For a group with many entities and operations in many countries it is a challenge to keep track of all tax risks throughout the company group and how they change over time. As Head of Tax you would like to be up to date to ensure that all risks are managed properly and with the tax departments input.
Tax risk information is important in order to meet compliance requirements such as IFRIC 23 and to make proper provisions in the company group. In addition, this information is the basis for communication to different stakeholders regarding the tax risk profile of the group.
The Tax Risk and IFRIC 23 module allows your company group to efficiently collect and structure tax risks and uncertain tax positions throughout the company group and keep track of them over time. This includes each issue per entity, the type of risk and the underlying documentation to keep all information related to your risks in one place.
This will allow your company group to make accurate assessments of the maximum liability and the risk level of the group, which serve as a base for a decision on how much you provide in your accounts.
From January 2019 tax departments are required to report information on certain risks as a note to the annual report if you report under IFRS. You need to make an assessment of the tax risks in accordance with certain criteria. A specification of how the risk, if materialized, would affect your current and deferred taxes together with any penalties and interest charges, should be reported and updated on a yearly basis. The tax risk module supports keeping track of tax risks under IFRIC 23 and will help you to include the necessary information for each risk as a basis for the note. This module could support a FIN 48 process as well.
Data quality is of great importance. Our solution has many in-built functions to increase quality and ensure that you are in control of the entire process. Furthermore, data can be collected at the source which secures the accuracy of the input.
Our solution is for everyone! With a flexible solution you can adapt to the needs of different organizations. The modular approach together with configuration and customization possibilities allows you to get a solution that is relevant for you.
A good user experience is key in our solution. We help both editors and process owners by providing simple and clear processes and functions to minimize administration. Our interface is simple to use and the same structure is recurring throughout all modules.
As everyone has been assigned with roles and responsibilities with tasks to perform, your organization will save a lot of time by automating the data collection process. The collected data is always up to date which avoids work being done twice.
Digitalization of head office functions – what does it mean? Join us for a digital meeting and we will talk about your company’s needs and where you can start a digitalization journey with all of your group’s head office data.