Tax Software Development in a Multi-Jurisdictional Environment

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Presentation transcript:

Tax Software Development in a Multi-Jurisdictional Environment John Glaubitz, Vertex Chair, OASIS TaxXML Business Analysis Subcommittee john.glaubitz@vertexinc.com 25/02/2019 13th XBRL International Conference

13th XBRL International Conference Agenda Tax Compliance Information Exchange in Compliance The Role of Tax Software Solutions Issues and Challenges Standardization and Semantic Interoperability Benefits Approach 25/02/2019 13th XBRL International Conference

Tax Compliance Processes 25/02/2019 13th XBRL International Conference

13th XBRL International Conference Cost of Tax Compliance Costs result from gathering, manipulating, registration, retention and provision of information. Consequences to business and government for untimely or incorrect tax returns. Complexity of meeting compliance obligations may require the help of tax specialists or intermediaries Cost and complexity of compliance can be a barrier for businesses to enter the market Costs of compliance can raise the price of products. 25/02/2019 13th XBRL International Conference

Information Exchange to Support Tax Compliance Processes Tax compliance involves exchanges of information to facilitate each of the processes that may be B2B(C), B(C)2G, G2B(C) or G2G 25/02/2019 13th XBRL International Conference

Tax Compliance Process Example Tax Registration Process 25/02/2019 13th XBRL International Conference

Communication through Messages Business processes are facilitated by information communicated through messages Common processes can utilize common discrete messages. Communication relies on agreement of meaning and content between parties 25/02/2019 13th XBRL International Conference

Software Solution Within Tax Compliance A software developer needs to provide solutions for many potential combinations of businesses and taxing jurisdictions 25/02/2019 13th XBRL International Conference

Diversity in Tax Software Combinations become more diverse with the inclusion of multiple ERP’s used by businesses across multiple tax types. 25/02/2019 13th XBRL International Conference

Role of Software Solution in Tax Compliance Deliver functionality to facilitate business processes Buffer the Customer from complexity Assume the burden of dealing with diversity Handle impact of new Technology, Security requirements and Compliance requirements Minimize total cost of Compliance 25/02/2019 13th XBRL International Conference

Software Solution Challenges Provide a tax compliance solution that: Minimizes Ambiguity Enables Tracability Enforces Security Provides Completeness of Requirement Is Adaptable to new requirements Is Cost Effective Handle the diversity of terminology and meaning across the various Jurisdictions, ERP’s, Business Verticals, Tax Types and Tax processes. 25/02/2019 13th XBRL International Conference

Semantic Interoperability Equal terms may have different meanings within different regulations Different terms may have the same meaning. For efficient exchange of information it is necessary to agree upon the syntax and semantics (meaning) of terms There is a penalty for misinterpretation Challenge is to standardise in a manner that both allows compliance within existing regulation and adheres as much as possible to the existing business processes. 25/02/2019 13th XBRL International Conference

13th XBRL International Conference Semantic Layers 25/02/2019 13th XBRL International Conference

13th XBRL International Conference Taxonomy A system for naming and organizing terms into groups that share similar characteristics Used as a classification method, typically a hierarchy, and provide some meaning imbedded in the structure Clear definition of the meaning of terms used and the relation between terms 25/02/2019 13th XBRL International Conference

Netherlands Taxonomy Project Architecture 25/02/2019 13th XBRL International Conference

13th XBRL International Conference Common Interfaces 25/02/2019 13th XBRL International Conference

13th XBRL International Conference Benefit to Software Greater Consistency Less Complexity Externalize Interface Development Focus on Core Functionality More Efficient & Accurate Information Interchange Filings & Reporting Research Documents Leveraged Development Calculations Processing Software Interoperability ERP and Financial Systems Integration Government Systems Integration 25/02/2019 13th XBRL International Conference

Benefit to Business and Government Timeliness Accuracy Efficiency (lower cost ) Ease of entry in Compliance Consistency of multiple reporting More opportunity for re-use of data Better relationship between Business and Government 25/02/2019 13th XBRL International Conference

Reduction of the Cost of Compliance Business Reduce possibility of penalties or fines Reduce reliance on Tax Specialists and Intermediaries Reduce barriers to entering the market Government Reduce errors from inconsistency of reporting and re-entry Reduce late filing or non-compliance Software Development Reduce diversity of interfaces Reduce inconsistency of data semantics 25/02/2019 13th XBRL International Conference

13th XBRL International Conference Getting There Collaboration Parties with overlapping information requirements Evolving standards with overlapping coverage Adoption Understanding of options and coverage Involvement in the process 25/02/2019 13th XBRL International Conference

13th XBRL International Conference OASIS TaxXML Approach International resource of tax knowledge comprised of representatives from Government, Business and software development Look to evaluate, influence, specify and recommend XML specifications and standards as they relate to the processes and information exchanges involved in tax compliance. Reliance on incorporating XML standards already defined for the common business vocabulary. The benefits sought by The Committee include reductions in development of jurisdictionally specific interchange standards for software developers and tax administrations. 25/02/2019 13th XBRL International Conference

Impact on Software Developers Continuous involvement in the Standards Process to be aware of business and technical directions and to provide perspective and requirements of software development to the evolution of standards. Acceptance of adopted standards and ability to deliver solutions using available standards Change the paradigm from design, build and control proprietary interfaces to incorporation and internal management of open standards. 25/02/2019 13th XBRL International Conference

13th XBRL International Conference Questions john.glaubitz@vertexinc.com 25/02/2019 13th XBRL International Conference