Compliance, Transformation & Technology

Our new internally developed Cost allocation tool is an Alteryx based solution that allows for an in-depth management of client cost data and enables the TP team to offer complex, technology based "trial balance to documentation" solutions tailored for the client's internal data.

The tool is designed to work with multiple data flows and offers multiple ways of working with unstructured sets of cost data. Overall, the tool can provide each client with a traceable, documented and automatized solution for their allocation of costs to cost centers and the subsequent application of desired TP policies, whilst being in line with OECD principles.

The tool is adapted to work with most of the frequently used accounting software and can extract / input data as desired by each client directly from the system.

• Industries: all

GCD Reporter is a collaborative web-based documentation solution that allows multiple people (clients and PwC) to write, edit, and create transfer pricing documentation with limited set up and effort.

GCD Reporter is designed to be the most advanced collaborative web-based documentation solution available. By utilising the latest in HTML5 technologies and using a workflow created through both collaboration and feedback from around our global PwC network. The tool has the ability to collaborate in a full-featured web environment without the need to upload or download Office documents, allowing you to leave comments and track changes across all your reports, all from within a single interface. GCD Reporter allows for seamless import of transaction data, integration of the benchmarks data and results, and automated TP Documentation production process.

Thanks to the tool's collaborating nature, it is available to both PwC users as well as clients (external, non-PwC users), which allows to streamline the workflow and preparation to one tool, avoiding multiple email chains.

• Industries: all

Considering the increasing focus of tax authorities worldwide on substance, governance and beneficial ownership, the Substance and Governance Tool provided by PwC aims at offering each client a dedicated access to a PwC e-Collaborative Solution (e-CS) platform where a general governance questionnaire is made available and easily accessible. Answers provided in the questionnaire by the participants (for one/several entities, Luxembourg based or not) are automatically translated into graphics taking the form of "spider web". Answers are mapped according to a scoring system defined based on best practices generally recognised on the market. 

The tool ultimately allows management to visualise in a timely and automated manner their positions and in which areas there may be further assessment and in-depth review required from a governance perspective.

• Industries: Alternatives, Operational Companies 

Data Central is an application that gathers, cleanses and standardises fund data, transforming  accounting information into a more functional format.

Data Central provides robust data quality controls, ensuring data received are complete and consistent. 

Irrespective of the data provider, data is harmonised and the reports are provided in a standardised template. This allows for easier comparison across funds and facilitates connections with external or embedded applications (risks calculations, OGC calculations, compliance review…). The platform is accessible to clients which benefit from easy and permanent access to data.

• Industry: Alternatives, Asset and Wealth Management

"3W" stands for Tax Watch, Regulatory Watch and Fund Distribution Watch. The solution is a web-based platform that offers ongoing updates on regulatory, tax and fund distribution changes, collected across key European jurisdictions and abroad relevant for the Asset Management, Banking and Insurance sectors. 

The regulatory and tax landscape is rapidly evolving and various sources flood you with a huge amount of information in relation to changing rules. Our application promptly spreads regulatory and tax News in concise articles drafted by us highlighting what is new and what shall be anticipated for your business. 

News and Articles are classified by Territory, Topic, Issuer, Document Type and Date/Period, allowing you to filter the news relevant to your activities and to conduct further search for a particular document.

• Industry: Asset and Wealth Management, Banking, Insurance 

This solution allows financial groups (banks, insurance, funds, alternative structures) to perform and monitor their FATCA/CRS compliance obligations of their entities located in Luxembourg and in other markets. In particular, the client can choose to subscribe to different modules including:

• a register of all the group entities with their respective FATCA and CRS status. The group can then easily monitor which entities have compliance obligations and secondly complete the self-certifications and U.S. withholding certificates required by their financial counterparts (banks, asset managers etc.)

• a register of all the in-scope entities' shareholders and debt holders with their supporting FATCA/CRS documentation being collected and analysed for completion and reasonability purposes by a team of tax specialists. Based on this review, the group will have an overview of all its reportable investors across its funds and other reporting entities ("Investor tax due diligence module") and a register of action available in case of questions from the tax authorities.

• the solution to prepare the required FATCA and CRS reports and file them with the relevant tax authorities ("Reporting module") based on the result of the analysis of the Investor tax due diligence module or based on extraction from the client system.

