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Overview
Keeping track of constantly changing tax laws is a growing challenge for companies. Specific reporting requirements, technical accounting transactions and a myriad of accounting rules may further result in complicating the establishment of an effective global tax accounting function. Therefore companies need to maintain appropriate risk-based local and global controls to resolve technical tax accounting issues.
PwC has the technology and the skills and tools to assist clients in obtaining a holistic approach to the tax provision process and to assist clients in reducing complex, time-consuming tax risks. We provide financial tax accounting and technical tax advice, support tools, and guidance that improve the quality of the tax accounting function. This is in line with PwC’s purpose of solving important problems in society.
How we can add value
- Tax technical provision and tax risk
- IFRIC 23 | Uncertain tax positions
- Deferred tax analysis and tax basis
- Tax accounting training support
- Industry Tax Specialisation
Tax technical provision and tax risk
Issue
Are you having a technical tax accounting issue?
Solution
PwC is able to work with you to solve any technical tax accounting matter as we have the resources and tools to provide you with the necessary support to complement your inhouse resources. Our specialist services include a review of, inter alia, capital allowances claimable on fixed assets, learnership allowances, doubtful debts and the identification of permanent differences. We can guide you through the latest tax legislative changes and focus areas of the local revenue authority.
IFRIC 23 | Uncertain tax positions
Issue
IFRIC 23 requires companies to provide for uncertain tax positions taken. Are you aware of the requirements of IFRIC 23 and do you have any uncertain tax positions?
Solution
PwC can assist in demystifying IFRIC 23 - Uncertain Tax Positions. This service offering includes advising on:
- the requirements of IFRIC 23;
- identifying uncertain tax positions taken; and
- partnering with you to identify any uncertain tax positions and tax risks relating to transactions before they are implemented.
In essence this offering equips you to deal with uncertain tax positions and tax risks when they arise and enables you to manage or reduce such risks.
Deferred tax analysis and tax basis
Issue
Are you having a deferred tax issue?
Solution
PwC can assist you with analysing the relevant tax base and accounting carrying value for assets and liabilities. The deferred tax assistance comprises analysing temporary differences relevant to your business by applying the income statement method as well as the balance sheet approach. We can further assist in analysing the relevant tax rate in respect of the deferred tax raised.
This service offering also includes assisting clients to have better control over the process in managing the tax accounting function for the deferred tax process. This service offering is part of our comprehensive package for our audit of tax and tax accounting service offerings.
Tax accounting training support
Issue
Do you require tax accounting support?
Solution
PwC offers comprehensive tax accounting assistance and support, including tailored training to meet your specific needs. As part of this service offering, we assist you in understanding and meeting your compliance obligations. We guide our clients in adjusting to regulatory changes and emerging trends and keep them informed of the latest tax developments.
Industry Tax Specialisation
Issue
The South African tax legislation contains specific provisions that deal with each industry such as financial services, manufacturing, mining, small businesses etc. Navigating the tax maze applicable to each industry is often challenging for companies especially as these tax laws keep changing, be it by way of tax amendments, SARS’ ruling or decisions taken by the court.
Solution
At PwC, we have specialist tax teams dedicated to each industry. Each team brings on board a myriad of experience applicable to each industry to help our clients navigate smoothly through the tax legislation affecting a specific industry. This, coupled with our technical accounting solutions, ensures that we help our clients with both the accounting and tax implications as part of our audit of tax and tax provision offering.
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