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Ernst & Young Tax Business Tax Business tax compliance - Ernst & Young - Luxembourg

Business Tax Compliance

Compliance and reporting make huge demands on tax and finance functions today. How do you reduce risk and inefficiencies and improve value cost-effectively? We understand that what you need is access, visibility and control. Our market-leading approach combines extensive local compliance and accounting experience — in 140 countries — with a standard global compliance process and web-based tools. You can access the resources of our dedicated compliance and reporting professionals in one country or globally with a single point of contact.

Our advice can accommodate local-to-local service, where you need it, at the same time as centralizing and automating aspects of the process where it makes sense. Our next generation model focuses on global data management, making it easier to centralize and re-use data across the financial supply chain and geographical boundaries. This can result in more accurate data and less manual intervention. In one country or many, we can give you an integrated, consistent, quality service that unlocks the potential of your compliance function, with tax compliance, statutory accounts preparation and tax accounting calculation support. It’s how Ernst &Young makes a difference.

Business Tax Compliance services (BTC) are part of a single financial supply chain which companies are increasingly seeking to purchase, both nationally and globally, as an integrated business solution. BTC connects these services under one umbrella with a dedicated team of tax practitioners and accountants based in Luxembourg and linked to EY’s worldwide network of BTC professionals.

Income tax compliance

Income tax compliance services for business clients entails the fundamental service of preparing all types of business entity (corporations, partnerships, limited liability companies, etc.) returns and disclosure-type forms for submission to tax authorities. Often times, this service includes the calculation and analysis of book to tax adjustments and estimated tax payments and related forms preparation. This service can be offered as a ‘review only’ service for returns prepared internally by a business client.

Other key tasks can include:

Filing of returns on behalf of the business client
Preparing amended returns
Calculating estimated tax payments
Assisting with the development of an income tax compliance deadline calendar
Assisting with Tax Authorities’ inquiries regarding tax returns and with correspondence with Tax Authorities during audits.

Indirect tax compliance

Indirect Tax Compliance includes the preparation and filing, including electronic filing, of VAT, IPT, and other indirect taxes as required.
Read more about Indirect tax services.

Statutory reporting

This service entails the preparation and review of financial statements, in local or international GAAP, which are required to be filed with regulatory authorities. The preparation of the financial statements generally is based upon the underlying accounting records of the business entity. The service encompasses the preparation of local accounts and/or conversion of existing financial information into local GAAP and local currency financial statements.

Key tasks can include:

Performing currency conversions and language translations
Submitting the statutory financial statements to the appropriate authorities on behalf of the business client
Liaising with the client’s external statutory auditors
Assistance in preparing consolidation accounts
Pro-forma accounts (in the frame of transactions / step-plans)
Preparing and submitting extension requests to the filing deadline
Bookkeeping services, primarily for tax structures

Tax accounting

Through this service Ernst & Young can provide a conduit between the clients’ accounting function and their tax compliance requirements. This service includes the calculation and analysis of a business client’s current and future income tax liabilities for financial reporting purposes in accordance with applicable accounting standards and tax rules. This service may also include the following activities:

Preparing calculations, for example book to tax differences, calculate income tax accruals and prepare draft related financial statement footnote disclosures for the client to consider and approve
Reconciling the prior year tax provision calculation to the filed tax return and truing up the current and deferred items.
Gathering information and document international, federal, state, provincial and /or local tax filing positions for tax benefits that may be subject to tax authority challenge for client determination of the appropriate financial statement amount.
Preparing the tax provision working papers and documenting deferred tax assets and liabilities, which can include gathering information for client determination of the appropriate valuation allowance.
Reviewing any deferred tax balances and reconciling identified temporary differences.

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