Data is key to enhancing the value of the tax function. Leveraging data for applied decision-making is becoming the norm and the tax function, being one of the largest consumers of data, is ready to transform.
PwC’s Tax business has developed solutions that add insight into our clients’ tax reporting, ease their compliance burden and enhance the effectiveness of the tax function by analysing and monitoring financial data using dashboards with drill-down capability.
Data analytics best lends itself to transaction-based taxes such as VAT, customs and excise duties, withholding taxes, transfer pricing and PAYE, where the benefits of using technology are almost endless. Our approach is structured so that the full population of transactional data is extracted systematically from all relevant financial systems, including feeder and product systems.
Analytical and logical tests are then run on this data and the results presented, thus providing management with improved insight into its tax accounting, and assurance regarding its tax compliance.