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Taxes in the energy sector: how to automate processes to avoid risks

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By way of example, to calculate the tax depreciation of fixed assets, it is necessary to have the following information:

  • Registration date as Work in Progress.
  • Registration date as definitive item
  • Differentiate the assets acquired prior to January 2018 that are not subject to being adjusted for inflation, with the exception of those that have been included in the Tax Revaluation of Law 27430
  • Determine the calculation of the Inflation Adjustment of each of the investments year by year.
  • Specify updated tax write-offs.
  • In the case of the oil and mining industry, when applying a depletion curve amortization system, the production of the year and the reserves of each one of the deposits must be taken into account.

On the other hand, in the case of requesting VAT recovery For some of the current regimes, it is necessary to provide the details of each of the vouchers of the investments made, as well as the follow-up of their accounting records. Faced with a scenario with significant volumes of investments and a growing demand for information from the control authorities, it is necessary for the tax departments of the companies to be prepared and attentive to new changes in the system, and have powerful systems and updated that allow compliance with all those requirements and tax obligations.

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These automations allow tax teams to:

  • a) obtain a higher quality of information;
  • b) reduce the time dedicated to tasks without added value;
  • c) time savings;
  • d) focus on fiscal planning;
  • d) eliminate the possibility of errors

A system of these characteristics would facilitate compliance with reporting obligations and prevent erroneous calculations that would generate contingencies and even the impossibility of accessing tax benefits. Technology has been providing extremely useful tools that allow automating processes that facilitate tasks and prevent errors that can have a high economic cost for the company. They are flexible and adaptable IT solutions to the information processes of each company and which, in addition, are controlled and managed by the organizations themselves.

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The management of taxes in a company is more than an administrative act, its correct administration has a direct impact on the internal functioning and economic results of the organization. In this sense, technology has today become a strategic ally that allows optimizing processes and being better integrated internally and externally.

Tax & Legal Partner KPMG Argentina.

Source: Ambito

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