Wolters Kluwer releases tax solution for multinationals

Accounting solutions provider Wolters Kluwer released its CCH Tagetik Tax Provision & Reporting product to support finance and tax leaders in multinational companies by offering data collection and group tax provision calculations (including current, deferred and effective tax rate), and by enabling group tax reporting for financial consolidation figures. 

The new solution, which leverages the AI capabilities of the CCH Tagetik Intelligent Platform, features analytics and data management technology for control at the group level, a unified accounting and tax model for consistency across borders, streamlined data entry and commentary capabilities, as well as dashboarding and reporting capabilities that align tax processes with financial operations for strategic decision-making. Essentially, the product is meant to harmonize all tax data and processes at the group level.

Users can create automatic no-code tax rules; collaborate on temporary or permanent tax adjustments; use a balance sheet approach inspired by IAS12; instantly populate tax reporting templates and dashboards; as well as validate key tax provision indicators with the product's audit trail.

These features are in service of the larger goal of streamlining group tax provision and accounting processes by integrating and bridging the gap between financial and tax reporting. Ralf Gärtner, senior vice president and general manager of corporate performance and ESG with Wolters Kluwer, said the product was developed in response to growing demand for more efficient group tax solutions in an increasingly global business environment. In particular, group tax teams over the years have been challenged by major reforms such as BEPS Pillar 2, country-by-country reporting, top-up tax and transfer pricing, which has necessitated adjusting enormous volumes of tax data to manage the tax provision process separately from the group's financial close and consolidation.

"Companies are seeking advanced technology solutions to enable them to transform their approach to tax and financial reporting," Gärtner stated. "We are committed to continuously developing innovative and integrated technologies to support the Office of the CFO. This new solution enables finance and tax leaders to harness the AI capabilities of our Intelligent Platform to drive efficiency for group tax provisioning and to streamline integration with core financial processes."