PwC collaborates with Google Cloud to bolster Connected Tax Compliance Strategy
LONDON, 4 April 2024 – PwC’s Connected Tax Compliance Strategy is being built to accelerate client outcomes. Enhancing the data used in tax compliance is a critical component of business transformation, which is why PwC is working with Google Cloud to develop and deploy a new data platform to facilitate the delivery of Connected Tax Compliance globally. The offering combines PwC’s vast breadth and depth of tax experience across more than 150 countries with Google Cloud’s leading data analytics, cloud, and artificial intelligence capabilities. The two organisations will focus on delivering a modern and flexible tax compliance solution to meet the challenges presented by an increasingly complex, data-driven global tax reporting and regulatory environment.
As Pillar Two requirements take shape, which implement a 15% minimum tax on a global basis, multinational businesses face resource and upskilling demands, operating model changes, evolving data and system needs and new compliance requirements. As a result, the need for complete, timely, and accurate tax data continues to grow as e-reporting and e-invoicing compliance models expand. This is prompting CFOs and Tax Directors to seek ways to realize value from the substantial investments being made in cloud and Enterprise resource planning modernisation programs. PwC and Google Cloud believe their combined skills, experience, and technology will create solutions that deliver sustained outcomes for their clients and build trust in the data reported to regulators and used to make business decisions.
PwC has collaborated with Google Cloud on an advanced tax data controls and analytics solution that provides real-time visibility into tax data insights, controls checks, exceptions testing, and reconciliations to complement and extend most existing tax calculation and reporting technologies on the market today. The solution will be hosted on Google Cloud and leverage BigQuery, Vertex AI, and Google Cloud Cortex Framework to enable seamless integration with popular business applications like SAP S/4 HANA. The solution will be powered by PwC’s catalog of tax data dictionaries as well as its library of validations, rules, analytics, process intelligence diagnostics and tax rates, and reconciliations. It will cover corporate taxes, transfer pricing, Pillar Two, indirect and withholding taxes, and Environmental, Social, and Governance (ESG) tax reporting. PwC will also offer clients flexible sourcing options and a wider set of tax compliance services, such as tax data management, continuous controls testing, and e-invoicing and e-reporting services, in addition to its core existing tax compliance capabilities.
Carol Stubbings, Global Markets and Tax & Legal Services (TLS) Leader, PwC UK, said:
“We’re thrilled to be partnering with Google Cloud to produce a global tax compliance tool. Our Connected Tax Compliance campaign is about empowering clients through data-driven reporting that efficiently meets the evolving regulatory landscape. This is the value we bring to our clients, providing innovative solutions utilizing the strength of our partnerships and combined expertise.”
Victor Morales, Vice President, Global System Integrators Partnerships at Google Cloud, commented:
“We’re pleased to partner with PwC on a solution that helps clients more effectively navigate today’s complex tax landscape. With Google Cloud technology, PwC can apply the data analytics and AI capabilities that businesses need to enhance efficiency, analysis and value from their tax compliance investments.”
Dallas Dolen, Global Google Alliance Leader, PwC US, added:
“Our relationship with Google Cloud has gone from strength to strength over the years. We have a lot of respect for the capabilities Google Cloud delivers and achieves in the market, and I look forward to seeing how we’re able to disrupt and deliver even greater value to help companies maintain compliance in a constantly evolving regulatory and reporting environment.”
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