For organizations with entities spread across continents, managing multiple tax obligations can be a tedious & a time-consuming affair. The biggest challenge for them is compiling and restructuring their sales & purchasing data from heterogeneous systems into an acceptable format.
Gathering such information and linking them to prepare the VAT returns, CbCR file as well as your future Pillar II reporting becomes cumbersome, especially when the data needs to be compliant as per the govt. norms. Most enterprises manage their data through various software but face difficulty to create master data for multiple tax outputs.
Cygnet Infotech in close co-operation with TPA Global’s network helps tax professionals to automate the tax data warehouse, validate the data, and prepare, verify, and submit the returns with ease.
This simplifies the extraction of tax-relevant data pool for CbCR, VAT, and your intercompany transactional matrix, and future data sets needed for Pillar II reporting. This way data is extracted once, instead of organizing data extraction for each tax workflow separately.
One example is that through the user of the R7 tool and in combination with a connectors, we deliver end to end technology solutions. This allows businesses to automate lots of data handling and financial workflows.
A universal approach to the collection of ‘data relevant for tax’ will be a prerequisite to bring efficiencies into tax workflows – often by the demand of the CFOs – and will secure a proper ‘in control on tax compliance’ statement as well.