We cover the complete cycle of your income tax processes
As in many other areas, the need for digital solutions and processes is more and more increasing, also in terms of income taxes. Both internal and external stakeholders require tax relevant information within ever shorter time frames. Many foreign jurisdictions have even started to request real-time information from taxpayers. Although German tax authorities have not yet started to demand information in real-time, stakeholders such as CFO´s, financial investors or family offices expect real-time reporting that encompasses the entire field of income taxes. To comply with such requests, relevant information must of course be made available and processed in digital form.
Moreover, to enable your employees working from home as well, a high degree of digitalization is key. The pandemic in 2020/2021 has shown how important remote work actually is.
The responsible persons should perceive the digitalization requirements as an opportunity to make reasonable changes to their tax department. To consequently fulfill these requirements, it is essential to conceive, analyze and consequently establish the entire income tax relevant processes „end-to-end” both in a transparent and integrated manner.
Transparency helps end users to focus on their core competence, i. e. dealing with tax law and its reasonable application. However, this is only possible if the information available in the tax computation process can easily be comprehended, i. e. without extensive analysis. An integrated process means that data is preferably featured with tax relevant information at source and ready to be processed within a harmonized IT landscape that promotes a highly automated workflow at the same time. The goal is to avoid manual interventions and data transfers.
WTS will support you by implementing tailor-made end-to-end income tax processes in standard software to reach the following goals
Significant workload reduction in the field of tax reporting and tax declaration by bringing data and IT systems together
High value contribution through efficient allocation of resources (avoidance of time-consuming manual tasks)
Transparency in tax relevant data (including real-time reporting)
High degree of automation of tax computation
Increase in quality and avoidance of penalties, interest or other costly tax proceedings
Prompt identification of potential for tax optimization
Reliable and readily available data for planning and forecast purposes
Seamless integration of tax audit results into the tax declaration and financial statement process
Due to a wide range of digitalization projects successfully carried out at enterprises of different scales and operating in different industry sectors, WTS could gain extensive know-how in this context. Our clients benefit from our versatile and field-tested best practice digitalization approaches in end-to-end income tax processes. Thanks to WTS‘ close collaboration with the leading tax software providers, we have profound insights to identify income tax related developments and to bring new legal requirements to a pragmatic solution.
Our aspiration is to think end-to-end income tax processes holistically. For that reason, we do not only focus on automation solutions, but also take further aspects into account that include, but are not limited to: tax support services, process consulting, change management etc. Our experts support you in all project phases and, if needed, beyond the go-live of your newly implemented tools and solutions.
Ideally, successful projects begin with jointly developing a digitalization roadmap that ensures a well-organized and scalable proceeding with a clear definition of goals that goes hand in hand with your company´s (global) IT strategy. Subsequently, your tailor-made implementation plan can be realized together step by step in a flexible way.
WTS offers the following solutions and services in relation to end-to-end income tax processes Creation of a digitalization roadmap for your (income) tax function
Implementation and global rollout of external tax tools, e. g. the leading solution „LUCANET Tax Portal“
Process consulting and optimization end-to-end or for consolidation purposes only
Technical support in the area of tax accounting, tax reporting and tax compliance
Compilation of tailor-made directives and user guidelines
Optimization and automation of validation processes
Operational support of your income tax function
Project support through change management
Solution for DAC 6
Data analytics and KeywordAnalyzer
Software as a Service (SaaS) along with business support
WTS has many years of experience in this field, having successfully implemented a large number of digitization projects for clients in a wide range of industries and company sizes. Our clients thus benefit from our diverse, field-tested "best practice" digitization approaches in the area of end-to-end income tax processes.
Our claim is to think holistically about end-to-end income tax processes. For this reason, in addition to automation solutions, we also focus on other aspects, ranging, for example, from technical support and process consulting to change management. Our experts provide you with targeted support in all project phases and, if required, even beyond a "go live".
The implementation of a successful project ideally starts with the joint development of a "digitization roadmap". This enables a structured and scalable approach with a clear definition of objectives, taking into account the (global) IT strategy of your company. Subsequently, your customized implementation strategy can be implemented jointly and flexibly, step by step.
Overview of International Corporate Income Tax rates (CIT rates)
Do you have any questions about our services or WTS? Please let us know. Please fill in our short contact form. We will get in touch with you as soon as possible.
