Tax Compliance Management
Our client, a global organization with assets exceeding $80B across 19 countries, embarked on a transformative journey to revamp its tax operations. This involved outsourcing tasks spanning tax accounting, data management, zakat, VAT, WHT, CbCR, Transfer Pricing, ESR filings, and implementing analytics and automation solutions.
- Tax and finance team’s senior resources spending considerable time on non-value-added tasks.
- Challenges included increased workload, lack of standardization, and inefficient manual compliance tracking.
- Frequent ad hoc requests for data and reports highlighted the need for streamlined processes and enhanced operational efficiency.
-
Flexible Co-sourcing and Automation: Adopted a co-sourcing model for tax-related compliances, integrating automation, standardized templates, and BI reports for data analytics and cost reduction.
-
Process Optimization: Identified and rectified upstream processing issues, ensuring accurate invoice processing and VAT coding. Conducted regular consultations with the finance team for tax-related queries.
-
Process Streamlining: Created a more agile and responsive tax operation that can adapt to changing requirements and regulatory environments, leading overall operational efficiency and effectiveness in managing tax responsibilities.
- Operational Efficiency: Streamlined VAT, WHT, CBCR, Transfer Pricing, and ESR filings. Processed over 750+ VAT returns, 150+ WHT returns, 250+ Transfer pricing reports and disclosure forms across 15+ countries. Realized tax savings of $100K through WHT reclassifications within the first 9 months of the project.
- Compliance Excellence: Enhanced accuracy in tax compliance, rectifying $84.25M in incorrect classifications. Filed all zakat returns for covered entities ahead of deadlines.
- Service Level Achievements: Surpassed service level commitments with substantial improvements in processing times and accuracy, achieving a seamless transition to BAU.