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IFRIC 23 and Tax Risk Exposure

Palantir Tax Risk Exposure and IFRIC 23 reporting module allows your group to efficiently collect and structure tax risks and uncertain tax positions throughout the group and keep track of them over time.

The module allows collection of information on risk category, risk types, what year the risk relates to, risk level and probability. The module also allows comparison of open issues with group provisions and adding the underlying documents to store all related data in one place.

The Tax Risk Exposure and IFRIC 23 module is an add-on to the Palantir Tax Platform which supports your tax function with legal entity management, keeping track of the present and historical legal ownership structure, automatically drawing of customizable visual charts, keeping track of internal transactions, documents, transfer pricing, country-by-country reporting and much more.

Main features

Group entities

Easily add or upload and manage all your group entities. Choose to add attributes such as country and segment to allow expanded filtering and sorting possibilities.

Access levels

Appoint people responsible for Tax Risk Exposure and IFRIC 23 reporting. Choose to appoint by country, segment, per legal entity or a combination.

Risk issues

Add open issues per company and categorize the risk together with the deemed risk level. You can have many issues open for one company and for each income year.

Uncertain tax positions

Collect information on uncertain tax positions and the probability of these being accepted or not. A clear process for monthly, quarterly and/or yearly re-evaluation, re-characterisation or change of judgement for specific issues.

Liabilities

Collect information on maximum liability, provisions made and the settled amount together with the date the risk was closed.

Documentation

Free text description of the risk, the strategy implemented to mitigate it, uncertainties and assessments made. Upload supporting documentation to keep all information stored in one place.

Currency conversion

Import currency rates for each reporting period from your group accounting system or add them manually.

Review

Quickly get an overview of the open tax risks, the amounts at stake and the risk level in the group. Break down the risk per issue or per company and view the underlying documentation and keep track of issues over time together with the strategies implemented to mitigate them.

Cloud service

The advantages of providing Tax Risk Exposure and IFRIC 23 reporting as a cloud service are that you do not need to maintain a server, you can be up and running quickly and you will always have the latest updated software.


Modules

Palantir Tax Risk Exposure and IFRIC 23 reporting solution is a module in the Palantir Platform. The module can be used independently as stand-alone solution or be part of a scaled up Platform solution. Other modules such as the Legal entity management module and the Contract Management module can be added.

Custom built solutions

Palantir recognizes that many groups have special requirements and want to work with tax issues on a more detailed level. We will be able to offer custom built solutions that can meet your needs. An example of customizations could be to build in specialized data collection and to build in tailored analysis tools.


Would you like to know more about
our Tax Risk Exposure and IFRIC 23 Reporting Solution?

For more information and a demo,
please call +46 (0)8 10 00 80 or send an email to sales@palantir.se.

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