With an unprecedented amount of global indirect tax reform, a broader global tax base, and tax rates increasing worldwide, more US-based global companies are scrutinizing their indirect tax responsibilities – including value added taxes (VAT), sales and use taxes, goods and services taxes (GST), federal excise taxes, telecommunications taxes and other transaction taxes.
We can help you with identifying and exploring indirect tax opportunities and issues as they relate to compliance, assessment and risk management, business expansion, mergers, acquisitions, and reorganizations, excise tax, systems, processes, and controls, refunds and cash flow and policy and design.
As the average global indirect tax rate approaches 20%, indirect taxes represent a significant amount of working capital for US-based multinational companies. Historically, companies have managed sales and use tax expenditures with accounts payable departments, performing reverse sales and use tax audit procedures manually.
The Indirect Tax Analyzer tool can assist companies in managing sales and use tax expenditures effectively and efficiently, potentially resulting in significant refund opportunities.
Tax authorities have introduced requirements for real-time reporting of indirect taxes and demand more transparency of data and formality of processes. Technologies are evolving that provide for better indirect tax determination, reporting and audit defense, as well as, advanced data analytics and business intelligence. Automating many aspects of the indirect tax function allows for tax departments to become more strategic.
Interested in learning more about PwC's Indirect Tax Operations (ITO) practice and how we can help you meet the obligations of today while preparing for the challenges of tomorrow?