There are few things as important to a Chief Financial Officer or Tax Manager as reliable and accurate data. It’s what keeps the business moving onwards and upwards into risk free profits and greater growth.
As the South African Revenue Service (SARS) continues to explore compulsory requirements for VAT submissions and audits, organisations are finding themselves sinking deeper and deeper into the ever-growing pit of data that is produced each day. To make it even worse, SARS are avidly adopting data analytics in-house which specifically target indirect tax risk indicators. The result? Penalties. All of which is avoidable with the correct solution in hand.
Similar to the Transactional Data Quality module, transactional data
is tested but with a specific focus on those that ultimately populate and affect
line items in the VAT return or IT14SD
This module tests various aspects of the transactional data with specific
reference to VAT rules and the implementation of the master data tables
and rules initially tested in the configuration module.
The Compliance and Documentation module was developed to ensure that
the relevant compliance checks are done monthly prior to the
submission of the VAT return.
Time of VAT supply rules for both Input VAT and Output VAT are specifically
analyzed in this module.
By focusing on accuracy of master data that relates to VAT setup
and the ERP environment of the company. It allows you to gain
insight into items such as the tax coding setup.