Corporate tax function will be
effective and transparent only if there is proper access to financial data and
processes. Tax Reporting is a one-stop tax provisioning solution for multi-national
organizations reporting under GAAP or IFRS principles to calculate tax
provision by legal entity. Solution
involves several stages of Corporate Tax Provision, which includes automation
of tax, collection of data, calculating tax provision, automating return-to-accrual,
reporting and analysis for tax, Country-by-Country (CbCR) reporting.
Tax Reporting uses platform as firm
close process and can directly be integrated using the same metadata. When organization
accounting finalizes period end close process with all required numbers--such as
permanent and temporary variances, tax rates, currency exchange rates--feed into
system, Tax Reporting module automatically calculates tax provisions.
Tax provision Process:
- Administrator loads trial balance data in Tax Reporting and triggers tax automation process
- Load tax rates and non-automated amounts using pre-build web-forms or Smart View
- Load Any other provisions
- Load Return to Accrual numbers
- Adjustments for removing trial balance differences
After inputs, the system calculates mainly:
- Current Provision number
- Deferred Provision number
- Effective Tax Rate
Below reports and forms mainly will be available after Tax
Provision process for the business:
·
Current Provision numbers
·
Deferred Tax numbers
·
Tax Journal Entry and Tax Footnote
Tax Reporting Home screen :
Current Provision Web-Form :
Deferred Tax Web-form :
Integration with Business Process:
Tax Reporting built in EPM cloud
has seamless integration with Oracle ERP cloud, Oracle E-Business suite,
PeopleSoft, JDE etc and other on-premise Hyperion products like Hyperion
Financial Management.
Reference(s):