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.
107 results
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Managing and Automating Payroll Tax Determinations
Reading time: 2 mins
Organizations of all sizes can struggle to keep up with the pace of change in the tax landscape. Federal, state, and local regulations are constantly in flux, and some teams may struggle to keep up. Compounding these issues, many enterprises still rely on manual tax processes. This can cause errors and take excessive amounts of…
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- SAP Global Tax Management
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Global Tax Management 2023 – Benchmark Report
Reading time: 1 mins
Last year's research on global tax management confirmed the importance of digital transformation in finance and tax functions, facilitated by initiatives such as SAP S/4HANA migration, automation, and AI/ML. This report explores how the priorities of SAPinsiders in various aspects of taxation and technology have evolved and how organizations have adapted their global tax management…
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Vertex’s Chain Flow Accelerator for Indirect Tax Receives SAP Certification for Integration with RISE with SAP S/4HANA Cloud
Reading time: 1 mins
Vertex, a leading tax technology solutions provider, has received SAP certification for its Chain Flow Accelerator tool, which simplifies tax complexity. The tool has been integrated with RISE with SAP S/4HANA Cloud, offering enhanced capabilities for transaction creation, configuration, and visualization to improve Value Added Tax (VAT) determination and efficiency. The tool’s application is particularly…
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Embracing SAP BTP and Avalara Solutions During S4 Migration to Meet Tax Compliance Mandates
Reading time: 7 mins
As the global business landscape evolves, organizations are increasingly transitioning from SAP ECC to SAP S/4HANA to stay competitive and adapt to the latest technology. The way this migration is done affects the incremental value of S/4HANA over ECC. S/4HANA is more than a feature upgrade. It is a rethink of how you adapt your…
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Case Study: A Business Case for Indirect Tax Automation with Goodyear
Reading time: 1 mins
The indirect tax environment had seen a huge increase in digital obligations and real-time reporting, where data needs to be correct from the beginning with little option to make changes later. This creates additional exposure to tax authority requirements, and therefore mitigation of the tax and compliance risk is critical. Improving the efficiency and accuracy…
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Activating Plants Abroad in SAP
Reading time: 1 mins
Plants Abroad functionality within SAP is a helpful addition in scenarios where a single company code has multiple VAT registrations across the European Union (EU). Plants Abroad functionality enables automated VAT and INTRASTAT postings for ‘cross-border movements of own goods’ and also some additional reporting requirements related to cross-border VAT registrations.
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Top 10 Signs That Your SAP System Can’t Manage EU VAT Complexity
Reading time: 1 mins
More and more multinational businesses have European operations with complex cross-border flows and multiple foreign VAT registrations. However, SAP is often unable to handle the complex VAT rules and associated reporting requirements faced by such businesses. Increasingly, we see tax and finance staff experiencing the following types of issues: Significant man-hours devoted to checking and…
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Thomson Reuters ONESOURCE Indirect Tax Certified for S/4HANA Cloud, Private Edition
Reading time: 2 mins
Thomson Reuters’ ONESOURCE Indirect Tax – Global Next recently earned SAP certification for integration with the SAP S/4HANA Cloud, private edition. As more and more organizations transition to the cloud, this solution can offer improved indirect tax compliance while also reducing the reliance on manual transactions and calculations, thus drastically lessening the chances of an…
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Tax Compliance at the Edge with ONESOURCE
Reading time: 7 mins
As the world becomes more interconnected and the complexity of indirect tax regulations continues to grow, multinational organizations need to centralize their business and financial data to ensure a single source of truth. SAP S/4HANA is a robust offering for achieving this goal, but using it alone can present challenges like latency and an increased…
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- SAP Global Tax Management
- Premium
Using SAP to Manage U.S. Sales Tax from Overseas
Reading time: 5 mins
Many organizations from outside the U.S. struggle to do business within the country, due in large part to its complex and often confusing sales tax system. Unlike VAT or GST, sales tax is only levied on the final transaction with the customer, and there are no charging or reporting requirements for the companies in the…
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