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Tax data-driven platforms

Tax data-driven platforms

Turning tax insights into actions

Organisations around the world have better access to data than ever before, but often struggle to turn this data into insights that can inform concrete business decisions.

With increasing digital reporting requirements (SAF-T, SII, E-invoicing, Making Tax Digital) in the UK and rest of the world, we are seeing a critical client need for an end-to-end solution that can cope with real-time transactional reporting, in multiple countries/jurisdictions, and combines data feeds from multiple source systems. KPMG Tax Intellgience Solution on Sofy could be the solution to this problem.

KPMG Sofy

KPMG Sofy is a cloud based, modular analytics platform that monitors transactions including risk compliance, tax regulation, and the effectiveness and follow-up of improvement activities. With a rigorous focus on control automation, root-cause analysis and exception management, KPMG Sofy delivers in-depth insights in real-time through notifications and alerts, making data easy to monitor, evaluate and mobilise. Developed by a deeply experienced global team of data analytics professionals, KPMG Sofy takes advantage of today’s leading technology components and is designed with security at its core.

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Tax Intelligence Solution on Sofy for VAT

KPMG Tax Intelligence Solution on Sofy provides real-time business insights based on the real-time analysis of transactional data, making the tool particularly valuable for transactional taxes such as VAT. Data is automatically and directly extracted from an organisations’ ERP source systems and mapped in a common data model, presenting insights that help guide valuable user actions. Sofy uses AI to further specify a clients’ suggested VAT treatment and the likelihood of error per transaction. Furthermore, Sofy delivers a compliance platform, which allows you to prepare and file a VAT return (or other compliance filing) directly. With the increasing burden of digital reporting requirements, Sofy provides an extremely powerful future-proof VAT solution for any type of organisation.

Tax Intelligence Solution on Sofy for Transfer Pricing

The Transfer Pricing module provides real time insights into transfer pricing policy compliance and the automation of associated processes. This helps reduce the risk of manual error with prospective transfer pricing adjustments. Sofy powered insights also equip you with data to support the production of transfer pricing documentation. An audit trail functionality further provides insight into all adjustments made. Dealing with your day-to-day transfer pricing matters in isolation can be time consuming and complicated, and this does not account for its interaction with indirect taxes which are impacted by your transfer pricing policies. KPMG TIS Sofy Transfer Pricing is an integrated solution that flags potential VAT and Customs implications as a result of a transfer pricing adjustment.

Tax Intelligence Solution on Sofy for Trade & Customs

The Trade and Customs module uses Sofy’s analytical and automation capabilities to perform a sequence of logical checks on current shipment transactions. This provides ‘exception’ worklists that can help clients avoid errors or compliance violations in their international movements of goods. The module also contains algorithms that review historical data, allowing supply chain leaders to spot trends that identify risks and opportunities, and report savings to better manage freight partners, all in easy to read dashboards and data visualisations.

KPMG Tax Intelligence Solution on Sofy – Turning insights into actions.

For more information about the KPMG Sofy platform, visit the product website.

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