Increasing globalization means that many companies need to extend their reach while limiting costs and headcount. At the same time, regulatory and tax authorities, and consequently Boards of Directors, are applying much closer scrutiny to a company’s tax processes and controls. Companies have to respond to these challenges and outsourcing or co-sourcing a business process can offer an attractive solution:
- It circumvents internal resource constraints, while providing an opportunity to drive efficiencies in the collection and analysis of data
- It can help to embed consistent processes and controls that can free up the tax department for core tax planning and business support
- It can help fill the knowledge gap created by operating in several locations and under different tax regimes
- It allows to leverage the experience and investment in effective process and technology made by a specialist service provider like KPMG's network of firms
- It could be a scalable cost-effective way of better meeting the needs of both in-country compliance and the business as a whole throughout the project
Provide assistance in business processes mainly in the field of compliance formalities.
GTO will focus on providing the following core services:
- Corporate tax compliance (income tax returns)
- Statutory Accounting and bookkeeping
- Assistance with Tax Provision Computations
- Assistance with Tax Reporting Services
- VAT and Intrastat compliance
- Customs Wages
- Payroll compliance
KPMG has responded by creating a web-enabled collaboration and reporting tool. It has a proven methodology - integrating people, process and technology and helps multi-national enterprises comply with global tax requirements more efficiently and effectively, with real time visibility over the entire compliance project. KPMG’s proprietary software provides a secure environment allowing transparency and control over important projects.