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What is relevant for indirect taxes?
Indirect Tax regulation changes and developments directly influence your national and cross-border transactions leading to various business implications. This can result in potential impact on margins, or increased compliance and administrative burden. The transformation of your organisation or business also has repercussions for Indirect Tax. But how do you remain compliant given all these changing circumstances? This is where PwC would like to help you as a true business partner. Thanks to our extensive international network we have access to international expertise to assist you globally in resolving your issues.
Get in touch with us if
you want to know how changing regulations will impact your indirect tax position.
you are undergoing a business transformation a.o. reorganisation, supply chain, introduction of new products/lines, entering new markets, IT or finance transformation for example.
your ERP systems are to be updated or renewed.
you want to bolster your tax management and controls so that worries about compliance are a thing of the past.
you want to tackle your indirect tax obligations with long-term sustainable solutions.
you seek sector-specific advice on indirect taxes. Our practice is organised into industries - we use our knowledge of your business to determine tax implications.
you require our advice on a daily basis, our vision of specific cases or support on a project basis for instance with respect to an indirect tax audit or fiscal dispute.
- Compliance
- Tax Control
- ERP & tax engines
- Data analytics
- ESG
- Value creation
- VAT in the Digital Age (ViDA)
Compliance
Indirect tax compliance requirements are changing at a rapid pace. New types of returns and reporting obligations are continuously being introduced. This imposes a great challenge to keep up and remain compliant at all times. Worldwide we are witnessing the shift to electronic (near) real time reporting. We strongly believe this is the future and you should take this into account when defining your compliance strategy.
At PwC, we recognise the importance of indirect tax compliance obligations for any company acting as a VAT taxpayer. The increase in globalisation has led to more complex transactions that require the attention of finance and tax departments. These complexities have an impact on the indirect tax returns. Whether you want to understand the processes and solutions available in the marketplace, need help optimizing your internal compliance processes or consider outsourcing/insourcing your compliance, our professionals are keen to help. Contact us to see what we can do for you, or explore our Global Indirect Tax Compliance Solution: EDGE.
Tax Control
A Tax policy, processes and controls within a company form a very important part of a company's risk profile. In practice, we see that the Tax authorities more and more focus on the processes and controls within a company, rather than they perform State tax audits focusing on individual transactions. Does the company have a Tax Control Framework, does it perform any Monitoring and Testings itself and is the implementation of improvements followed up?
Being in control is not only important for the larger companies. Any organisation should have a Tax Control Framework internally to better control and monitor its tax position. We help companies in defining its processes and controls, to be able to determine which are the key processes and to understand whether there are any gaps in the current control environment. Based on this, we help design a monitoring and testing plan. This can be a manual test, but we prefer to design a data enabled testing approach to further standardise the way of working and not to be dependent on people.
ERP & tax engines
Indirect tax is a transactional tax and is integrated in many business processes of a company. To manage these sales and purchase business processes, most companies make use of an ERP system. These systems help them to improve quality and be compliant at all times.
The implementation of a new ERP system or an upgrade of an existing ERP system offers a unique opportunity to ensure that it optimally supports your company’s indirect tax processes. The specialists of our Indirect Tax - Technology, Process and Controls group bring a wide range of expertise to support you in this entire end-to-end process, from involving indirect tax in the discussion internally to running a smooth and successful system transformation project, leading to an optimised indirect tax position within your company.
Data analytics
Data analytics is an ever changing discipline that continues to grow in importance in all fields across the board. Tax is no exception. Both businesses and the tax authorities are relying on it increasingly to gain a full and accurate picture of your tax position. Data analysis therefore is an essential ‘tool’ to obtain relevant insights and to see whether you are in control of your indirect tax position.
PwC is perfectly situated to assist you and your business through this rapidly changing landscape and to harness the power and potential of data to help you unlock insights into your position and to gain further control. With the help of a strong understanding of your business, extensive knowledge of Indirect Tax and vast experience with different technology solutions PwC can help you to decide on the best solution that works for you. Learn what PwC can do for you.
ESG
Sustainability is an important driver for rapid change in business models and legislation and 'ESG' - Environmental, Social & Governance - will also impact your company’s value chain in the widest sense. From an indirect tax point of view in particular, identifying the indirect tax implications as a result of ESG driven business decisions such as introducing new business models and changes in the current value chain is one of the main areas where PwC assists.
And the other way around, PwC can help identifying the impact on your company of ESG driven indirect taxes, levies and indirect tax affiliated initiatives on an EU or local level, such as Carbon Border Adjustment Mechanism (CBAM), (plastic) packaging taxes, energy taxation including excise, EU Emission Trading System (ETS) and Deforestation.
Value creation
Considering the market situation, more companies are looking into increasing the value of their business. One of the ways to do this is by integration, which is in most cases following a takeover or carve out. Whatever your business priorities are, unlocking new ways to create value for the future sustainably is critical. On a daily basis, PwC is supporting companies to maximise their value and achieve strategic goals in this area. During all stages of the deal, tax considerations should not be taken lightly. Proper assessment of your Indirect tax footprint, looking into the considerations and optimisation opportunities can play a big role in increasing the deal value and unlocking tax synergies.
VAT in the Digital Age (ViDA)
Countries all over the world are introducing changes in their tax systems to shape taxation of the digital world. Tax Authorities see platforms as the key agents to collect taxes and gather transactional information regarding the digital economy.
Next to global trends, according to the European Commission, the 30 year old VAT rules for cross-border trade within Europe are not fit for doing business in the digital age. The rules should be amended by integrating technology to reduce administrative burdens and related costs for business and at the same time shrinking the VAT gap by combating tax fraud. In that respect, we can expect three main changes: 1) introduction of Digital reporting obligations, 2) tackling challenges of platform economy by deemed-supplier rules and 3) introducing a single VAT registration.
Read all about the Taxation of the Digital Economy and VAT in the Digital Age.
We would love to plan a session with you to determine the impact of these rules for your organisation!
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