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Indirect Tax Compliance
Efficiency through automation and standardisation
The Indirect Tax Compliance application was developed by Deloitte’s Global Tax Centre Europe (GTCE) to meet the day-to-day indirect tax compliance challenges faced in outsourcing engagements, and after running the application successfully internally for a number of years, Deloitte has given access to companies facing the same challenges internally.
Indirect Tax Compliance
Supporting end-to-end compliance
Increased reporting requirements and greater scrutiny from tax authorities are challenging businesses to find more efficient, automated, and potentially more centralised means to manage the indirect tax compliance process. Today’s tax departments are required to achieve more with less, while still facing challenges of multiple data sources, varying data quality, numerous processes, and country-specific requirements. As a result, companies are looking for technology solutions that will help them increase efficiency.
Indirect Tax Compliance, accessible via Deloitte’s myInsight platform, is an application that supports your end-to end compliance service. It allows you to implement a standardized and automated indirect tax compliance process: from data upload to the submission of indirect tax returns. The application covers 80+ countries globally, with many new countries regularly added. Our Global Tax Center in Belgium has delivered indirect tax compliance services to a wide range of clients around the world for over 20 years, and we have used this experience to build an industry-leading solution.
The benefits of Deloitte’s ITC
Indirect Tax Compliance is an easy to navigate, web-based application that supports your end-to end compliance service. The application produces a return package, based on data that is uploaded and validated through a number of quality checks. The return package includes e-files, tax code summaries, and other key reports.
The main features of Deloitte’s ITC application, which will help you to achieve your indirect tax compliance objectives include:
- Automation of data validation: Time saving which allows more focus on reviewing the quality of transactions, and other higher-value tasks.
- Extraction of insights from your data: The issues log, standard management reporting and dashboards provide you with better visibility and insight into the transactions reported and VAT positions taken.
- Increased quality and efficiency: The tool improves overall process efficiencies, achieving more consistency and reducing the risks associated with manual errors.
- A solution tailored to evolve: Various service levels are available to choose from depending on the appropriate level of access and coverage can be adapted as your needs change.
- Compliance with accurate data: Deloitte professionals produce over 100,000 indirect tax returns annually; as a result, the application is continuously updated with the most relevant data.
- Access to experienced support teams: The team supporting you includes experienced indirect tax and compliance specialists.
Indirect Tax Compliance
The technology helped us to standardize and simplify the VAT compliance process […] It saves us a lot of process time, it eliminates the risk of manual errors, and there is a full audit trail.
VAT Manager, Global Manufacturing company
To improve data quality, the ITC application validates your data with 80+ embedded quality checks. Following these checks, any changes to your data can simply be performed in the application itself, it is then tracked and a full audit trail is available via a central data repository.
Furthermore, digitalisation is becoming a priority with more and more governments. To comply with digital requirements, the Indirect Tax Compliance application is supporting real-time reporting (e.g. Hungary, Spain and Canary Islands) and is officially approved by HMRC for the United Kingdom governments ‘Making Tax Digital’ initiative.
Do you require a solution to automate and standardize your indirect tax compliance process? Deloitte’s Indirect Tax Compliance application improves efficiency allowing more time for your team to focus on higher value tasks whilst being supported by experienced indirect tax and compliance specialists. The application is updated continuously given that Deloitte professionals use the same technology on a daily basis plus the availability of interactive dashboards allows you to gain further insights through enhanced data analysis.
The transition went smoothly and the Deloitte team was very responsive in answering all our questions.
Manager, Global TMT company
The support team is very efficient, dedicated to the implementation of our entities. They resolve all issues in a timely manner.
SSC VAT Lead, Global Technology Company