To many companies, a Tax Compliance Management System – or TCMS for short – initially sounds like extra paperwork, consultancy costs and new obligations. Where should one start? Who is responsible for setting it up? And how can this be managed at all alongside day-to-day business operations?
For many companies, nothing works without rules when it comes to sustainability. On the contrary: wherever possible, they resort to tricks, cheating and evasion. In an interview with hsp Managing Director Paul Liese, Dr Steve Waitschat, an expert and consultant on sustainability reporting, explains how the 2026 EU regulations will bring companies into line.
The law firm HSP STEUER Armin F. Schiehser was taken by surprise by the Nuremberg Chamber of Tax Advisers’ announcement of a money laundering investigation. The task is assigned to Monika Dehn, a member of staff in the firm’s management department. She and her team now need a quick, secure solution to meet the requirements.
Cloud software is convenient, flexible and quick to set up. This is precisely why, when it comes to sensitive data, the crucial question immediately arises: just how secure is the whole system really? This is all the more true when it is not just ordinary project data that is being processed, but highly confidential information such as login details, powers of attorney, contracts, living wills or probate arrangements.
The debate surrounding sustainability reporting remains lively. Politically, not every issue has yet been definitively resolved, but from a technical perspective, preparations have long been underway in many companies. In conversation with Dr Steve Waitschat, it became clear what an ESRS-based report looks like in practice and how well-prepared companies can be recognised.
The proposed Accounting Data Interface Regulation (DSFinVBV) is intended to further standardise digital tax audits. But will a new, uniform interface standard really deliver the expected benefits for the tax authorities and businesses — or will it primarily result in additional administrative burden?
The Council of the European Union has approved the simplifications to sustainability reporting and corporate due diligence obligations. EU Member States now have, in principle, one year to transpose these provisions into national law. In addition, a few days ago, the Sustainability Transformation Monitor initiative run by the Peer School for Sustainable Development e.V. (Mannheim) published this year’s study.
Artificial intelligence, or AI for short, is everywhere. Nevertheless, most people do not know exactly what these new technologies entail or what impact they have. Tax adviser Günter Heenen from the firm NeD Tax Deutschland was therefore sceptical when he heard about the AI assistant in Opti.Tax.
On 31 July 2024, the European Financial Reporting Advisory Group (EFRAG) published twelve revised standards of the European Sustainability Reporting Standards (ESRS) as draft proposals. The aim of this revision is to simplify the ESRS for companies, in particular by significantly reducing the number of mandatory data points. But what specific changes does the new proposal entail?
Digital tax audits are undergoing a fundamental transformation. Tax practice firms and clients are facing new, data-driven requirements. Standardised data exports, automated checks and greater transparency are becoming the focus of the tax authorities. What does this development mean in practical terms – and how can tax practice firms prepare for it?
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© hsp Handels-Software-Partner GmbH
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