The efficient company that provides audit, tax and advisory services including industry insight KPMG Nigeria has launched ‘Tax Reimagined’ a new way for corporates to design and implement strategies to manage their tax transactions in the ever-changing landscape of taxation.
Speaking in Lagos, the Africa Head of Tax Reimagined, KPMG South Africa, Dermot Gaffney, said the new technology driven solutions would create a new way of thinking and executing tax affairs for large firms, thereby helping the tax function in any corporate enterprise.
According to his explanation on the new technology, he said Tax Reimagined would tell the proper tax story which includes the value of proper management of tax.
“If you get your taxes processed incorrectly, the authorities can close down the business as a result of mistakes or the lack of attention to your tax.
“This solution is a holistic offering that helps synchronise an overall umbrella solution to our clients’ tax function to enable them identify what the risks are as well as solutions to tackle those risks and better articulate the value that tax brings to their business and economy,” Gaffney said.
In his remarks, Ralf Bauer, said there were many global trends and disruptions that are placing increasing pressure on large organisations and the number of new technologies available to the tax function can be confusing.
“This means it is critical that the head of tax in any large group understands the range of solutions and sourcing options in the market and is also able to identify which may be best suited to the organisation’s needs.
“The tax departments need to supply data and comply with the law. It is also about the workforce available, how it can be sourced and what can be changed.
“This initiative is about the holistic view looking at the processes and risks of the companies, and then we look at sourcing opportunities or maybe including other technology.”
Also speaking during the media briefing, Head Tax Regulatory and People Services, KPMG, Wole Obayomi, said corporates were facing many common issues in today’s fast-developing world, saying solutions needed to help them comply with their obligations in the different markets they operate in are unique to each client.
“KPMG’s Tax Reimagined is a technology driven solution that is customized to each client’s particular circumstances and needs,” he added.