Financial Services Ireland

Tax Technology

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Tax Technology

Today’s tax environment has become increasingly complex with more demands on tax departments to meet new regulatory and digital requirements locally and globally. Tax authorities are looking for more data from mandatory digital tax reporting or data extraction directly from the systems as part of tax audits. This means that the tax authorities have the ability to mine more data than ever before to understand companies’ activities through analytics. In some cases, the tax authorities have better capabilities than the companies themselves to understand their own relevant tax data.

Tax functions are at full capacity maintaining existing tax processes and other ad-hoc advisory tasks. They are now struggling to embed tax reporting demands into the tax function on top of their existing processes and face internal obstacles also.

Tax reporting implementation can be hampered where a low priority level is applied to tax projects in the project management pipelines.

Building out the tax rules or tax modules in existing software can also be cost-prohibitive, forcing tax functions to merge together multiple sourced reports and manually manipulate the data to get the desired output. This is not a sustainable approach for developing an agile tax function.

There is an increased dependency by tax functions on alternative teams such as IT and finance to assist in projects due to the lack of skills in the tax functions to improve reporting processes. These issues can create a longer lead time to adapt to new processes to achieve the desired reporting output for the company’s needs.

Each tax function has unique processes in their operating model.  We see various tax functions’ operating models where typically the tax departments have tax and accounting specialisms. Tax processes are constantly evolving and should be constantly refreshed by embracing technology to achieve the optimum operating model.

We have worked with tax departments to develop these bespoke tax solutions at a lower cost base than internal development while layering our tax technical expertise into the technological solution.

We help to utilise and expand the tax function’s current resource pool to fill the technical skills gap by:

  • Liaising with your internal teams to co-ordinate and operate new processes
  • Help upskill teams internally to onboard new lean tax technology processes
  • Outsourcing parts of the tax functions to enhance cost-effectiveness
  • Working with service providers to develop tax technology solutions to embed lean tax processes within your organisation

Our team can work with you to understand your existing processes and tax requirements. We formulate new lean processes and enhance existing processes with bespoke automated tax solutions based on our technological capabilities. We have highly dynamic and powerful solutions that can assess your exposure to withholding tax and assess the tax risks arising from the impact of local and international tax rules from tax, legal and economic perspectives for complex structures. We also have health check assessments that provide dashboard analysis for tax governance, VAT, Corporation tax, withholding tax, FATCA and CRS compliance.

We can help you to transform and optimise your tax operating model in this disruptive era. Please contact our tax and technology transformation team to discuss your current tax practices and how we can help you to adapt and improve your tax department by exploring your needs and identifying opportunities to optimise your team.

Sinéad Colreavy

Associate Partner, Business Tax Advisory
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Ellen Bone

Tax Manager - FSO leader in Tax Technology and Transformation
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