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Flabbergasted with hefty taxation at last moment! EPM Tax Reporting is your partner to save you!

Corporate tax function will be effective and transparent only if there is proper access to financial data and processes. Tax Reporting is a one-stop tax provisioning solution for multi-national organizations reporting under GAAP or IFRS principles to calculate tax provision by legal entity.  Solution involves several stages of Corporate Tax Provision, which includes automation of tax, collection of data, calculating tax provision, automating return-to-accrual, reporting and analysis for tax, Country-by-Country (CbCR) reporting.  

Tax Reporting uses platform as firm close process and can directly be integrated using the same metadata. When organization accounting finalizes period end close process with all required numbers--such as permanent and temporary variances, tax rates, currency exchange rates--feed into system, Tax Reporting module automatically calculates tax provisions.

Tax provision Process

Tax_Flowchart_1.png

         

















 Steps involved Tax Provisioning:

  •        Administrator loads trial balance data in Tax Reporting and triggers tax automation process
  •          Load tax rates and non-automated amounts using pre-build web-forms or Smart View
  •          Load Any other provisions
  •          Load Return to Accrual numbers
  •          Adjustments for removing trial balance differences  

After inputs, the system calculates mainly:

  •          Current Provision number
  •          Deferred Provision number
  •          Effective Tax Rate

Below reports and forms mainly will be available after Tax Provision process for the business:

·         Current Provision numbers

·         Deferred Tax numbers

·         Tax Journal Entry and Tax Footnote


Tax Reporting Home screen :

Tax_2.png

 











Current Provision Web-Form :

Tax_3.png


















Deferred Tax Web-form :

Tax_4.png

















Integration with Business Process:

Tax Reporting built in EPM cloud has seamless integration with Oracle ERP cloud, Oracle E-Business suite, PeopleSoft, JDE etc and other on-premise Hyperion products like Hyperion Financial Management.

Reference(s):

https://docs.oracle.com/en/cloud/saas/tax-reporting-cloud/agtrc/GUID-D15DDEC8-E4AC-47C4-9548-195FAB9CEE7C.pdf




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