The ongoing global financial crisis has left enterprises across the world soaked with losses. In times of failing profits and shrinking revenues, it’s critical that the intelligent enterprises focus on tax more than ever. In volatile markets and amid stringent tax laws, which fluctuates in different markets, ability to efficiently utilize losses as the market recovers would set apart an intelligent enterprise from the competition. Compliance to these essentials is non-negotiable and any non-compliance may pose risk of forfeiture for the organization.
At Genpact, our Tax Services solution supports clients across multiple industries and geographies. Genpact’s comprehensive team of Tax experts are focused on streamlining processes, cutting costs, and ensuring clients derive maximum business impact from our country-specific knowledge, and the broad expertise found in our Tax Center of Excellence, which leverages and shares intelligent and smarter solutions across the company.
Genpact’s Tax Services tenders an extensive range of smarter tax solutions for direct as well as indirect taxes, enabling enterprises to minimize the risk of forfeiture and maximize future benefits:
- Tax accounting, effective tax rate analysis, Foreign Tax credits and Balance Sheet analysis
- Reconciliation of provision and deferred tax accounts, valuation allowances, Fin 48 reserves, state taxes
- Corporate direct tax returns
- Indirect taxes: VAT, sales and use tax, property and premium tax returns
- Preparing transfer pricing documentation
We also lend a hand to our clients with transactional taxes, such as preparing premium tax returns for insurance businesses, assisting in VAT filings and associated reconciliations, preparing United States property tax returns, and assisting clients regarding the United States use tax with their nexus study.
Genpact offers a varied range of smarter analytical tools and smarter technologies in Tax processes, which can help drive efficiencies:
- Report (Case) Management workflow tool tracks completeness and turnaround time for reporting requests and offers inbuilt audit trails and electronic archival
- Close Management Tool tracks scheduled close activities (related to Tax), supports generation of structured reports and includes an escalation mechanism
- Web Forms are used to collate information from requestors that can be used to draft parameters for reports
In addition, we have expertise in delivering Tax services to enterprises that use proprietary or top of the market tools such as Tax Stream, Global Integrator, etc.
Contact us today to find out how Genpact Tax solutions can add value to your enterprise in the time of volatile economy.
Key facts about Genpact Tax Services
- A full spectrum of services:
- Tax accounting support
- Tax planning support
- Corporate tax returns
- Transactional taxes
- Specialized services:
- Transfer pricing reports
- Tax returns for special purpose United States corporate entities
- Tax returns for Real Estate Investment Trusts (REITs)
$800K Reduction in Penalty Exposure and $160K Savings from Tax Collections through Better Sales Tax Processes
Genpact enabled a US based client streamline the sales tax calculation process for the states of Hawaii and Tennessee that charge upfront sales tax. The tax matrices for the process were not updated and resulted in over-collection of taxes, posing risk of penalties. Genpact, in partnership with the client, instituted documentation and controls that rectified the process and expedited refunds to concerned users, minimizing exposure by ~$1 million. Average monthly exposure due to incorrect booking of deals was reduced by $42K, and interest along with penalties avoided per month of around 50% of the tax amount.
$680K Savings from Streamlining Process and Control
A client’s VAT claims were rejected due to inadequate and incomplete supporting documentation. Genpact introduced better controls for identifying the complete vendor details along with periodic reviews, sampling and data cleansing. This resulted in reduction of error rates and savings of $680K for the customer.
Genpact is an exhibitor at NACM's 117th Credit Congress & Expo 2013, Las Vegas, NV
May 19 - 22, 2013, Las Vegas, NV