audit, consulting, advisory, and tax services - …...reduce tax authority risk ratings 17.00 drinks...

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Automating the Preparation of VAT Returns


Our Agenda

13.00-13.30 Current Trends in Indirect Tax Compliance

13.30-14.20 Breakout 1

14.25-15.15 Breakout 2

15.15-15.35 Coffee Break

15.40-16.30 Breakout 3

16.30-17.00 Achieving Best in Class Compliance & Using Technology to Reduce Tax Authority Risk Ratings

17.00 Drinks and Canapes

Breakouts

• Configuring ERP Systems for VAT Compliance• Best Practice & Technology in a Tax Centre of Excellence• Vertex• Thomson Reuters ONESOURCE• Making the most of Excel• Automating Reconciliation of VAT Returns to Intrastat, ESL’s

and General Ledger


What industries do you work in?

Consumer Business

11%

Energy & Resources

12%

Financial Services22%

Life Sciences and Healthcare

3%Manufacturing

4%

Professional Services

4%

Public Sector

7%

Real Estate9%

Technology, Media &

Telecoms16%

Other 12%


What is the global revenue of your organisation

Less than £100m

9% Up to £250m8%

Up to £500m6%

Up to £1bn10%

Up to £5bn22%Up to £10bn

11%

Up to £20bn4%

Over £20bn20%

Prefer not to say10%


UK only41%

Regional (e.g. Europe or

EMEA)23%

Global32%

Other 4%

What’s the scope of your responsibility for VAT & a utomation


Centralised41%

Decentralised16%

Global tax department

19%

Other 4%

Centre of Excellence

4%

Outsourced to a third party

6%

What is your organisation’s approach to VAT complia nce?


What software do you widely use to prepare VAT retu rns? JD Edwards

3%Microsoft Dynamics

1%

Microsoft Excel43%

Oracle12%

PeopleSoft4%

SAP23%

ONESOURCE Indirect Tax Compliance

3%

Vertex1%

Other 10%


Which reporting tools are used to prepare your VAT returns?

Native reports from ERP

system24%

Customised reports from ERP system

26% ONESOURCE Indirect Tax

Determination/Compliance

2%

Microsoft Excel (or similar

spreadsheet application)

44%

Other3%

Vertex – 1%


How many IT systems are used to gather data for VAT accounting & reporting

110%

2 to 548%

6 to 1520%

16 to 251%

More than 25

10%

Don’t know11%


How many FTE days does it take to prepare your VAT return?

Less than 1 day7%

Up to 5 days35%

Up to 10 days18%

More than 10 days17%

It varies17%

Don't know6%


To what extent is your organisation’s VAT compliance automated?

Very high automation (e.g. use

of tax data warehouse,

automated analytical review of VAT-

sensitive information)

0%

Significant automation (e.g.

highly customised ERP process and/or

use of tax engine and/or specialist

VAT return preparation tools)

8%

Some automation (e.g. automated

purchase or invoice processing systems,

including VAT determination)

41%

Limited (e.g. heavily reliant on Excel)

49%

Don’t know2%


How many VAT assessments have you received in the l ast 12 months?

None 32 29 % 15 27 % 17 31 %1 to 5 50 45 % 27 49 % 23 43 %6 to 10 10 9 % 3 5 % 7 13 %More than 10 4 4 % 2 4 % 2 4 %Don’t know 15 14 % 8 15 % 5 9 %Total 111 100 % 55 100 % 54 100 %

BATotal

Automation: very high/significant/some

Limited Automation (e.g. heavily reliant on Excel)


How important to you is the automation of VAT compl iance in your organisation?

Critical12%

Very important41%Important

31%

Somewhat important

10%

Not important2%

Don’t know4%


Is the budget for VAT automation part of an existing tax technology budget?

Yes15%

No42%

Not sure43%

Has the case for increased VAT automation been made in your organisation?

Yes29%

No49%

Not sure22%


How easy is it in your organisation to get budget fo r increased automation?

Very easy0%

Fairly easy22%

Fairly difficult37%Very

difficult8%

It varies/don't know33%


Breakouts!


Welcome Back!


Three Closing Points

1. What was the key point that emerged from your breakout session? 1. What was the key point that emerged from your breakout session?

2 Is automation the key to best in class indirect tax compliance? 2 Is automation the key to best in class indirect tax compliance?

3. Can automation & technology reduce tax authority risk ratings and improve relationships

. with tax authorities?

3. Can automation & technology reduce tax authority risk ratings and improve relationships

. with tax authorities?


Can automation & technology reduce risk ratings and improve tax authority relationships?


Drinks and Canapes!

audit, consulting, advisory, and tax services - …...reduce tax authority risk ratings 17.00 drinks...

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