Tax Technology

KPMG in Vietnam addresses this struggle by automating the meticulous task of reviewing General Ledger (GL) transactions, purchase orders, and invoice text. Deployed analytical tools can create tax-sensitive GL accounts for accurate tax calculations, automate classification of data into categories such as Deductible vs. Non-Deductible expenses, Accruals vs. Invoiced/Paid, VAT Refundable vs. Non-VAT Refundable, and etc.

KPMG in Vietnam supports organizations in exploring their tax data, uncovering both overlooked opportunities and concealed risks. Early identification of these factors can result in financial benefits and elevate the tax function’s significance in business decision-making.

We provide a comprehensive suite of Tax Data Analytics tools spanning corporate tax, customs, personal income tax, and indirect tax.

KPMG in Vietnam offers an effective and cost-efficient suite of tools to simplify, standardize and automate the reconciliation process. Our successful stories include:

• automated reconciliation of output/input VAT across multiple factories and distribution centers;
• automated conversion of management GAAP to Vietnamese Accounting Standards with preset GL Description reparation (i.e., filling-in missing or incorrect description of individual journal entry) and simultaneous Mandatory Translations into Vietnamese
• input VAT refund support. Businesses often face challenges in complying with the stringent requirements for input VAT refund requests, which can result in the loss of legitimate input VAT. KPMG has developed an internal E-invoice Verification and Extraction Tool (EVE Tool). The EVE Tool transforms e-invoice XML data into a human-readable format, validating tax office electronic signatures, checking if input VAT is from a high-risk enterprise list, ensuring input VAT claimed is not related to CIT non-deductible expenses, etc.

By leveraging these tools, KPMG in Vietnam helps businesses efficiently manage tax compliance and be tax audit-ready.

• Support the Tax Function: Assist with the end-to-end process of implementing or upgrading an ERP system or other third-party tax technology;
• Configuration of Tax Classifications: Define, prepare, and set up Tax Code determination, Tax Fixed Asset Registrar, Master Data impacting tax, intercompany pricing and costing, build CIT PL either via tax sensitizing certain GL fields or constructing a separate Tax Ledger;
• Tax Reporting Automation: Develop Tax Reporting under Group Management GAAP and VAS by automating current and deferred tax computations, including automatic journal entry posting;
• ERP due diligence: Assess the current state of tax configurations, identify gaps between ERP output and tax compliance input data and propose the ERP re-design roadmap;
• Automated Tax ERP Controls: Assist in execution of the Risk and Control Framework by automating certain controls within ERP;
• Select Third-Party Tax Technology: Choose third-party tax technology applications that integrate into your existing ERP system or assist with the selection of a new ERP system.

By addressing these challenges, KPMG in Vietnam helps transform tax functions, ensuring compliance and efficiency in an increasingly digitalized tax environment.

KPMG’ suit of tools can help businesses develop a tailored and unique solution which would:

• automate Data Extraction from ERP systems;
• automate the Cleaning, Sorting, Grouping and Mapping of the data to ensure accuracy and consistency;
• automate identification of CIT-non-deductible or VAT-non-refundable items;
• map tax computations to xml-coded tax return for easier submission;
• embed audit trail into the tax computational solution;
• design robust file management platform with the transparent review/approval workflows.

By leveraging these tools, KPMG in Vietnam can help transform your tax function, ensuring efficiency, compliance, and accuracy in an increasingly digital tax environment.