KPMG in Thailand leverages technology for smoother tax compliance — transforming data into value
KPMG in Thailand leverages technology for smoother tax compliance
BANGKOK 3 November 2020 – Leveraging technology tools to drive efficiency for smoother tax compliance is the new normal, KPMG in Thailand says.
As businesses emerge into the new reality, the way organizations operate is undergoing tremendous upheaval. While industries and markets accelerate into this uncharted future, all will exist in a technology-enabled world where everything is digitally connected.
In their drive for efficiency, companies that are reviewing and transforming their finance and tax functions need to keep pace with the variety of ongoing changes – one of which is the rising speed of technological adoption. As a result, companies need to look to technology and data-driven strategies to drive productivity and empower their tax teams to deal with key issues arising in the wake of COVID-19. Tax technology is essential to helping businesses realize tax efficiencies – with the use of data to provide valuable insights as a means of increasing revenue, finding savings, and detecting errors and anomalies.
“At KPMG, we have employed and implemented Robotic Process Automation (RPA) in our processes in order to deliver enhanced value and benefits to our clients. Powered by technology, some of our clients’ tax/financial data go through automated processes to increase accuracy and provide quantitative insights,” said Abhisit Pinmaneekul, Head of Tax, KPMG in Thailand.
“Tax technology tools can help increase tax process efficiencies and provide data analysis with exploratory testing to uncover potential compliance risks and financial opportunities. Those tax technology tools can help instill consistency and transform data into value,” said Abhisit.
It is crucial for companies to keep up with rapid changes in tax technology, particularly automation; they should review each step of tax compliance – from monitoring latest law and regulations and transforming internal data to conducting calculations – to evaluate effectiveness of their current use of technology and additional measures for further improvement.
“With our commitment to delivering value to our clients, we will continue to invest in technology tools to make tax compliance become smoother and highly or fully automated so that transparency over work processes can be obtained quickly, and oversight over key tax risks can be easily generated. This will allow our clients’ tax teams to achieve more operational efficiency,” said Charoen Phosamritlert, Chief Executive Officer, KPMG in Thailand, Myanmar and Laos.
“KPMG in Thailand is at the forefront of tax technology innovation, and our tax advisors are ready to assist organizations in navigating the new normal and transform tax data into value by embracing the use of technology for a smoother tax compliance,” concluded Charoen.
KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 147 countries and territories and have more than 219,000 people working in member firms around the world. In Asia Pacific, KPMG operates in 20 countries and territories with more than 46,000 people in members firms in the region.
KPMG in Thailand, with more than 1,900 professionals offering Audit and Assurance, Legal, Tax, and Advisory services, is a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
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