Knowledge sharing

Monday, November 30, 2015

SAP VAT Course

Introduction

The SAP VAT determination logic was developed during the 1980’s and, except for the “plants abroad” logic, SAP’s VAT determination logic has changed little. This is in stark contrast with the significant changes made to VAT rules and business models over the same period. With the aim of creating new sales markets and achieving cost savings, business activities are spread all over the world.

Cross-border chain transactions with third parties or within a company (intercompany transactions) have become the rule rather than the exception. The above means that often practical solutions have to be found within the set-up of SAP regarding indirect tax.

Phenix Consulting possesses practical experience and understands SAP's possibilities, but also its limitations and thus the capability to free up resources, reduce manual activities and manage risks.

Program

  • Developments in the technology market - this section will elaborate on developments and trends in the technology market that have an impact on the indirect tax function of organizations. Examples include changing business models, but also developments in the approach and processes followed by tax authorities.
  • Indirect tax functionality in SAP - learn about the opportunities that standard SAP offers to support the Indirect Tax process, but also addresses the limitations of standard SAP.
  • Practical work-arounds - discussing best practice work-arounds, but also risks and opportunities of these work-arounds on quality of the indirect tax process.
  • Tax software - overview of software solutions (tax engines) available in the market including their advantages and disadvantages.
The training is interactive. Sufficient time is allocated for answering specific questions and issues that you encounter in your organization.

Our offering

We offer the following models:
  1. SAP VAT basic training - 4 hours - the following key VAT concepts and functionalities of SAP and VAT will be discussed: 
    • Standard SAP design
    • Standard VAT drivers 
    • VAT on Sale 
    • VAT on Purchases 
    • VAT on FI-Only
  2. In-depth session - in addition after interviewing and understanding your own operating business models and the design and implementation of SAP your current issues will be discussed and recommendations provided how to come to improvements
  3. Workshop - the workshop will be completely focused on your 'As Is' and how to get to the 'To Be'. We will provide insight in normative controls, practical workarounds and VAT tools available in the market (e.g. Vertex, OneSource, Meridian and Taxmarc by PwC).
For pricing please contact us. For additional info see 'When is Standard SAP (in)sufficient?'

Audience

This training focuses on the tax function, (SAP) IT staff, finance staff, sales staff and Internal Audit.

See for further detailed information

Sunday, November 22, 2015

OECD VAT/GST Guidelines 2015

At the second meeting of the OECD Global Forum on VAT, in April 2014 in Tokyo, the high-level officials of 100 jurisdictions and international organisations endorsed the first three chapters of the OECD International VAT/GST Guidelines as global standards for the application of VAT/GST to international trade.

In the Statement of Outcomes of this meeting, they urged the OECD to finalise the work on the remaining elements of the Guidelines and to present the completed Guidelines for endorsement at the next meeting of the Global Forum.

This work has been carried out since April 2014 and the resulting new elements of the Guidelines have been merged with those that were endorsed at the 2014 Global Forum to form a fully consolidated draft.

This consolidated draft was approved by the OECD’s Committee on Fiscal Affairs (CFA) on 7 July 2015 with OECD and G20 countries working together on an equal footing, and is now presented for discussion at the third meeting of the OECD Global Forum on VAT.

These new elements of the Guidelines notably include a recommended solution for the effective collection of VAT/GST on the remote business-to-consumer sales of digital products by foreign suppliers (B2C Guidelines).

These B2C Guidelines were developed in the context of the OECD/G20 Project on Base and Erosion and Profit Shifting (the BEPS Project).

They were included in the 2015 Final Report on BEPS Action 1 “Addressing the Tax Challenges of the Digital Economy” that was endorsed by G20 Finance Ministers at their meeting on 8 October 2015 in Lima, Peru, as part of the final BEPS Package.  OECD VAT/GST Guidelines 2015

Thursday, November 19, 2015

How to make that change

In order to get buy-in from senior management it is often about setting the right priorities, understanding the root cause of underperforming and select a method for measurement that best fits. The deck explains what a tax function could do to get indirect tax higher on the priority list of senior management.

Is it all less challenging when change is initiated and sponsored by senior management itself? For example when the overall business framework is changed (e.g. COSO ERM) or non routine transactions are considered.

The video is 2 minutes slides-only and silent – you may want to use the pause button.


More detail: Where you are and where you want to go

Friday, November 13, 2015

FTI Consulting - Global Indirect Tax Compliance

VAT and other indirect tax compliance is becoming increasingly burdensome. Many businesses now seek to outsource some or all of this burden in order to reduce cost, manage risk and free up time for the in-house finance team.
VAT compliance is an issue that affects businesses from all sectors and in particular, businesses which have numerous trading entities and branches or businesses which trade in multiple locations – in short, anyone with a large or growing number of VAT registrations.

FTI Global VAT Compliance

At FTI Global VAT Compliance we provide everything you need to successfully manage indirect tax compliance and provide a cost effective solution for:
  • VAT/GST registration
  • Indirect tax reporting - completion and submission of VAT/GST returns and supporting declarations such as Intrastat and EC Sales Lists
  • Fiscal representation

What makes us different?

EXPERIENCED TEAM

  • Our team is highly experienced, having held senior indirect tax posts within the Big Four and industry.
  • We have substantial experience of on-boarding new engagements, working across the EU member states and globally.
  • We provide our services to major global businesses and are a recommended service provider for Amazon sales partners.

INDEPENDENCE AND DEPTH

  • We are free from audit and assurance relationships. As a result, our clients can always be certain that we will be in a position to represent and advise them whenever required.
  • Our European Tax Advisory team is the largest tax team of its type and in addition to VAT compliance provides a full range of tax advisory services to some of the world’s largest businesses.
  • We are part of the WTS global tax network, the world’s largest independent tax network, with offices in over 100 countries.

ROBUST CONSISTENT PROCESS

  • Your compliance needs will be handled according to one global process using high quality, experienced staff and leading edge tax technology. This delivers complete visibility of the compliance process and enhanced management information.
  • From one central point of contact we will register you for VAT wherever necessary, put in place the process for preparing and submitting returns, and where needed, organise the transfer of funds.

PERSONAL SERVICE

  • Each client relationship is managed personally through one Global VAT Compliance partner who will provide a single point of contact and will organise the team to deliver the service you need.
  • Through our VAT management portal you will always have full visibility of the return status and will have access to archived returns and supporting documentation whenever you need them.
Henk Hop 
Senior Managing Director

Wednesday, November 11, 2015

Building blocks of an indirect tax strategic plan


Benchmark information, templates, modules and approaches are shared to support VAT process improvements and meet business objectives

'Why', 'What', and 'How' of Managing an Effective Indirect Tax function



Wednesday, November 4, 2015

Planning of non-routine transactions


From a Tax Control Framework perspective, for setting up risk based controls, the more unusual the transactions, the greater the tax risks. Examples of non-routine significant business transactions:
  1. Migration to new jurisdictions
  2. Change of business models
  3. The Intersection of VAT and shared service centers
  4. M&A integration: managing the moving parts before, during, and after a transaction