Using data analytics tools, organisations now have the opportunity to transform tax data into insight.
Tax compliance obligations can be a substantial risk and burden to organisations. Most companies rely on basic technology support from their ERP systems supplemented with extensive manual compliance activity. Manual processes are time consuming and existing tools and capabilities are often insufficient in processing the vast amounts of tax data, putting the organisation at risk of overpaying tax, or even assessment and fines.
Moreover, in many organisations this vast amount of data is not accessible by tax professionals, making it challenging to identify risks -- and likewise opportunities -- based on actual data. Organisations understand and comply with the requirements of increasingly complex international tax reporting while remaining cost effective.
The global tax landscape is changing. Electronic tax filing is becoming the default. In certain countries, tax authorities are no longer sitting back and waiting for tax returns; they are now requesting raw data and invoices to perform analytics and report back to organisations with their tax bills.
Organisations must prepare for a new era in tax, and it all starts with data and analytics.
KPMG’s Tax Intelligence Solution (TIS) is an integrated suite of indirect tax technology analytical tools, methodologies and insights that allow organisations to gain quantitative insights and visibility into the status of compliance, process efficiencies and opportunities -- driving real financial value for the tax department and the wider business.
The solution is built on the certified Microsoft Azure cloud platform, and leverages other critical technologies, such as machine learning and predictive capabilities, for scalable, real-time data analysis, visualisation and insights.
Experienced tax analytics advisors in our member firms combined with the powerful data and analytics methodology of TIS, can help you transform your tax data into insights. From uncovering risks in tax compliance to unlocking opportunities in transactional data, member firm professionals can help clients achieve global compliance, monitor accuracy, enhance working capital and create new enterprise value for the tax organisation.
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