Esther Oluku
Audit, tax, and advisory services firm, KPMG, has unveiled an advanced software technology, Tax Orbit, to streamline and improve efficiency in tax compliance for companies in Nigeria.
The launch, which was held at the company’s premises in Lagos yesterday, brought together businesses together to explore how technology can be deployed to strengthen corporate governance, improve data collection and storage, ensure efficiency in tax payment, reporting, and compliance, while saving operational costs.
With high inflation rates, rising tax liabilities, intensified regulatory enforcement, and special audits such as transfer pricing assessments, Tax Orbit presents a proactive solution for businesses to navigate Nigeria’s tax landscape while helping companies reduce the risk of unexpected tax bills.
Partner, Financial Services Industry and Deals Advisor at KPMG, Ms. Olanike James, stated that as businesses grow, the need to adapt to the changing tax environment while maintaining profitability is key. Hence, businesses must take advantage of technological services such as Tax Orbit to optimize tax costs.
James said: “Our tax regulations are evolving very fast, and our tax authorities are embracing technology at an extremely fast rate. This is probably one of the few times you see that industry is probably playing catch-up to the tax authorities.”
Meanwhile, speaking on the product offering, Manager, Tax Technology and Transformation, Ms. Akaoma Osele, explained that Tax Orbit is built on a regulatory policy of seven years, allowing clients to extend their contract at will.
She also added that in the event of a termination of the contract, the Tax Orbit team would help clients transfer their data from the Tax Orbit platform.
Furthermore, Partner, Consumer and Industrial Markets and Tax Reimagined Lead at KPMG, Mr. Olufemi Babem, stated that although the product is designed to take off specifically in Nigeria and Ghana, it can be configured to suit individual firms’ needs.
