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Author's profile photo Elizabeth Milne

SAP S/4HANA Move for Finance Blog series #13 of 15 Manage Indirect Tax Consistently and Cost-Effectively with SAP S/4HANA

Thank you for joining our SAP S/4HANA Finance Move blog series breaking down the Webinar Series for Finance Professionals

This on demand webinar is hosted by Vishal Verma, Head of Solution Management – Risk, Compliance and Tax at SAP. Attend this session to learn how to solve the new challenges of digitalization of value-added tax (VAT) and goods and services tax (GST). Establish efficient management of global indirect tax with SAP S/4HANA solutions while minimizing the cost, complexity, and burden of over or under taxation. Shape a next-generation strategy that will solve even most complex challenges in indirect tax calculation, validation, and declaration.

Here’s the agenda Vishal will cover:

  • Overview about this session​
  • The new world of Indirect Tax with SAP S/4HANA​
  • The ideal world of Indirect Tax with additional accelerators​
  • Summary​

In addition to the main session “Manage Indirect Tax Consistently and Cost-Effectively with SAP S/4HANA” there are two additional deep dive sessions available. Logon to the main session, then scroll down to access the deep dives seen here:

  • Learn How to Find and Resolve Issues with Indirect Tax to Help Avoid Penalties​

Learn how global tax management solutions for SAP S/4HANA can help you to control growing complexities around everchanging electronic reporting mandates. See how to stay compliant to global Indirect Tax Regulations in a cost-efficient way.

  • Use Intelligent Technologies to Identify and Resolve Issues with Indirect Tax to Help Avoid Penalties

As the legal obligations and indirect tax regulations multiply worldwide, the need to stay compliant has become more critical than ever. Highly qualified experts struggle with the accuracy of compliance reporting. Learn how intelligent technologies along with SAP S/4 HANA can help you to manage and report compliant data minimizing monetary losses through fines and competitive disadvantages.

Again, to access the deep dives log into the main session “Establish an Integrated and Centralized Treasury and Working Capital Management” from www.sap.com\move-finance then scroll down to access the deep dives as pictured above.

 

Additionally, here are some of the questions and answers from our live session:

  1. Could you please repeat again the additional components/licenses that you would suggest for customers to consider to help them in the indirect tax space.
    SAP Tax Compliance, SAP Advanced Compliance Reporting and SAP Document Compliance.
  2. Is it possible to link the Tax Compliance product to the SAP Analytics Cloud (SAC) dashboard to present findings based on logic built for business specific tax scenarios which generate the compliance hits?
    Yes, it is possible. That was part of the demo you saw in the presentation.
  3. I expect that ACR is not just purely for indirect tax, but it can be leveraged, designed for other tax reporting requirements including Transfer Pricing, Corporate Tax, Zakat and WHT? If so, are reports available out-of-the-box?
    Yes, that is the plan. Many of these like WHT and others are already supported. Corp Tax is in consideration. And of course, PWC can help building reports for its customers with ACR design time
  4. Will any of these products go through any updates over the coming years after purchasing? If legislation gets updated or new auditing requirements come about, will SAP provide newer releases to keep up-to-date?
    At SAP we have approximately 1,500 people organization on Globalization. These are based out of 50 countries. They study new regulations and upcoming legal changes; and provide feedback to our development organization. For SAP S/4HANA, we support 64 countries, 40 languages. For various SAP products, the team processes, on an average, 1,000 legal changes across these countries every year. So yes, there will be updates.
  5. I understand SAP Predictive Analysis Library (PAL), machine learning, functionality is available with Tax Compliance, will this be available as part of the existing license of the software or will it incur additional costs? And if we were to deploy Tax Compliance (and license it first), could we procure the Predictive Analytics piece at later date to add on to the Tax Compliance solution?
    For SAP Tax Compliance, you don’t need to purchase additional PAL functionality it is included
  6. Will SAP Be offering any discounts to these tax product offerings due to the global pandemic? Many businesses may not be able to afford the licensing costs so to remain competitive, I assume SAP will provide some allowances?

