A robust VAT Control Framework is vital for navigating today’s regulatory complexities.
By fostering accountability, optimizing resources, and ensuring coherent governance, organizations can better manage VAT compliance, mitigate risks, and enhance operational success.
How KGT Can Support You
1 - Improve your VAT Control Framework using KGT's normative benchmarking framework.
KGT assists clients in establishing effective VAT control frameworks to enhance compliance and efficiency. Our framework provides a comprehensive assessment of your current situation, identifying gaps and recommending targeted controls.
Our experienced team, including former EY Indirect Tax partners, draws on industry best practices to address your unique challenges. We offer tax consultancy, advisory services, and internal audit support tailored for multinational corporations.
Trust KGT to optimize your tax strategy and enhance your financial integrity while navigating the complexities of VAT.
2- Check the performance of your VAT risk management with KGT's data analysis
KGT has developed an advanced data analysis solution for SAP users. Their SAP add-on automates tax controls and improves the efficiency of control checks, allowing for client-specific adaptations. It extracts tax information from billing documents by considering factors like departure and destination countries, customer classifications, and tax codes, ensuring alignment with best practices and identifying discrepancies with SAP's determinations.
A notable feature is the "full flow" check in SD billing, which provides an overview of VAT codes throughout the invoice chain linked to a sales order, helping maintain compliance with local VAT regulations for goods supplied from European warehouses.
Intercompany partners, Party A and Party B, can track tax determination results throughout the entire process. The dashboard includes traffic light indicators for adequate health checks.
KGT will analyze the data and create a report outlining the tax determination logic, associated risks, and necessary steps to address any gaps. If our data analysis proves valuable for regular assessments, consider securing an annual subscription for our solution.
3 - Check the performance of your VAT risk management with KGT's SAP review
Our evaluation focuses on your organization’s VAT processes within SAP, ensuring efficiency and compliance with local tax laws.
KGT reviews your SAP system’s VAT settings, including codes, rates, and account assignments, to ensure they meet current regulations. Our experts assess tax determination configurations, considering place-of-supply rules, customer/vendor types, and product/service classifications.
By collaborating with KGT’s VAT specialists, you will receive valuable insights and recommendations, empowering you to implement best practices and improve your VAT management.
The link provided allows you to download KGT's brochure, which offers a detailed explanation of how KGT can assist you.
If you have any questions, please don't hesitate to contact us.
