In a move to simplify Tax compliance and enhance operational efficiency for businesses across Nigeria, leading audit, tax, and advisory firm KPMG has unveiled an advanced software solution known as Tax Orbit, as reported by THISDAY LIVE. The innovative platform, introduced during an official launch event at the firm’s Lagos office, is designed to help businesses better manage their tax obligations while improving data accuracy, streamlining reporting processes, and reducing overall operational costs. The launch event brought together representatives from various industries, as businesses gathered to explore how digital solutions like Tax Orbit may revolutionize corporate tax management.
Discussions at the event highlighted the growing need for companies to leverage Technology not only to meet regulatory requirements but also to strengthen corporate governance practices and improve their approach to data storage and analysis. Tax compliance has become increasingly complex in Nigeria’s challenging economic landscape, marked by high inflation, growing tax liabilities, and intensified regulatory enforcement. Special audits, including those focusing on transfer pricing assessments, have placed additional pressure on businesses to ensure their tax records are accurate and transparent.
Navigating Nigeria’s complex tax landscape with tech solutions.
These realities often leave companies vulnerable to unexpected tax bills and financial penalties, making the need for efficient tax management systems more critical than ever. Tax Orbit is positioned as a proactive response to these challenges. The software is tailored to help businesses in Nigeria effectively monitor their tax obligations, automate reporting, and minimize human errors that can lead to costly penalties. By integrating tax data into a centralized platform, the system aims to provide companies with a comprehensive overview of their tax positions, enabling real-time tracking and easier reconciliation of tax payments.
Speaking at the unveiling, Ms. Olanike James, Partner, Financial Services Industry and Deals Advisory at KPMG, emphasized the importance of adaptability as businesses navigate Nigeria’s dynamic tax environment. She noted that as companies expand and operate in a more complex regulatory space, maintaining profitability while ensuring compliance becomes increasingly difficult. This, she stressed, is why businesses must leverage cutting-edge technological solutions like Tax Orbit to optimize their tax costs and reduce their risk exposure. James highlighted that the tool is not just about meeting tax obligations; it is also about helping companies plan better and identify potential cost-saving opportunities.
Leveraging advanced tax solutions for improved compliance.
Efficient tax management, she explained, can have a direct impact on a company’s bottom line, freeing up resources that can be reinvested into growth and expansion. Beyond its immediate benefits, Tax Orbit is also seen as a step towards fostering a more transparent tax Culture in Nigeria. By promoting accurate reporting and timely tax payments, the solution aligns with the Federal Inland Revenue Service (FIRS) and other tax authorities’ broader goals of increasing tax compliance and boosting government revenue.
Adopting such cutting-edge solutions could be a critical step toward a more effective and financially secure approach to tax compliance for many Nigerian businesses. KPMG has been striving to provide more advanced tools for accurate reporting and tax compliance. Working collaboratively with Thomson Reuters, KPMG provides clients with specialized technology to expedite tax procedures in the digital age. KPMG’s cutting-edge tax technology services, made possible by Thomson Reuters’ extensive tax and accounting software, enable businesses to modernize their tax structures.
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Both firms’ collaboration equips experts from tax, trade, and financial reporting teams with cross-functional, connected thinking to improve operational efficiency in compliance, data management, and reporting skills. This offers a chance for corporate tax teams trying to stay ahead in a complicated and dynamic environment by fusing the technological know-how of Thomson Reuters with the industry experience of KPMG. It makes corporate tax departments better business partners and makes the company more agile overall, which supports broader goals for growth and advancement. With insights that reduce risks and guarantee compliance, this strategy transforms tax departments and guarantees smooth tax compliance globally.