Tax Authorities are increasingly focusing on compliance and digital transactional reporting and as a result organisations have more detailed data to analyse and assess. As a result, we are seeing 4 common challenges:
- It is important to be in control of transactional data quality that feeds into indirect tax compliance reporting
- There is a need for robust end to end indirect tax compliance processes
- Gaining access to already limited IT & Indirect Tax internal resources to build a solution for complex digital filing is difficult with the short timescales often given by Tax Authorities
- The increasing reporting obligations is driving a requirement for additional compliance resources
At PwC we have the expertise, experience, technology and global operating models to support you in overcoming these challenges and help you remain compliant in this dynamic environment.
A successful indirect tax compliance function combines efficient, accurate reporting, cutting edge technology and leading industry expertise.
A successful indirect tax compliance function combines efficient, accurate reporting, cutting edge technology and leading industry expertise.
Efficient and accurate indirect tax compliance
We understand that businesses require much more than a tax compliance provider. You are looking for a business partner to support you as your business grows and help you be aware of the changing landscape, react to those changes as well as realise opportunities and synergies.
PwC prides itself on delivery that makes a difference; the aim is to help you create longer-term value for your business. Whilst delivering your indirect tax, finance and accounting activities we will make improvements; introduce new technology and ways of working; and challenge your thinking, using our judgement to help you make better decisions. It’s about going beyond ‘getting the job done’. It’s delivery, and more.
Our focus on Connected Tax Compliance helps drive efficiencies and reduce overall cost of compliance.
- One Team
- One Platform
- One Approach
One Team
Our people are at the heart of the outstanding services we deliver. Our Centre of Excellence team is committed to providing high quality compliance services and creating a long term partnership with our clients. With the aim of becoming your trusted Indirect tax compliance provider.
Additionally our connections across our global network enables the sharing of technical insight and expertise that further enriches the services that we offer.
One Platform
Our delivery of indirect tax services focuses around our proprietary compliance technology, Indirect Tax Edge, accessed via Sightline. This provides a base for our standardised and consistent process whether operated on an outsource, co-source or insource basis. Our technology systems facilitate the delivery of our services efficiently, delivering the latest technical requirements from tax authorities, providing intuitive workflows, advanced analytics, exception management and dashboards.
The flexibility of our technology allows you to adapt the model over time, for example, commence with outsourcing services and over time look to bring work back in-house.
One Approach
Behind the scenes we focus on operational excellence in delivery, applying a continuous improvement lens to everything we do, supported by our tried and tested implementation methodology. This provides a consistent experience for client stakeholders and allows our teams to identify and focus on the most important matters.
What we offer
You place a high level of importance on tax compliance and want to make sure you stay ahead of the curve as regulations, technologies, and the business world change. You are not alone. We are seeing many businesses evaluating their approach to tax compliance - looking for accurate, efficient, technology-enabled and cost-effective solutions. Our approach to implementation, investment in technology and reliable support team means you can control your compliance obligations with greater efficiency, accuracy and flexibility no matter what your business requirements are.
Customised approach
The flexibility of our approach means you can easily switch between delivery models as your focus, objectives and business changes. Our experienced Centre of Excellence (CoE) team will work alongside your team every step of the way, to develop and embed end-to-end process quality and controls that are tailored for your business needs.
Unwavering commitment
We’re committed to collaboration and working side by side as an extension of your team in whatever structure fits your business model best. We’ll support the transformation of tax delivery - automating/upgrading outdated processes, adopting more robust and efficient ways of working, and delivering data insights so that you can get back to focusing on your key values.
Flexibility and scalability
We know the pace of change is at an all-time high. We are ready to respond and pivot any aspect of our relationship to better serve your business needs. We work on the principle of continuous improvement, and will seek out opportunities for increased efficiency to drive improvement and transformation.
Global support
Our global PwC network enables the sharing of technical insight and expertise. This allows us to keep up-to-date with regulatory and legislative changes throughout the globe and ensure these changes are reflected in your compliance reporting. This allows your team to worry less about global compliance and focus on what you do best.
Analytics and Insight
Once we have extracted your data this can be used for both preparation of compliance reporting and in depth analytics and business insights. Our powerful data analytics provide rich insight into your processes and a clear understanding of where tax data issues are occuring. It enables easy identification of trends and inconsistencies, allowing you to digest and transform complex data sets into meaningful observations and insight. This can be used to identify cost-savings including over payments, and helps to mitigate risk in the case of incorrect data or under payments.
Delivery models that can flex and grow
Indirect and transactional taxes are becoming more prominent and demanding with increasing emphasis on e-invoicing, real-time reporting and SAF-T style transaction level reporting. When looking at how best to meet these reporting challenges we’re finding that what a business needs today is not always what they need for the future.
We recognise that one solution doesn’t fit all, so our Indirect Tax compliance team can support - on a local or global level - whether clients are looking for an insource, outsource, co-source or completely managed services solution.
Our delivery models and our market-leading technology solution, Indirect Tax Edge, are completely scalable and tailored to each business’ needs - and bring consistency to the compliance process. The added benefit is this can be flexed over time to suit as and when your business requirements or reporting obligations change.
Indirect Tax Edge
Indirect Tax Edge, our tax compliance reporting & data management system, delivers all the features and functionality required to successfully manage your indirect tax compliance and reporting obligations and data quality from the one application. You can:
- manage volume and workflow tracking through built in workflow management,
- incorporate data cleansing steps to ensure data completeness and integrity
- Have a controlled preparation, review and sign off process; and
- provide a standard output and process regardless of the country or indirect tax obligation that is being prepared.
Indirect Tax Edge enables businesses to work smarter not harder while also freeing up precious time for your tax teams to work on the value add and control activities in your business.
Contact us
Steve Couchman
Indirect Tax Compliance Services Leader, PwC United Kingdom
Tel: +44 (0)7843 289575