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Overview
Managing tax in a dynamic and digital world
The tax landscape is constantly changing. Regulatory requirements are increasing, business and finance transformation is commonplace, and tax authorities and boards are demanding tax risks to be effectively managed.
In this fast-changing world, we’re helping clients build a tax function for the future. Our complete approach to tax management brings together tax function design, tax technology, tax transparency and sustainability to help you understand and meet these challenges head-on. By aligning your tax and tax technology strategies with your commercial goals, your tax function will become a strategic business asset that adds value across the organisation.
Download our publication The Global Reporting Initiative 207: Tax
How we can add value
- Defining Your Tax Technology Strategy
- Optimising data and technology
- Data analytics and small automation
- Tax Strategy, Governance & Risk Management
- Tax Transparency
Defining Your Tax Technology Strategy
Your challenge
Many tax functions find it difficult to define the right digital tax strategy. Similarly, they often lack an overview of the tax technology and small automation options available in the market and don’t know where to start on their digital transformation journey
How we can help
- Work together with you to design your tax technology strategy and roadmap
- Leverage on our market intelligence and global reach on vendors active in the market and their solutions
- Critically review business needs and demonstrate the capabilities of small automation and tailorable PwC tools
- Assist with selection criteria, including identification of existing tools and solutions, that should be utilised and leveraged
Optimising data and technology
Your challenge
Tax technology tends to be slightly more complicated than an office suite – its implementation typically requires some level of customisation, even if you go for a standard solution. In addition, true efficiency requires well designed interfaces.
Tax processes tend to end up as manual interventions running on excel spreadsheets, which are time-consuming and prone to error
How we can help
- Building of business case
- Implementation of standard tax technology solutions
- Designing, prototyping and programming of custom solutions
- Connectivity between different systems, importantly tax and accounting
- Testing and validation
- End-user training/upskilling of your tax team
Data analytics and small automation
Your challenge
Organisations generate massive amounts of data, both customer centric and internally focused. The challenge is being able to get quality insights and to generate business intelligence from this data to stay ahead of competition.
How we can help
- Support in data extraction
- Improvement of data consistency and efficiency
- Mapping of processes
- Reconciliation of data in various disparate systems
- Identification of trends, patterns and anomalies
- Exception reporting
- Upskilling your teams in automation trends and helping them to identify practical use-cases. This will help you apply small automation to the way you work, as well as support the tech enablement of your tax function over time.
- Preparation and reviewing of documentation
- Dynamic dashboards and visualisation which enables real-time tracking of KPI’s, scenario planning and proactive decision making
Tax Strategy, Governance & Risk Management
Your challenge
Businesses tend to not have a clear or a well-established Tax Risk Management Framework. Therefore, identifying where key tax exposures are or might arise, how to address and monitor them and how to develop a response is still a challenge.
How we can help
- Preparation and/or review of a Tax Strategy, Tax Risk Management Framework and Tax Policies within in the Tax Function)
- Support in the communication of the Tax Strategy and Risk Management Frameworks with Board/Senior Management
- Check consistency between communication strategies - e.g. if the business is publishing its sustainability strategy, we help them understand how it could impact their tax strategy
- Tax function effectiveness/maturity assessment of the Tax Function (Tax Management Maturity Model – T3M)
- Assistance with defining a business case to transform the Tax Function
- Enhancement to better deliver the agreed tax strategy, ensuring that processes and controls enable tax risks to be managed.
- Documentation and/or reviewing of tax risks and tax risk management process
Tax Transparency
Your challenge
Mandatory disclosures prepared under international financial reporting standards do not always provide a clear picture of a company's tax affairs to a non-expert reader. Public debate and scrutiny of tax is often misinformed and exclusively focused on corporation tax. This has made it necessary to raise awareness of other taxes, such as industry-specific taxes and other contributions made to the public finances.
How we can help
- Support on the quantification of the totality of taxes paid and collected, including wider economic footprint
- Tax Transparency and Effective Tax Rate Benchmarking
- Detailed review of the organisation’s Tax Transparency Maturity based on the PwC Framework
- Assistance with Global Reporting Initiative (GRI) 207 Tax Standard compliance
- Workshop with the organisation and provide feedback and recommendations on how to enhance tax transparency and disclosures
- Preparation and review of annual reports, corporate social responsibility reports and relevant website information to conclude on the findings
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