On January 1, 2019, IFRIC 23 – Uncertain tax positions, will enter into force. This will require you to collect certain data concerning your uncertain tax positions, update and keep track of them over time.
IFRIC 23 requires that you update data regularly and recalculate your positions according to the IFRIC 23 framework. Palantir will help you to set up a robust process for collecting and keeping track of the required information and documentation by:
- Helping you to comply with the formalized process for collecting IFRIC 23 data
- Documenting your position and changes to your position
- Presenting and allow searches of your IFRIC 23 data
- Helping you to set up a process for efficient collection with clear roles and responsibilities
- Providing you with an audit trail to keep track of changes
The IFRIC 23 module is a part of the Palantir tax platform which has support for legal entity management, keeping track of the present and historical legal ownership structure, automatically drawing of customizable visual charts, country by country reporting, keeping track of transactions, local/master file management, documents, contracts and tax risks.
» For more info on our IFRIC 23 solution, please go to ifric23.com.