Minimising risks in the tax-related processes has now become one of the most urgent tasks for companies. It is made all the more difficult by the increasing complexity of business processes and the growing importance of formalities and requirements. In addition to this, the ever-growing size of data volumes and the mix of different ERP systems hamper gaining an overview of business transactions.
Also part of the mix is a growing understanding of IT and a risk-oriented audit approach on the part of the tax authorities, who more and more frequently bill supplementary taxes, combined with substantial interest payments and fines.
Identifying tax risks up front and actively avoiding these can save time and a lot of money.
Tax Intelligence Solution (TIS) offers targeted error detection with a very high probability of accuracy and major time-saving. The system looks not only at the data from the accounting system but also covers the logistics data in order to gain full insight into the relevant transactions.
The inclusion of unstructured data, such as scanned invoices, and the use of text mining algorithms decisively raise the quality of the analysis. An initial risk evaluation can be used as the basis for a focused, customer-specific evaluation or also for problem resolution.
The timely discovery of factors that could result in retroactive amendments to tax returns reduces the risk of interest charges and might even protect you from criminal law consequences. Automatic analyses of the ever more complex processes using TIS ensure transparency and make forward-thinking action much simpler.
Partner, Consulting, Lighthouse Germany – Center of Excellence for Data & Analytics
KPMG AG Wirtschaftsprüfungsgesellschaft
Delivery models for our Tax Analytics
- TIS as-a-service: Data extraction and analysis using KPMG’s infrastructure (or a cloud subscription). Presentation of the results in a report, with detailed information.
- Embedded TIS: Implementation directly in your company; analysis by your company.
Use TIS to avoid tax risks and identify potential tax benefits.
- effective and efficient analysis of the processes relevant to tax, for greater certainty in the company
- simulation of a tax audit using a big data analysis
- preparation of a reportable database
- standardised data extracts from ERP systems
- building links within the extracted data to allow IT non-experts to perform reporting
- preparation of detailed lists and a summary overview in a standard format (Excel or IDEA)