SAP Global Tax Management
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Global Tax Management: An Overview and Key Considerations
What is Global Tax Management
Global tax management is the process by which tax managers evaluate the global taxability of an organization’s industry, corporate structure, business model, operations, products or services, business activities, and daily transactions.
To ensure global tax reporting requirements are met accurately and consistently by all subsidiaries across multiple tax jurisdictions, global tax management requires a holistic view of an organization’s entire flow of transactional data across its entire value chain.
Global tax management brings together disparate technologies from multiple vendors, such as SAP, Vertex, Sovos, Avalara, Thomson Reuters, and different currencies and various regulators, contributing to complexity across the tax function.
Global Tax Management: An Overview and Key Considerations
What is Global Tax Management
Global tax management is the process by which tax managers evaluate the global taxability of an organization’s industry, corporate structure, business model, operations, products or services, business activities, and daily transactions.
To ensure global tax reporting requirements are met accurately and consistently by all subsidiaries across multiple tax jurisdictions, global tax management requires a holistic view of an organization’s entire flow of transactional data across its entire value chain.
Global tax management brings together disparate technologies from multiple vendors, such as SAP, Vertex, Sovos, Avalara, Thomson Reuters, and different currencies and various regulators, contributing to complexity across the tax function.
For many organizations, global tax management typically involves these three steps:
- Define compliance needs worldwide across all operating units, lines of business, tax jurisdictions.
- Map businesss processes to govern how compliance should flow through the organization globally.
- Implement technology solutions that can accurately collect information and content updates from disparate sources in alignment with defined business processes to deliver master data and financial information asynchronously as required.
Key Considerations for SAPinsiders
Understand the growing complexity of global tax management. Organizations considering different areas of the world for new potential opportunities must be aware of how these business interests can affect the local country’s taxation. Changing legislation and mandates around global tax management is becoming ever more complex as organizations face growing challenges in evaluating how their growth initiatives may impact global tax liabilities.
Evaluate your content needs for effective global tax compliance. Tax managers need to consider what global activities may be taxed in which locations and ensure that they are meeting the tax requirements of each country accurately and promptly. Greater global tax compliance efficiency can help organizations reallocate accounting resources to support revenue-generating tax compliance opportunities.
Implement technology to simplify global tax management needs. The Ingram Micro and Dow Chemicals case studies provide best practices outlining how technology makes it possible to create a global view of the enterprise, enabling tax function managers responsible for global compliance, global reporting, and global controls. Content updates that provide real-time data on tax jurisdictions, tax rates, and tax content changes are critical for efficient global tax compliance.
87 results
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Pain Point Trends across Global Tax Management
Reading time: 2 mins
Tax teams face numerous significant challenges in their daily operations. The complexity of operations presents a long list of potential obstacles to minimizing tax burden. In a previous blog, we explored how modernization of tax and finance (migration to SAP S/4HANA, automation, use of RPA, AI/ML, etc.) as the top driver of global tax management… -
How Drivers for Global Tax Management Strategy Have Changed
Reading time: 1 mins
The global tax landscape is complex and constantly shifting. This means that organizations not only have to change their tools to keep pace, but often they must realign their entire strategy to stay afloat. In a previous blog, we highlighted how digital transformation and modernization of tax and finance is the top driver of global… -
Technologies Used to Support Global Tax Management Strategy
Reading time: 2 mins
Finding the right global tax management strategy can make a significant difference in the bottom lines of organizations of all sizes. Yet the proper strategy can only be achieved if organizations can pair their teams with the appropriate technology in order to maximize their overall value. In the previous blog of this series, we dove… -
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Top Global Tax Management Requirements
Reading time: 2 mins
In this blog, we will discuss how digital transformation and modernization of tax and finance are the top drivers of global tax management strategies. We will highlight the requirements that SAPinsider members said were the most important to them in the Global Tax Management Benchmark Research Report. In the benchmark report, SAPinsiders clearly prioritized the… -
Key Drivers and Strategies for Global Tax Management
Reading time: 1 mins
The global tax landscape is a complex and constantly evolving challenge. Organizations must keep up to stay competitive in the broader business world. There are challenges, both internally and externally, that make tax compliance an issue. In this blog, we will highlight some of those drivers that affect how organizations run their global tax management… -
Vertex CFO on Strong Earnings: Indirect Tax Automation is a Must-Have
Reading time: 4 mins
This week, Vertex released 2022 fourth-quarter earnings and full-year 2023 guidance above Wall Street’s expectations. On the earnings call with investors following the announcement, Vertex CEO David DeStefano spoke about the favorable tax compliance environment for his company’s product offerings. He stated, “Businesses today face immense regulatory change and indirect tax complexity. These challenges intensify…...… -
The Impact of Global Inflation on Day-to-Day Operations in SAP
Reading time: 3 mins
Inflation has been one of the biggest sticking points for businesses over the last year. In an increasingly connected global economy, no country is ever fully insulated from the effects of inflation on the price of goods, as well as how it alters interest rates. In this article, SAPinsider expert Adrian Wilder will walk through… -
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Rethinking Your Approach Towards Global Compliance
January 31, 2023
The digitization and increasing complexity of tax has necessitated that most organizations rethink their approach to global compliance management. Rapidly changing regulatory guidelines and tax laws have made manual processes difficult to maintain. In addition to increasing the burden on internal tax teams to get things right. While the strategy may differ depending on the… -
Embracing SAP BTP to Meet Tax Compliance Mandates
February 28, 2023
What happens when the exact functionality that you need doesn’t come out of the box within SAP S/4HANA? You’ll need to look to 3rd party technology providers to fill the gaps and meet tax compliance mandates. However, adding functionality in SAP S/4HANA has its risks and challenges. It must be done in a way that… -
EMEA Organizations Face Corporate Minimum Tax Uncertainty in 2023
Reading time: 2 mins
The effects of an ever-evolving regulatory landscape continue to impact enterprise tax teams across the globe. Findings from SAPinsider's Global Tax Management benchmark report, particularly for EMEA-based organizations, point to corporate income tax compliance as among the most significant regulatory updates impacting their workloads (42% of EMEA-based respondents). Unfortunately, this compliance burden will only increase…
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