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Are you ready to optimise your cost of tax compliance?
The compliance landscape is changing faster than ever before and staying compliant can feel like a major challenge. Many organisations struggle to identify the true cost of running the various complex compliance processes necessary to ensure they adhere with ever changing regulatory requirements. But in an era where the need to optimise compliance tasks and costs is growing, they need clear insights into their compliance costs.
The PwC Total Cost of Tax Compliance (TCOC) tool uses a standardised methodology to create insights that supports organisations to assess their total cost of tax compliance. It is not merely a ‘report on costs’; it is a catalyst for conversation and change, providing a structured approach to evaluating the full spectrum of compliance costs, helping businesses to identify potential inefficiencies and areas for improvement.
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PwC Total Cost of Compliance Tool
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Discover the total cost of tax compliance
Across markets, attention for the optimisation of compliance tasks and costs is growing, but organisations often lack clear insights into their compliance efforts. The PwC Total Cost of Tax Compliance tool provides both a qualitative and quantitative assessment that empowers organisations with the knowledge to gain insights to optimise their compliance costs across people, technology and third-party providers.
Regulations
Tax laws are subject to constant change, with new laws and regulations being introduced on a regular basis. The nature of these laws means continuous change to compliance processes and new compliance technology capabilities being needed.
Organisations often don’t have the time, technology or resources to think holistically about how to scale up existing compliance processes. As a consequence, this can lead to a build-up of ‘fragmented’ compliance processes, technologies and teams as they bolt on additional areas, meaning that organisations don’t reap the benefits achieved through the efficiencies of shared resources, data and technologies.
The TCOC tool can help to highlight these areas, allowing your organisation to drive forward a more connected approach.
Data
Tax compliance increasingly involves collaboration with various stakeholders across functions, and across multiple jurisdictions. The time spent by other functional areas in providing tax departments with the data that they need can be significant. This is before organisations even get to how much they may spend on external providers. But many lack visibility of that cost. With new tax legislation such as Pillar Two and the EU’s CSRD needing data from across functional areas and local territory and global data, this is only going to increase.
During an intake meeting, we gather initial quantitative and qualitative data about your organisation and identify the specific tax areas of interest. Alongside our team of tax and compliance specialists, the TCOC can give you greater visibility over costs, allowing you to explore alternate ways of gathering the tax ready data you need in a more cost-efficient way.
Technology
Making use of tax technology is essential for compliance calculations due to the complexity of tax rules, and the large volume of data involved and modelling requirements, but many organisations struggle to get a complete picture of the direct and indirect costs of running all these systems. It’s not just the downstream ‘tax calculation’ engines that are required, numerous technologies to assist with data collection, cleansing and transformation are often needed, coupled with regular updates to ERP and accounting systems to reflect continuous changes in tax rules.
Alongside our tax and compliance specialists, the TCOC tool can help provide greater visibility into the total costs of technology, helping your organisation to consider how you could transform your use of technology to maximise the role for tax compliance.
Additional Tax services
Contact us
Jonathan Howe
Global Connected Tax Compliance Leader, PwC United Kingdom
Tel: +44 (0) 7970 474343