Nova Praxis is expert at implementing solutions that are integrated for reporting and fiscal consolidation, automating corporate tax provision calculations. We’ll help you determine your fiscal provision easily and accurately with the solution that best fits your needs.
Increasing regulations require more and more transparency and traceability when calculating taxes, specifically for corporate tax. Since 2016, the Multilateral Competent Authority Agreement for the Exchange of Country-By-Country Reports requires multinationals to report the corporate tax that they pay in every country where they operate.
GET THE LEADING FEATURES FOR MANAGEMENT REPORTING
In the past, fiscal departments used spreadsheets to gather together data for fiscal reporting. But relying on an Excel spreadsheet to calculate tax provisions is inefficient, exposes a company to unnecessary risk while calculating income tax, and no longer is a viable solution for multinationals. Today’s fiscal departments are searching for adequate technology to help their company keep up to date with greater and greater demands on their fiscal roles.
Fiscal management solutions include all stages of the corporate tax provision process, from compiling data, calculating tax, fiscal and account reporting, calculating payments for the corporate tax account, calculating negative income tax (NIT), monitoring deduction limits, fiscal credits, tax differentials, etc. All of these features are offered within one central, consolidated fiscal database that is easy to use, traceable, and offers ease of auditing, which can be consulted and analyzed to monitor fiscal responsibilities.