Tax and fiscal authorities are being more creative about how they audit financial data for tax purposes and we are seeing a growing trend towards digital reporting of tax data which increases the burden on taxpayers to provide orderly and accurate records, closer to, or, in real-time.
On the 7-8 June 2017, we held a customer workshop to understand how multinationals are dealing with these growing requirements which include the Standard Audit File for Tax (“SAF-T”) and Spain’s Supply of Immediate Information (“SII”).
Johannes Schleith, a Lead UX Designer in the Thomson Reuters Lab team, did a fantastic job of leading the workshop by making it extremely interactive and engaging for our customers. Following the first day of discussions, we distilled the digital reporting process into three discrete areas that our customers wanted us to focus on:
- Creating a news channel – how they gather intelligence on the new data requirements;
- Mapping of own data to country requirements;
- Diagnosing and correcting errors within their source data for file preparation and post-filing.
On day two, we asked our customers to think of ideas to solve the above problem areas, create a prototype and pitch them to the group for “funding”.
It was an extremely successful and insightful two days and we are very excited to see how the Thomson Reuters Lab team can provide their expertise to progress this to Proof of Concept stage.
For an overview of what Thomson Reuters is doing to address the new SAF-T regulations, watch our recent video update with our Proposition Manager, Kim Hau.