Staying Ahead of Global Tax Changes
Tax changes won’t be slowing down, and you can’t afford to fall behind. Let us help you stay on top of indirect taxes, in real time, wherever in the world they happen.
The power to stay ahead of transaction taxes
Deciphering tax policies of countries around the world would be challenging enough if tax codes stayed the same from year to year. But in 2011 alone global companies grappled with some 3,000 changes around the world in value-added taxes (VAT), sales and use taxes, and other forms of indirect taxes. And as cash-strapped countries seek additional revenue to meet fiscal challenges, the pace of change and the complexities of those changes are only likely to increase. At the top of their list are indirect taxes such as VATs, which, considering the thousands of transactions taking place in any major firm, and dozens of currencies involved, can create a logistical nightmare. As just the latest example China, the world’s second largest economy, is in the process of rolling out a broad new VAT program.
In today’s environment, even the most sophisticated enterprise resource planning (ERP) software systems, not to mention your tax department and the IT professionals who support them, can easily be overwhelmed. The fact is, ERP systems aren’t designed for this purpose, and can’t handle that kind of pressure. Many companies try to compensate with complicated manual processes that tie up work hours and can inevitably lead to higher costs, greater inefficiencies, and costly errors. Look at it this way: Every hour your in-house staff devotes to data entry and chasing down details is an hour diverted from looking at the big picture, assessing the impact of your overall tax exposure on your key business strategies.
What if you could find a partner to do the heavy lifting on all those small but important details? What if that partner relentlessly combed the world for changes in tax law and regulation, integrating new information into your data processing so you don’t have to? That’s what ONESOURCE Indirect Tax is all about. Our tax experts routinely monitor more than 175 countries and automatically updating the system each month so that all of your operations reflect the latest changes. This automated tax engine is designed to integrate seamlessly with your ERPs, giving all of your departments across the world access to the same clear, streamlined, accurate information.
In a global economy, you need the freedom to pursue opportunities wherever they arise. With end-to-end support, from transaction to reporting, ONESOURCE Indirect Tax is there, no matter where you roam.