When you leverage your structured and unstructured data sources for tax reporting, you can pre-populate local tax packs with recorded data as well as create checks with the reported local information. This will not only enable users with information they know but also check for consistency with the source systems. 

Considering the fact that in-depth tax reporting knowledge is not always available, we will ask the user for known information around gross amounts in local currency and country specific tax rates. Our solution automatically calculates the tax related implications. Furthermore, it creates more than 2000 datapoints on the backend that can be used for any type of reporting.  

As the solution gathers and creates more data than requested, this information can be leveraged for other purposes like Pillar 2, CbCr, Cash tax forecasting and Loss forecasting. Furthermore, the data can be used to automatically prepare the IFRS/ USGAAP/ Local GAAP tax note for the financial reports. 

The Tax Reporting Solution is setup in a way that the output can be aligned with the information required to prepare the local corporate income tax return. 

When the tax return is filed and the final positions are reported, the information of the return can be automatically compared with the provisional calculations which results in a true-up analysis. Furthermore, journal entry automation allows you to record the adjustments directly in the underlying systems. 

By adding a layer of control, governance and approaching it with the right change management policies, a future proof environment can be setup.