We do have some offerings from SAP in current times. Back to Best | COVID-19 Resources | SAP We do have one ongoing for Global Trade (for GTS).

  1. What are the benefits you think a customer who currently uses external tax engine would get from moving to SAP S/4 HANA in terms of taxation?
    For US Use tax and Sales Tax, external tax engines can be useful. For rest of the world, it is important to keep SAP S/4HANA as a single source of truth. So, you can calculate it correctly there, validate it there. And reporting out on various formats like e Invoicing, period end reports, so everything is reconciled by design

For a complete outline of our on demand series check out www.sap.com/move-finance

SAP S/4HANA Move for Finance Blog series

#01 of 15 Why Finance professionals should move to SAP S/4HANA

#02 of 15 Join the Finance Transformation – Learn How SAP S/4HANA Finance Will Help You Move Forward

#03 of 15 Learn Why it is Beneficial for Finance to Move to SAP S/4HANA

#04 of 15 SAP’s Unique Formula for the Finance Function of Tomorrow

#05 of 15 See How the New Intuitive SAP S/4HANA User Experience Improves Productivity

#06 of 15 Learn How to Manage the Move to SAP S/4HANA Most Effectively

#07 of 15 Establish Trust Across the Financial Close

#08 of 15 See How SAP’s Finance Platform Has Evolved Beyond Accounting, Supporting the End-to-End FP&A

#09 of 15 Increase Customer Satisfaction and Process Efficiency in Receivables Management with SAP S/4HANA

#10 of 15 Increase Revenue by Establishing Service-Based Business Models with SAP S/4HANA

#11 of 15 Establish an Integrated and Centralized Treasury and Working Capital Management

#12 of 15 Streamline and Automate Financial Shared Services with SAP S/4HANA

#13 of 15 Manage Indirect Tax Consistently and Cost-Effectively with SAP S/4HANA

#14 of 15 Manage Governance, Risk, Compliance (GRC) and Security with SAP S/4HANA

#15 of 15 Learn How SAP S/4HANA Can Support Finance Professionals to Join Enterprise Transformation

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      6 Comments
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      Author's profile photo Ramky Prabhakar
      Ramky Prabhakar

      Thanks Milne, nice snap shot on Tax Compliance topic.

      Quick question, please guide how to lay hands on SAP TRM for MENA region?

      Author's profile photo Pavel Lerner
      Pavel Lerner

      Elizabeth, in your Q&A #3 you mentioned that CorpTax is in consideration. Can you please elaborate how CorpTax can be integrated into SAP S/4HANA?

      Author's profile photo Elizabeth Milne
      Elizabeth Milne
      Blog Post Author

      We are currently considering this and thinking of adding it to our roadmap. As of today, customers can use partner solutions for the purpose.

      Author's profile photo Pavel Lerner
      Pavel Lerner

      Elizabeth, would you have more specifics around "partner solutions"? CorpTax doesn't have anything I have seen around S/4HANA, Thus, if CorpTax is not yet part of your roadmap, what solutions are there?

      Author's profile photo Elizabeth Milne
      Elizabeth Milne
      Blog Post Author

      Partners can be Tax Advisory partners (Big 4s) like Deloitte or EY.

      Author's profile photo Pavel Lerner
      Pavel Lerner

      Hi Elizabeth! I posted a question 5 days ago, nobody responded. Any thoughts?

      I am trying to tap into a community of US tax technology consultants whose clients use S/4HANA. It looks like this community is hard to reach. Any advice? Reaching out to you, as you previously responded to my question.

      Thanks!

       

      https://answers.sap.com/questions/13348596/us-income-tax.html

       

      Hi ! Did anyone go through a creation of tax sensitized ledger? S/4HANA for a US company. What resources are available at SAP? Thanks