Adding Real Time Analytics to your Tax Department’s Indirect Tax Toolkit

by | Jul 13, 2016 | Country Tax News, EU, Oracle, Oracle ebtax/etax/e-business tax, Oracle ERP, Oracle Fusion Tax, Oracle Modules, R12, SAF-T, VAT AUDIT, VAT News | 0 comments

Innovate Tax have recently added Real Time Tax Analytics to their indirect tax toolkit, the application has been designed specifically with the tax department in mind. Real Time Analytics is a user friendly web application which will inform the tax department of a transaction with a potential tax issue within seconds of it being entered. This allows the tax department to identify and correct issues at source and empowering the tax department to be involved in the end-to-end process.

The ever increasing use of technology by Tax Authorities for tax compliance is directly impacting the inner workings of the tax department. The VAT landscape is changing rapidly across the globe as Tax Authorities introduce technology to crackdown on tax avoidance and ensure corporate tax transparency. From South America to Europe,  tax authorities are passing regulation to ensure companies provide accounting data in a standardised format, direct from their ERP applications on a monthly basis. The tax authorities can then check the file, validate the data and ensure compliance. Poland has introduced electronic filing with SAF-T files from the 1st July to join Portugal, Luxembourg, Austria and Lithuania who are already using the SAF-T filing format.

Too many companies are still reliant on manual processes to run the VAT report at month or quarter end and export to excel to verify VAT issues. The filing of the SAF-T file is required on a monthly basis even if the company has a quarterly VAT return. The tax department will need to ensure that VAT calculation us correct at transaction time or any issues identified at source. They will needs an indirect tax toolkit to have robust tax determination methods and the ability to identify tax issues as soon as the transaction is entered.

At Innovate Tax we are meeting the requirements of the modern tax department by providing the required indirect tax toolkit. We recently won a European Tax Award for our pre-configured tax determination model using the Oracle Tax engine. Our clients have been able to drastically reduce VAT issues and achieve significant cost savings across back office departments. Now we are including the Real Time Tax Analytics are part of our full indirect tax package so that tax departments can have an end to end indirect tax solution with their Oracle applications.

Alastair Doe

Alastair Doe

Senior Principal Consultant

Alastair has 20 years experience in the design and implementation of Oracle applications on multinational global deployments. Alastair has established himself as one of the leading Oracle and Fusion tax consultants and has implemented eBusiness tax on over 20 implementation projects. He has an in-depth experience of delivering complex, robust and compliant indirect tax solutions using the Oracle eBusiness and Fusion tax engine.

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