Simplify your tax calculation process
IFRS TAXellence is an integrated technological solution which provides assistance for the preparation of the corporate income tax, local business tax and innovation contribution calculations of taxpayers preparing their statutory financial statements in accordance with IFRSs.
What kind of problems can be solved by IFRS TAXellence?
Following the IFRS transition, companies have to consider numerous tax rules which may have a major impact on their corporate income tax, local business tax and innovation contribution liabilities.
Considering the novelty and complexity of the IFRS related tax legislation and the lack of experience with respect to the tax authority audits, the revision of the previously applied, well-established practices is recommended.
Why to choose TAXellence?
By the application of a user friendly, adaptive questionnaire, IFRS TAXellence assesses which general and special tax base adjustments (that are only applicable for taxpayers preparing their statutory financial statements based on IFRSs) should be taken into consideration during the calculation of the tax liabilities.
Tax base calculation scheme
Based on the answers provided, IFRS TAXellence creates a tax calculation scheme and companies only have to enter data in order to determine their current tax liabilities.
The software also provides useful information (recommendation for best practices) during the quantification of each tax base adjusting items.
Storage of the supporting documentation
In addition to the tax calculations, the documentation supporting the calculations could be stored in IFRS TAXellence in a well-structured way, ensuring an easy access for companies in the case of a potential tax audit.
Further advantages of IFRS TAXellence
• It provides guidance for the quantification of the one-off tax base adjustments required due to the transition
• It provides support in the assessment of the minimum tax liability related to the IFRS transition
• It also takes into consideration the different elections related to the transition which can be made under the tax legislation
Do you have any questions?