- TRCS leverages EDM Enterprise Data Management and existing entities setup in TRCS for tax provision purposes with the ability to tag “in-scope” entities of the GloBE rules with “Pillar two entity” attribute and appropriate jurisdiction.
- TRCS automates the income or loss calculation via the trial balance integration with Financial Close Consolidation (FCC).
- SmartView can also be used to pull worldwide data from FCC and push worldwide data to TRCS. Additionally, data can be shared between Multi-GAAP and/or Scenario dimensions
- TRCS leverages the temporary differences from tax provision calculation and has the ability to produce jurisdiction level current and deferred tax plus global minimum tax
- TRCS has the ability to perform transitional safe harbor tests by leveraging appropriate CbCR and financial accounting data.
- Only one of the three tests is required to pass safe harbors (the de minimus test, the Simplified ETR test, and the routine profits test)
- Appropriate tax is calculated at the tax paying entity level
In general, TRCS can automate up to 80% or more calculation which is supported by process documentation and system testing and validation
No comments:
Post a Comment