharmaceutical companies have even turned production lines over to its manufacture.
Some pharmaceutical businesses may be overwhelmed by current demand, and may find that they are supplying customers in greater quantity and even supplying customers in new countries. In the midst of a global pandemic, VAT obligations could be easily overlooked. But it is essential that pharma sector businesses keep a keen eye on sales, supply chains and obligations to remain compliant.