An automation tool for the Corporate Income Tax compliance process
Bringing the Corporate Income Tax compliance process to a next level, the era of digitalization
SmarTax is a digital tool that allows you to calculate and prepare the quarterly and annual corporate income tax (CIT) computation and is designed to reduce the time spent with the calculations through the automation of repetitive processes. The application incorporates the entire fiscal legislation in force, while also remaining flexible to adjust to any future changes in the corporate tax area.
With SmarTax you would be able to make fast decisions based on updated tax law/ regulations, have access to Deloitte expertise in profit tax area, compare tax treatments by quarter/year, generate monthly computations, have traceability over each computation even when the team changes, manage the tax computation process, communicate internally directly via the application, keep track of all information and supporting documentation with the archive module, or export tax data and analyses for group reporting purposes.
SmarTax is functional through a simple internet connection, archives...
the necessary information for completing the corporate tax returns, establishes the applicable
tax treatment, based on the type o transaction or tax treatment previously applied and automates
calculations on limited deductibility in cases specifically provided by the tax legislation,
such as the legal reserve, interest expenses, sponsorships etc.
With a single click, the application automatically generates the corporate income tax return to be signed and submitted to the tax authority.
Archive the information
used for the preparation of the CIT computation
Replicate the tax treatment
from a quarter to another
Pre-set certain tax treatments
based on the transaction type/ the tax treatment used in previous years
Maintain a history
of the comments / information necessary to determine the correct tax treatment
Generate a predefined validation list
in order to ensure the accuracy of the analyzed information and the chosen tax treatment
Automate the tests
to determine the limited deductibility of certain elements (e.g. legal reserve, interest expenses, sponsorships etc.)
Generate a .pdf file
generate automatically the quarterly / annual CIT returns for submission
SmarTax app ensures a high level of automation and control and thus considerably reduces human errors and the time allocated by tax and accounting professionals for this process
- 24/7 access through a simple internet connection;
- Unlimited number of users that may access the service;
- Data management, using the Microsoft cloud service (commissioned by Deloitte) – the application will be available on the Deloitte server.
- Archiving the information and file on a period equivalent to the statute of limitation period (including the possibility to upload files from previous periods), with the possibility to extend the period upon request;
- The application is developed in the native APEX platform from Oracle, which allows for an increased compatibility between the systems (e.g., Oracle, SAP etc.)
- The highest possible security level, provided by the Active Directory – Microsoft;
- Multi-factor authenticator (MFA) – access based on a username and password, and on an additional verification based on a unique code received on the telephone of the user (SMS).