September 23, 2019
Overview: Tour of Tax Reporting Cloud

Overview: Tour of Tax Reporting Cloud


Overview: Tour of Oracle Tax Reporting Cloud In this overview for tax directors, managers,
and analysts, we’ll highlight the key capabilities of this comprehensive tax solution. We’ll explore how it enables you to calculate,
report on, and approve current and deferred taxes at national and regional levels using
financial data, to meet accounting standards such as US GAAP, and IFRS reporting, calculate
the effective tax rate and cash tax for entities within your jurisdictions, prepare accounting
journals and accompanying financial statement disclosures, perform tax planning, and analyze
base erosion and profit shifting potential including country by country reporting under
OECD guidelines. The capabilities provided enable you to calculate,
analyze and plan your immediate and future tax requirements centrally or using a decentralized
approach, based on your business. In a multinational business, regional controllers
calculate current and future tax according to local tax laws at the legal entity level. These expenses and liabilities may then be
aggregated to a jurisdictional and consolidated level. Tax analysts in group reporting then analyze
and report on consolidated tax expense, effective tax rate, and disclosures. The out of box logic, provision packages,
workflow, and analysis dashboards let you source, calculate, manage, and approve your
tax provision, and prepare CbCR reporting. Iintegration with close manager lets you define
task templates, tasks, tax controversy, and tax compliance deadlines to streamline your
tax close and other department activities; fostering transparency and eliminating bottlenecks. You can also use supplemental data to use
additional, granular data in your calculations and analysis. Now, let’s explore these key features. You can define sequential and logically grouped
tasks for all tax preparation activities, such as reviewing permanent adjustments, temporary
, differences, effective tax rates. The status bar indicates your workload and
priorities. To prepare the national tax expense, use the
National Tax Provision package to view current and prior year tax expenses for your entities,
and view statutory versus effective tax rates. Use entity specific provision packages to
determine current and future tax. Use Current Provision to calculate the current
year tax expense requirements. Use Deferred Tax to view future expense and
liabilities. You can drill down on closing balance to access
additional details including current year movement, and return to accrual adjustments. Similarly, you’ll use Regional Provision to
determine and analyze current year and deferred tax requirements for a particular state, or
province. On Current Provision Regional you apportion
taxable income, and specify permanent and temporary differences, credits, and losses. To identify the future expense and liability,
use Deferred Provision, where you can drill down to access additional details. Use the statutory Effective Tax Rate analysis
in a national or regional provision package to identify the effective rate that will be
applied to your income and pre-tax profits. With Cash Tax, you can analyze the taxes currently
owed to the federal or local authorities in each jurisdiction. Use CbCR reporting to analyze your tax expense
across jurisdictions, including factors such as return on equity, and revenue by employee. The approval units that reflect your business
hierarchy enable tax controllers and members of corporate finance to review and approve
submitted tax provision packages at the legal entity and consolidated level. In a multinational business, some jurisdictions
may provide for tax filings at a combined level, requiring review and approval at an
aggregate level. In this overview, we explored the key features
that you can use to generate, analyze, and approve current and future tax requirements
with accountability and insight across your global enterprise. To learn more visit cloud.oracle.com.

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