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The automotive industry is being challenged to re-define its future. The mobility revolution, including the regulatory environment, lack of infrastructure for electric vehicles, technological advances, carbon emissions, local challenges with production for vehicles and components and a decline in local new vehicle sales are some of the challenges faced by the industry in South Africa.
PwC can assist you with all of your automotive needs. Our Automotive practice leverages its extensive industry expertise in the areas of auditing, business advisory, government incentives and tax consulting to help companies solve important problems with efficiency and quality.
How we can add value
- Assurance service - Regulatory matters:
- Manufacturing matters:
- Tax services:
- Africa Tax Desk:
- Sustainability:
Assurance service - Regulatory matters:
The Department of Trade and Industry (DTI) offers several incentive programmes to the automotive industry, and in turn requires dedicated assurance services to ensure that funds are utilised in accordance with the regulations. Automotive companies therefore need to manage regulatory compliance risk i.e. by proactive identification processes and effective plans for prompt mitigation.
Generally any updates to regulatory matters also require companies to adjust their internal processes; enabling the understanding and correct implementation of new regulations (e.g. the upcoming South African Automotive Industry Masterplan). Our dedicated team, spread across strategic regions, looks after the assurance programmes applicable to OEMs and component manufacturers, to address the need of compliance with the automotive industry government incentives.
Manufacturing matters:
- Digital operations. Digitisation is revolutionising the way we work, the skillsets we need and the way we structure our organisations.
- Cost and profitability pressure. Manufacturing companies have become accustomed to repeated cost-cutting efforts to stabilize profits, address shareholders, and invest for the future.
- Changing consumer behaviour. Industrial manufacturing companies are facing a number of headwinds, including a continued slowdown in growth, DTC brands, and increased pressure on margins.
Tax services:
- Increasingly complicated tax legislation means that every industry needs innovative tax consulting services. In our Tax business, we understand the role tax responsibility plays in good corporate citizenship. We remain committed to providing the automotive industry with concrete tax solutions that enables industry participants to navigate their respective responsibilities.
- Transfer pricing is an important driver of shareholder value, providing an opportunity to optimise the value of a business by effective tax rate and foreign tax credit management. Managing transfer pricing risk remains critical, and the South African Revenue Service (SARS) has continued to focus on transfer pricing audits that could lead to substantial adjustments. Consequently, organisations need to understand their approach to transfer pricing risk and dealings with SARS. With unrivalled expertise in South Africa, our team also draws upon global networks to offer you access to specialist knowledge and leading edge tools and solutions relevant to the automotive industry.
- PwC provides a range of innovative indirect tax solutions. Our approach combines consultative relationship building with the latest technology, to deliver value-building solutions. Some of the solutions we offer to address industry issues are:
- Maximising VAT recovery.
- Alternative solutions to increase margins.
- Group efficiencies for indirect taxes.
- Ways to improve cash-flow.
- Avoidance of overpayment of customs or excise duty.
Africa Tax Desk:
Our Africa Tax Desk provides the following assistance, amongst other services
- Quick responses to preliminary and generic questions from companies considering investment in Africa;
- Facilitation of investments and business operations by providing access to the right contacts for tax (and legal) advisory services to investors in Africa; and
- Coordination between companies investing into Africa and respective PwC offices in other countries.
Intelligence that moves with you
- If you’re responsible for managing taxes in a business that trades or operates across a number of different territories, you understand how much of a challenge it can be trying to keep on top of the tax rates and rules in each of them, notwithstanding the fact that these frequently change. Worldwide Tax Summaries is an online tool that cuts through those complexities, helping you make informed decisions with the most up-to-date and relevant details about tax systems in more than 150 territories worldwide.
- Worldwide Tax Summaries.
Sustainability:
Net-zero agenda has finally crystallised climate change as a strategic issue for automotive business
- By January 2020, almost 200 global companies committed to achieve “net-zero” (by 2050) emissions across their operations, value chains and services. These CEO-led pledges will need radical enterprise and supply chain transformation, including identifying and scaling nascent technologies and disruptive business models. The ambition is huge and, if we are to have any chance of achieving the 1.5°C warming target under the Paris Agreement, action needs to happen over the next two to three business cycles to achieve transformation.
We focus on:
- Transformation.
- Creating blended teams.
- Delivering through assets.
Click here for more information.
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