With indirect tax being an increasingly popular method of raising revenue, the disruption of supply chains due to the COVID-19 pandemic, and the shift to e-commerce, digital taxation, and e-invoicing, it is more critical than ever that businesses manage indirect tax compliance and cash flows while weaving indirect tax considerations into a wider portfolio of business decisions. Deloitte’s indirect tax specialists are well-informed and understand the nuances of regulations, the importance of deep industry knowledge, the growing role of technology, and the ever-changing global economy and environment landscape.
Value Added Tax (VAT), Good and Services Tax (GST), and other transaction-based taxes:
In a globalized digital world characterized by fast moving markets, changing business models, and the increasing prevalence of VAT/GST, keeping pace can be challenging. Businesses with indirect tax processes and reporting that fail to keep up with these changes risk non-compliance and adverse impacts on cash-flow and penalties from tax authorities.
Deloitte’s network of Indirect Tax and industry-focused specialists helps businesses manage their indirect taxes effectively by providing tax technical support, guidance on effective processes implementation, and efficient leveraging of technology solutions. Working together, Deloitte professionals in the Asia-Pacific region help clients manage costs and risks, both locally and globally.
Global Trade Advisory (GTA):
Global businesses need to understand the customs and trade impact of the movement of goods around their supply chains and to establish cost-effective internal controls to manage and monitor their international trade compliance. Through Deloitte’s Centre of Excellence (COE) in Asia-Pacific for Global Trade Advisory solutions, customs and global trade specialists around the world help businesses establish an international business strategy designed to manage costs and global trade regulatory requirements while leveraging innovative technology solutions.
Overview of the regional network:
Deloitte’s VAT Advisory and Global Trade platform spans all main jurisdictions in the Asia-Pacific region, enabling Deloitte professionals in Asia-Pacific to come together to deliver seamless, innovative solutions to clients. It is one in a suite of technology solutions developed by Deloitte that can be customized to the specific needs of regional and global clients.
Deloitte’s Indirect Tax teams across Asia-Pacific comprise award-winning skilled professionals, the majority of whom have experience of indirect tax systems in several countries and who advise on complex matters.
Growth of indirect tax in Asia-Pacific:
Over the past few years, there have been significant VAT reforms in the region. Deloitte’s scale and depth has helped the network in Asia-Pacific to become the provider of choice for many clients to assist them with the implications of the new legislation for their businesses. Coupled with helping clients through technology changes that are required to meet new indirect tax compliance environments, Deloitte in Asia-Pacific has been able to pursue steady and consistent growth year after year.
Innovation aspects and digital capabilities:
Deloitte firms in Asia-Pacific have designed a suite of tools and technologies, including compliance solutions, data analytics, and Robotic Process Automation (RPA) to assist with the automation of compliance, analysis of data to uncover opportunities and risks, and artificial intelligence (AI) tools to assist with mass classification for customs purposes, the management of VAT refunds, etc. Deloitte has recently gone live with its first operate arrangement in Asia-Pacific, under which a leading multinational client's indirect tax function across 18 countries in Asia-Pacific, covering 117 entities, is outsourced to Deloitte.
Unique digital capabilities in Asia-Pacific countries:
Deloitte teams in Australia, China, Southeast Asia, and India are the region’s innovation hubs and pioneers in indirect tax automation and analytics. These teams have a focus on identifying opportunities and improving efficiencies for clients through use of technology and in-house developed tools.
In the GTA area, Deloitte professionals in Asia-Pacific are pioneers in GTA and our tools have not only supported clients in advancing their agenda in global trade but have also been praised by local authorities for enhanced efficiency and transparency.
Our key service offerings include:
At International Tax Review’s (ITR) 2021 Asia Tax Awards, Deloitte won 17 awards, including:
- Coca-Cola European Partners/Coca-Cola Amatil
- RMG/ReNew Power
- SK Hynix/Intel NAND;
In total, 144 Deloitte Asia-Pacific professionals received the rating of Highly Regarded and Tax leader by ITR in 2022, obtaining top ranks in Asia-Pacific among professional firms in Tax Controversy, Indirect Tax, Women in Tax and General Tax. From a geography perspective, several leaders were recognized in Australia, China, India, Korea, New Zealand, SEA and Taiwan.
Additionally, 35 Deloitte professionals, representing 21% of all indirect tax specialists listed across Asia-Pacific, or 44% of those from the Big Four, were recognized as Indirect Tax Leaders by ITR in 2022.
Deloitte’s presence in Asia-Pacific includes approximately 103 offices in more than 120 cities in over 20 countries, with 45 indirect tax partners and over 690 indirect tax professionals.
2022. For information, contact Deloitte Global.