Ensure tax compliance due to Brexit-resulted changes
The Brexit Monitor automatically identifies transactions that are impacted by Brexit from a Value Added Tax perspective.
The changes resulting from Brexit put many trading organizations in a highly challenging situation; whereby Great Britain will no longer be part of the EU territory whereas Northern Ireland will keep its status.
Businesses currently have to understand how they are going to be affected by upcoming tax changes and what those implications will be, particularly in the underlying system tax determination logic. It is even more crucial that, after the agreed Brexit transition period, businesses continues to monitor for any potentially new tax regulatory changes occurring and ensure that they comply with the tax laws
Key benefits: • Automatically identify tax-impacted transactions • Get a transparent and immediate overview about all the information relevant for taxation • Ensure ongoing monitoring for tax compliance management
Features & Capabilities
Surfaces transactions that needs to be monitored for potential changes in VAT treatment
Identify transactions captured in the system against pre-defined Brexit controls that businesses need to comply to and address immediately e.g. implementing different VAT treatment
Drill down into specific Brexit controls and impacted transactions
Obtain full transparency of impacted transactions and its relevant tax information
Workflow to take actions on impacted transactions in addressing new tax rules
Enable analysts to take the right actions directly in SAP system (e.g. change tax codes) or interact directly with KMLZ tax lawyers to get legal advise on impact
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