• Industries: Alternatives, Banking, Insurance, Asset and Wealth Management

Portfolios’ performance could be optimised further to the refund of the unduly levied withholding taxes for potential reclaimable amounts based on the application of the relevant double tax treaty, EU case law or local provisions.

Our Global Withholding Tax Operational Services and dedicated teams can help you tackle challenges faced within the tax reclaim process and capture your refund opportunities. We can provide you insights and support that improve investor services, decisions on strategy and operational efficiency in day-to-day business.

• Industries: Banking, Insurance, Asset and Wealth Management

_{Please note that those tools are developed and maintained by PwC Germany.}

DAC 6 Compliance Solution

This solution allows clients to document their transactions with a smart questionnaire to determine whether they are reportable from a DAC 6 perspective.

Should the questionnaire concludes on non-reportability, the client would then have a supporting document stored in an IT system in case of questions from counterparts (e.g. banks, AIFM, group tax etc) or tax authorities.

Should the questionnaire concludes on reportability, then additional questions will be raised to generate the required DAC 6 report. The solution is collaborative and thus the client can invite its tax counsel to assist in the completion.

DAC 6 Compare Tool

The DAC 6 Compare Tool includes guidance on a country-per-country basis on how the DAC 6 rules are locally implemented. This thus facilitates the completion of the DAC 6 Compliance Solution questionnaire.

• Industries: Operational Companies, Banking, Insurance, Asset and Wealth Management 

The accounting and tax profession is evolving, data management and technology became a core consideration of the day-to-day activities. During this break-out we will explore these dimensions focusing on the use of a diverse range of tools, data analytics and data driven solutions aimed to deliver accounting and reporting in a seamless manner. Addressing key accounting and reporting pain points on each level of a typical Luxembourg structure (Fund, Holding and SPV levels), we will share with you the technological solutions we employ on each step of a delivery value chain supported by use cases sourced from our wide accounting practice.

• Industry: Alternatives

We are serving Global asset managers, having a significant footprint in Luxembourg via the incorporation of several funds and SPVs. In order to meet their expectations in terms of reactivity,quality and flexibility, the PwC Corporate Secretary network developed a solution which aimed at automating the production of corporate and transactional documents. 

The requests can be initiated by PwC but also directly by our clients, who are then able to track the status of the task, from its preparation to the electronic signature.

• Industry: Alternatives

In response to the ever-increasing digitisation of the economy, on 8 December 2022 the European Commission published its long-awaited proposals to revamp the EU’s VAT system. The proposals have several objectives, one of which being to modernise VAT reporting obligations, by introducing Digital Reporting Requirements, which will standardise the information that needs to be submitted by taxable persons on each transaction to the tax authorities in an electronic format. At the same time it will impose the use of e-invoicing for cross-border transactions.

EU Member States will also be able to introduce mandatory e-invoicing for other (local) transactions from 2024. If they wish to do so, Member States need to allow for the issuance of electronic invoices which comply with the European Standard on electronic invoices, which is already being used for B2G e-invoicing. E-invoicing will then become the norm: As of 1 January 2028, structured e-invoices will be the default system for the issuance of invoices. The current process will then be reversed and Member States will need to opt to allow paper invoices for certain transactions. This option will however not be available for invoices related to B2B intra-EU supplies of goods and services. For these transactions an e-invoice will always be required.

Peppol is the common delivery network chosen to enable the automated issue, transmission and receipt of electronic invoices. It is managed and maintained by the international non-profit association under Belgian law OpenPeppol. During our conference, we will tell you more about this chosen standard to issue and receive e-invoices.

• Industry: Operational Companies 

The PwC network developed a tool which quantifies and visualises the impact of the Pillar 2 minimum taxation rules on your business in various scenarios. By using different parameters, the tool predicts the impact of different scenarios in terms of potential top-up tax impact and allocation to group entities and jurisdictions. This allows you to cut through the technical complexity and focus on the ultimate impact on your business. The tool is kept up to date with the latest developments, such as the OECD Transitional Safe Harbour rules and the OECD Administrative Guidance.

The PwC network is also developing a centralised data engine - PwC's Pillar Two Engine - which will allow organisations to prepare for the audit and tax compliance procedures as a result of the Pillar 2 rules. Through our network, the engine is dynamically updated for rule changes and new legislation in each jurisdiction.

• Industries: Alternatives, Operational Companies