Managing tax and statutory compliance in today's highly complex economic and regulatory environment is not an effortless task. Accelerated globalization, new developments in tax laws, increased demands from tax authorities for greater transparency have augmented the burden on tax and finance departments.
Given these challenges it's not surprising that tax and finance departments often spend a disproportionate amount of time on compliance activities, rather than focusing on core business operation.
To overcome numerous statutory requirements and complexities in compliances, Spectra have evolved One Shop Solutions to manage compliance under Indirect Tax – Goods & Service Tax (Erstwhile litigation under VAT, Central Excise & Service Tax), Direct Tax laws, to run uninterrupted hassle free operations by management.
Working on site with you, we will support you in setting your compliance goals and tax risk management strategy.
We start by understanding your objectives, your systems, your culture and your tax risks to ensure that various requirements are met and the impact of non - compliance is within a tolerable risk level. The compliance management process involves the following:
• Identification of requirements
• Interpretation of requirements and impact analysis.
• Scope determination.
• Data collection and identification of compliance issue(s).
• Risk analysis.
• Implementation of appropriate action(s) for compliance issue(s).
• Reporting and monitoring.
• Continuous improvement