Tax & Law Services
- About Our Global Tax Services
- Country Tax Advisory
- Cross Border Tax Advisory
- Global Trade
- Global Compliance and Reporting
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- Tax Accounting
- Tax Performance Advisory
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- Transaction Tax
- Transfer Pricing and Operating Model Effectiveness
- VAT, GST and Other Sales Taxes
Global reporting management center
EY’s Global Reporting Management Center was established to improve global reporting and filing processes in different countries and regions of operation, and to help central management teams address a range of complex issues.
EY will help:
- Use a centralized outsourcing model so as to consolidate control and make reporting processes more transparent
- Support transition of reporting processes from the level of individual companies/branches to integrated service centers
- Support development and implementation of solutions designed to enter new markets
- Get an insight into requirements for reporting, potential risk assessment, and model development to ensure more efficient management and control, and to make reporting processes in each country of operation more transparent
The Reporting Management Center combines local professional expertise (in 150 countries where EY operates) in financial, tax and other types of reporting with that of coordinating office team.
The Reporting Management Center provides one-stop access to knowledge and experience of EY specialists worldwide.
EY’s Reporting Management Center combines the following features:
Major challenges for tax transaction support teams rendering services to subsidiaries and associates
- Tax processes implemented by subsidiaries and associates are decentralized, and the parent lacks knowledge of how its foreign subsidiaries and associates operate.
- Compliance with local laws in countries where subsidiaries and associates operate is beyond the parent's control; in addition, subsidiaries and associates fail to provide tax information or are late to provide it.
- Errors are made in tax calculations and applicable taxes are untimely paid to the budget, entailing fines in countries where subsidiaries and associates operate.
- The tax data on subsidiaries and associates required to project tax payments are missing.
- The number of statutory reporting forms to be submitted in various jurisdictions (FATCA, CbCR, CRS, reports on controlled foreign companies (CFCs)) is growing, with more efforts required to collect and process data and prepare the relevant reporting forms.
- Internal control systems and business processes are not flexible enough when new reporting forms are required (different business processes rely on the same data).
Other EY services in the Tax and legal services section: