In the wake of ever more complex tax systems and increasing reporting obligations, tax technology is gaining significance in the field of taxation. The keyword "digitisation" means the transformation from analogue to digital processes and structures. For example, only system-generated or manually recorded invoices are produced in the systems. This applies not only to the transaction data, but also to the master and configuration data. The entirety of this information can only be processed if it exists in digital form.
Consistent and quality-assured data storage ensures efficient and qualitative aggregation, validation and reporting options for companies. Due to generally heterogeneous IT landscapes (number of systems/different systems/various master data configurations), all tax-relevant data must be identified and defined by the tax departments, in order to ensure consistency and quality. In addition to the definition of the general tax data, it must also be noted that the relevant data can be taken into account according to tax type. In principle, it must be noted that, for example, the database relating to the transfer pricing for the enrichment of turnover tax data (e.g. tax code) can also be used for VAT validations and reporting.
The creation of the aforementioned tax database concept will enable the implementation and use of tax reporting solutions in the next step. The connection to the database ensures that the same database is used for all tax validations and reports.
The IT-supported systems support tax departments in fulfilling compliance requirements, in particular by processing and validating data and reporting. In particular, this applies for mass tax data. Small systematic errors may already have severe consequences for a company. IT-supported tax processes also enable companies to quickly and easily retrieve information about their tax burden situation and identify optimization potential. IT-based control solutions therefore only deliver their full performance capacity and efficiency if these are adjusted to the individual circumstances of a company.
- Concern analyses/feasibility studies
- Process advice at the interface between taxes and IT
- Fiscal design of standard products (validation and reporting tools)
- Individual projects
- Technical project management and mediating roles
Our tax experts stand for Tax Technology Services.
IT Tool solutions and related services are offered in the WTS Group by WTS ITAX GmbH.