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Indirect Tax in the era of technological innovation

Indirect Tax in the era of technological innovation

KPMG in Cyprus delivered the first Indirect Tax technology event and presented for the first time AVCS (KPMG’s Automated VAT Compliance Solution). The event took place at the Hilton Park Hotel in Nicosia, on the 11th of December 2017.

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The event’s rich agenda covered both technological and regulatory matters, including targeted presentations aiming at highlighting technology as the key factor for effectively managing indirect tax compliance through data analytics and automation.

Mr. George Markides, Board Member and Head of Tax Services at KPMG in Cyprus and Mr. George Tziortzis, Board Member and Head of Management Consulting at KPMG in Cyprus opened the event and welcomed the attendees. Mr. Michael Grekas, Principal of Indirect Tax Services at KPMG in Cyprus demonstrated the effects resulting from the EU and Global current trends towards Indirect Taxes and also explained how technology has impacted the tax world, stating, among others: “many aspects of the digital revolution are still being embraced in the Tax world. Many are suggesting that we could face significant global dislocation. Not only will our business models require substantial reconsideration as we search for new sources of value, but our personal lives will be dramatically impacted. The key message is that one’s identity as a tax professional will be significantly altered”.

Mr. Konstantinos Botsaris, Manager of Management Consulting at KPMG in Cyprus stressed out that today technology is disrupting the business world and that organizations should embrace those innovative technologies and use them to their advantage. He additionally explained the role of KPMG’s Digital Innovation team on assisting clients with regards to this adoption: “our team designs and delivers innovative digital solutions that transform user experience and encapsulate KPMG’s knowledge and expertise”. Next to this, Mr. Phanos Georgiou, Manager of Indirect Tax Services at KPMG in Cyprus went on introducing KPMG’s Automated VAT compliance solution and elaborated on the benefits it entails.

Finally, Mr. Gerasimos Ntouskas, Principal of Management Consulting at KPMG in Cyprus elaborated on the dynamic perspective and the capabilities that the trusted analytics bring, as well as the additional value they generate from an organization’s data and information. Mr. Ntouskas said among others: “in today’s disruptive world, all business decisions should be data driven. Done right, analytics have the power to increase revenue, reduce costs and minimize risk throughout the business. The future is now…and lays in your data”.

The panel discussion that followed elaborated on the presentations delivered. The event’s participants demonstrated genuine interest over the innovative approaches, the current technology developments, the solutions’ potential and the regulations associated to Indirect Tax. At the end, along with networking, they had the opportunity to raise questions and exchange views with KPMG’s staff.

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