This demo shows the highlights of the Global Tax Reporting Module
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Advanced Tax Connect - Global Tax Reporting Solution
Tim van Uden
Updated: Sep 18, 2024
Description
Click through a step-by-step, interactive demo walkthrough
Steps
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This demo shows the highlights of the Global Tax Reporting Module
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The dashboard shows the three modules that are included within 'Advanced Tax Connect'
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The Tax Reporting Solution is a proven solution that has been used by MNEs for a long time to facilitate their various global tax closes
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The hierarchy can be setup in line with the finance cube and/ or be customized
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Select the year and/ or period
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Click 'Go' to activate the entity specific Tax pack
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As we focus on the user experience, the solution works with a questionnaire. Based on the answers to these questions, the solution will show/ hide specific schedules and parts of the schedules
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This approach facilitates simple, complex as well as entities that grow in complexity.
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After submission of the questions the user can start with the completion of the tax pack
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The solution is divided into two areas being the input schedules and the reporting schedules
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The input schedules ask information that local controllers typically know (gross amounts, local currency information)
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Reporting schedules automatically calculate the tax implications (Deffered, ETR, Total tax positions)
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The current tax charge calculation is the backbone of the solution. It moves from PBT, through permanent differences, movements on temporary differences, loss compensation and other items to the reported income tax expense/ benefit
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We leverage data from the finance cube to prepopulate specific items like PBT, Pdiffs as well as certain checks within the tax pack
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Per line item supporting documentation as well as additional comments can be recorded
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Important feature within the solution is the availability of a tax basis balance sheet. The movements of the temporary differences are automatically reflected here
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The tax basis balance sheet is built up as a balance sheet. All captions are customized. The balance allows to complete Group GAAP - Local GAAP - Tax information.
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On a line-by-line basis the user can specify the positions. This allows the user to select whether something is treated as taxable, has it movements go through P&L or Equity and add a specific description to the line item
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The solution covers a very detailed schedule for losses and other carry forwards
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This overview shows the reconciliation of the loss position recorded within the entity. It keeps track of the losses and the evaporation as well
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The positions calculated within the tool are automatically picked up by other input schedules like the CIT position and reports (e.g. total tax position)
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The CIT position provides an opening to closing reconciliation of the current income tax position
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When the questions around equity and OCI are answered with 'Yes', a complete current tax charge calculation through equity is available as well
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And there are much more schedules available to record information around other (outside base) differences, Excess interest and so on
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Sub/National – Facilitates the national and subnational tax calculation with different tax rates.
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Sub/National – Facilitates the national and subnational tax calculation with different tax rates.
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Reports
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The solution automatically converts the information provided in the various input schedules into tax effects.
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The ETR report automatically reconciles an ETR based on the provided information. Depending on the questions answered with 'Yes', more parts are shown in the reconciliation
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The solution does not ask the user to reconcile the ETR themselves
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Just like the Tax Basis Balance Sheet, the results are reflected in the deferred tax overview with the same setup.
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From opening assets and liabilities, movements through P&L/ EQ, balance sheet movements, change of tax to an automated closing balance
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In line with the approach on the Tax Basis Balance Sheet, the reconciliation is shown on a line-by-line basis. Furthermore, the schedule allows you to deviate from the standard tax rates on a line-by-line basis
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It will automatically calculate the change of tax
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The total tax summary consists of two schedules being the compressed version that shows the balance sheet of deferred as well as the current positions
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By selecting more details, the overview will also show you on what elements the various positions are based
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Next to the opening to closing overview of the current and deferred positions, the schedule presents the reconciliation from current income tax expense, deferred tax expense to the total tax expense
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Some highlights of the items on the roadmap. Please note that in the total solution which is running on various platforms, these schedules/ functionalities are already present
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