Tax Reporting and Strategy (TRS)

Improve efficiency by expanding the tax role to include technology and analytics

Tax reimagined

In a seamless marketplace, businesses are having to do more with less and constantly innovating to stay relevant. Tax functions are facing more pressure to move in tandem with businesses to support strategic conversations. Whilst tax is not a boardroom agenda for all businesses, with the increase of global regulatory and compliance requirements, more businesses are reviewing their strategies to effectively manage their tax risks. 

We adopt a holistic approach to making sure that you have the right people, supported with a robust tax infrastructure, which includes policies and tools to effectively manage your tax risk. This helps develop sustainable solutions to enhance your tax function’s agility in meeting the ever-changing demands of the business in real-time.

 

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Getting Fit for the Future forum

75 delegates representing 35 companies gathered on 28 November 2017 to be part of our ‘Getting Fit for the Future’ event, where we engaged in conversations on how companies can level up to be fit for the future. Change is happening and companies need to act now to deal with tomorrow’s tax challenges. 

 

Find out the key takeaways from our event here

What would you like to redefine, redesign and redeploy?  

We can work with you to develop and implement an action plan to help level up to your desired end state. But “one size does not fit all” and to start the journey, you should assess the gaps between where you are now and where you want to be. A solution may just focus on one or all of the following components, depending on the GAP analyses and your requirements.

Using insights from your tax data

Data is the new currency, which in most cases is not enriched for tax reporting. Tax functions have to spend a significant amount of time reviewing, extracting and analysing to determine the tax treatment of these items. If good quality data was available for tax reporting, tax functions can spend more time unlocking insights such as effective tax rate trends, use of consumer spending patterns coupled with tax information to consider heat maps for store setups, etc. Thus, driving value from tax data. Therefore, effective tax data strategy and governance would enable more time for tax functions to apply predictive/prescriptive analytics and manage the data effectively to ensure it is readily available if required.

We can work with you to:

  • Review your current reporting processes that impact the quality of data for tax reporting purposes
  • Work in tandem with you to develop a plan and roadmap to effectively manage the processes and policies that govern data for tax reporting to meet regulatory requirements
  • Review and assess what tools can be used to enhance efficiencies as well as unlock insights from tax enriched data

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The right tools and frameworks to upgrade your tax infrastructure

To move in the digital age, speed and real-time are important drivers. Therefore, having the right tools and policies to govern them, are key enablers that will help tax functions to provide analyses and information to support businesses in their strategic decision-making. The use of technology provides efficiencies resulting in tax functions having more time to spend on other “value-added” activities. In order to ensure that tax risks are effectively managed, there must also be sufficient policies governing the use of the tools and decision-making. We have both readily available and bespoke solutions, depending on your needs.

We can work with you to:

  • Review and provide insights into your tax function's current state
  • Work in tandem with you to develop a plan and roadmap to move your tax function to a desired future state
  • Review and assess which processes to automate to enhance efficiencies 
  • Develop robust frameworks to govern processes and tools to effectively manage tax risk

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Developing tax professionals of the future

People on the team will need to be more agile and be able to partner the business on strategic decision-making. There also has to be clarity of roles and responsibilities of all stakeholders involved in the handling of the data for tax reporting. This includes the business owners. Hence, education and robust policies around roles and responsibilities and governance around the use of tools would be key to enabling your tax function to be more efficient.

We can work with you to:

  • Review and provide insights into your tax function's personnel's current roles and responsibilities
  • Work in tandem with you to develop a plan to move your tax function's personnel to level up and be fit for purpose 
  • Review and assess which processes can be automated to enhance efficiencies
  • Develop robust frameworks to govern roles and responsibilities of tax function personnel and stakeholders involved

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Contact us

Pauline Lum

Tax Executive Director, PwC Malaysia

Tel: +60 (3) 2173 1059

Yap Sau Shiung

Tax Partner, PwC Malaysia

Tel: +60 (3) 2173 1555

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