KPMG China and Inspur have formed a strategic alliance to develop Total Tax Solutions, a comprehensive tax management software for domestic Chinese enterprises.
Pursuant to the agreement, both parties will commence strategic cooperation to integrate tax advisory, information technology products and services to develop TTS software.
TTS aims to streamline business, finance and taxation, offering total tax management solutions throughout the entire life cycle of tax risk management, covering the three key stages, namely pre-filing, filing and post-filing.
With an internet-based mindset and use of big data technology, TTS enables data collection, and analytics as well as monitoring of different types of taxes, within or outside of China. This can help large Chinese enterprises build an integrated, highly effective and comprehensive tax management system.
Since the full implementation of China’s VAT reforms, Chinese enterprises generally resolve the basic issues of VAT management, such as invoice issuance and regular tax filing. However, as China continues the deepening of fiscal and tax reforms, and the introduction of various self-assessment mechanisms, tax risk management has become an important factor affecting the core competitiveness of an enterprise.
With limited resources, Chinese enterprises can improve compliance, tax work efficiency, and better support business by adopting a proactive approach to tax risk management, according to both companies.
The combination of KPMG’s extensive experience in tax advisory with Inspur’s technical strength in tax information technology will help Chinese enterprises adapt to the increasingly complex environment of tax administration and set the bar for tax management in China.
Inspur is a vendor of cloud computing and big data solutions and the largest provider of enterprise management software in China.