Questions Frequently Asked About TaxPacc

Why did we create TaxPacc?

We created TaxPacc to generate a smarter tax process for corporates, to help them address a number of challenges when calculating and reporting their tax numbers.

What challenges will TaxPacc help me with?

TaxPacc will assist you and your company with:

  • the complexities of the IFRS IAS 12 standard;
  • managing the constant change relating to personnel, group structure and legislation;
  • year-end time pressure;
  • spreadsheet risks and version control issues;
  • provisional tax return estimates;
  • timely tax return calculations with true up journals.

How does TaxPacc work?

  • TaxPacc has built-in logic and control that guide the users through their calculations.
  • TaxPacc provides accurate IAS 12 tax journals and disclosure, for company and group.
  • Calculations are quickly updated by uploading a new trial balance.
  • TaxPacc enables spreadsheet flexibility without spreadsheet risks.
  • A centralised database provides one version of the truth, and access to history.

What's in it for me if I use TaxPacc?

Tax Accountants, you will:

  • have confidence that your calculations and tax journals are accurate.
  • save time when performing tax calculations.
  • be able to collaborate with colleagues to collect information and resolve issues.
  • have easy access to history, and be able to run group reports and drill down.

Benefits for Corporates:

  • a centralised database with one version of the truth;
  • accurate provisional payments;
  • tax returns completed on time because less time is spent collating information.

What costs can I expect to pay?

TaxPacc is affordable, scalable and constantly improving, plus it can be tailored to suit your specific business needs.

Annual once-off costs:

  • Pay an affordable annual licence fee. This cost includes an unlimited number of companies in a group, and is limited to 5 users.
  • Pay a discounted amount for every additional user.
  • Get FREE updates to TaxPacc. We constantly bring you new features and cater for any IFRS and tax legislation changes.

Additional costs:

  • Need a specific template or reporting format? At an additional cost, we can change or improve the system to better suit your company requirements. Changes requested will be quoted and charged separately.
  • Data clean-up and tax consulting services will be quoted and charged on-request.

What is the business case?

TaxPacc greatly improves efficiency by up to 75% on monthly calculations and 95% on period-end group reporting. There are numerous other benefits from using TaxPacc e.g. accuracy, transparency, etc. However we have found the tangible savings from TaxPacc are generated from the accurate provisional payments. The accurate provisional payments optimise cash flow and avoid underpayment penalties.

A recent case study showed that a group in a net loss position saved 8X their licence fee by using TaxPacc to estimate their provisional tax payments.