Tax Reporting and Strategy (TRS)

The quality, accuracy and timeliness of data available impacts, how we manage our Tax risk and obligations effectively. Significant time is spent tracing data for Tax reporting (extraction, preparation and classification) due to lack of details captured at the onset. We can help enrich your data for Tax reporting, through alignment of users' requirements at data source that flow through into a tax sensitised chart of accounts (COA). This would be sustained via embedded Tax controls for effective data governance to support Tax reporting and analytics.

Constant changes in economies have forced businesses to evolve and adapt to remain relevant. This has resulted in regulations being updated and the need for agile Tax functions to support the Business on strategic decisions, whilst remaining compliant with Tax reporting obligations.

We can help you to become a strategic business partner, by unlocking relevant Tax data insights to enable informed decisions to be made - through data clarity and real-time business intelligence.

Many organisations are migrating and/or upgrading their ERP systems, to become more agile, effectively respond to market challenges and drive business efficiency/ profitability.

As part of these ERP transformations, organisations are starting to consider Tax earlier in the process, and this presents the Tax functions with the opportunity to get "data right the first time", by improving Data for Tax and harmonising processes, to have Tax ready data from a single source of truth.

We can support you at any point or throughout the journey (i.e. design/ execution, whilst addressing operational, technical and compliance challenges) to harmonise your processes and move in tandem with your ERP project team.

Tax functions are facing unprecedented levels of external pressure and internal challenges, to which they need to respond rapidly and effectively, whilst managing Tax risk and obligations. They need to have a robust and cohesive Tax operating model and strategy that is aligned to the wider strategic objectives of the Business.

We can help you to design and execute an aligned and sustainable Tax operating model and strategy to effectively support the Business, by taking into consideration your intrinsic operational requirements.

With the increasing pressure by internal and external stakeholders on risk management, Businesses have had to demonstrate that they are able to operate efficiently, whilst effectively managing Tax risk and ensuring that it is mitigated to an acceptable level.

We can help and support you by assessing the operational effectiveness of your Tax controls, implementing robust controls/ governance and increasing internal awareness on effective risk management; to prevent Tax leakages and ensure that Tax risk is well managed.

Businesses have had to revamp their models and operations to remain relevant. This has resulted in digital/ enterprise wide transformations, which is a good opportunity for Tax functions to ensure that Tax requirements (data, systems and processes) for Tax compliance and reporting are also considered.

We can support and collaborate with you to establish a strong business case for Tax to have an integrated role in the transformation initiative. In addition to co-developing and operationalising a robust and holistic Tax Control Framework that ensures Tax risk and obligations are managed effectively. This would include a focus on enablers, such workforce, technology and harmonised processes, to build an agileTax function that can strategically partner the Business.

Many Tax functions are under constant pressure to deliver more with less, and are expected to respond to increasing compliance demands/ requirements in tighter timeframes, whilst effectively managing cash flows by driving down overall costs.

We can identify and co-develop with you, suitable processes to be enhanced (e.g. roles/responsibilities, Tax controls/governance, etc) to minimise costs, reduce time spent on compliance and unlock time for more value added activities, whilst effectively managing Tax risk and obligations.

Businesses are being disrupted by rapid changes in regulations and environment, resulting in more to be done in shorter periods of time. Hence, there has been an increase in adopting relevant technology enablers such as small automations and other tools, to enhance operational efficiencies and effective navigation through these changes.

We will work together with you to identify/ascertain the tools currently used (and time spent) for Tax reporting, and identify potential areas (manual and repetitive processes) and tools for automation. This includes embedding controls into processes/ governance on use of the tool or data required to ensure a sustainable solution is adopted.

Rapid changes to legislative environments are increasing pressure on Businesses to meet Tax compliance obligations in an efficient and transparent manner.

We can support you by reviewing your Tax processes/ policies and providing relevant recommendations/ insights, to enhance Tax risk management and compliance obligations. This includes working together with you to determine an optimal solution (aligned to your strategy and based on your requirements) in a seamless and cost-effective manner.

Are you looking to optimize your tax department but don't feel you have the ability or appetite? We have more than 600 tax professionals, globally integrated across more than 40 countries that can cater to your needs.

Are you challenged by keeping up with the latest regulatory requirements and worried about increased risk within your organization?

Our IST team has an average of 14 years of in-house experience with some of the most complex global multinationals across a diverse set of industries and successful track record of teaming with business stakeholders and connecting across the tax life cycle.

Do you struggle with data and process and are looking to drive greater efficiency in your organization? We have a fully scalable and integrated suite of tax applications built by tax professionals, for tax professionals and products that are designed to manage data and risk in a complex environment, provide maximum transparency and meet multiple stakeholder needs.