The world of VAT and customs reporting is changing rapidly.
As businesses, we’re living in a world, which is becoming increasingly globalised, with the adoption of more and more VAT and other indirect taxes. Tax authorities are requesting more detailed transactional information than ever before – and more quickly. At the same time new technologies are introducing unprecedented methods to track both indirect and direct taxes.
It has now become business critical to keep up to date with your VAT compliance responsibilities and to be ready for more thorough questioning from your tax authorities. The best way to achieve this, we believe, is to embrace the new technologies available.
Here are some quick demonstrations of our key compliance tools. Click on the pictures to launch the selective video. Presentations and additional informations can be found below the videos.
1 VAT reconciliation solutions
PwC has different solutions to help you with VAT/turnover reconciliation, from an automated excel-based solution building on standard ERP VAT reports to an SAP-integrated programme which allows automated reconciliation preparation directly in SAP. An automated solution helps you reduce the manual workflow involved in setting up a VAT/turnover reconciliation in line with Swiss VAT law, and allows you to focus more on the analysis of transactions.
– Presentation: VAT reconciliation solutions – February 2017, PwC Zurich
– Flyer: Does your ERP System talk ITX?
2. Taxmarc for SAP
Taxmarc is an ‘add on’ to the SAP-system and gives an insight into all the data which is relevant for determining the VAT that is payable or receivable. The system facilitates VAT treatment for each individual transaction.
– Presentation: Taxmarc for SAP – February 2017, PwC Zurich
3. VAT compliance technology
Our STARS compliance and analytics solution enables the automation of indirect tax returns, as well as providing detailed analysis of underlying transactional data. It helps standardise processes, increase efficiency and reduce risk in VAT compliance.
– Presentation: VAT compliance Automation – February 2017, PwC Zurich
Making import data visible with a diagnostic tool: With Customised-Import we can analyse the import data of a company, looking at a variety of aspects of import handling, quantifying savings and risk potential, and making the data visible to different interest groups in an easy and intuitive way.
– Presentation: Customised-Import – February 2017, PwC Zurich
– Flyer: Keep track of your import data
5. Data analytics in indirect tax
The introduction of data analytics for indirect tax by authorities in most EU countries is now an impending reality. To become more efficient and create greater value for the broader business, tax functions need to take a closer look at the data they collect, the technology and processes they use, and rethink their approach to tax data management. PwC data analytics provides a complete view of the VAT risks and the opportunities that arise from using data smartly.
– Presentation: Data analytics – February 2017, PwC Zurich
– Learn more about our Webcast on Wednesday, March 8, 2017
6. VAT refunds re-imagined
Businesses operating across borders often incur significant amounts of local VAT on expenses. Global reclaim Assessor (GrA) is a solution that enables the processing of invoices for VAT refund claims in a cost-effective way, helping businesses to recover the VAT paid and to optimise cash flow.