TS No-code Platform is a robust yet highly elastic development platform, that allows you to quickly and effortlessly built and deploy applications to handle even highly specialized tasks. The pharmaceutical company LEO Pharma, has in recent years been using a TS Application to handle data collection and reporting of transfer pricing documentation to tax authorities in several countries.
All companies, organized with branches in different countries must inform the tax authorities about the pricing of goods that are moved across borders between the company's branches. These reports form the basis for tax calculation. The challenge for a large company with offices in several countries is that this task creates quite a workload.
Heavy Lifting That Requires Precision
Frants E. Moraitis, CEO of Intect (former Capworks) has delivered the application (TPD) to LEO Pharma. He says: “It is a great task to report transfer pricing. A typical report comprises several hundred pages for each country. For a large company, this means that thousands of pages must be reported each year. It is complex and the risk is that the authorities demand additional documentation or that a tax case will arise if there are errors. It is often handled by external auditors, demanding a handsome fee for the job. Therefore, accuracy is paramount, however, many companies do not prioritize the task sufficiently, because it is a purely administrative exercise that does not create revenue.”
Ensures Compliance with Regulatory Requirements
In 2015, with these challenges in mind, Capworks began to look at whether the process could be made smarter, and together with TS built an application that creates an overview and ensures that all the necessary information is gathered and presented correctly. The application is tailored to LEO Pharma’s needs, which means that only relevant information is processed.
Users in the individual countries, supply data and documentation via templates. The pre-defined workflows ensure that all documentation is collected from relevant sources in a format that complies with the tax authorities' requirements in the respective countries. Through automation, the documents are collected centrally as the individual countries fill in their part of the documentation in accordance with the pre-defined templates.
An Obvious Choice
Frants E. Maraitis evaluated other systems designed to solve the same problem. Together with Leo Pharma however, he concluded that they were either excessive and pricey or too simplistic and not adaptable to changing requirements.
The TS Application has resulted in great savings for Leo Pharma. Setup of the application has taken about 100 hours and has worked impeccably for several years now. The simple user interface means that LEO Pharma's staff can make adjustments as the authorities' requirements change or expand, and the elasticity of TS No-code Platform helps future-proof the solution.
“TS Transfer Pricing has simplified our work with transfer pricing documentation. Before, the work was done locally from some 60 locations around the world. Now that we have digitized and centralized the process, we save a significant amount of time each year. We looked at other options, but TS Transfer Pricing was the only application we could find that could be adapted to our specific needs,” says Cian Desmond, Global Tax Senior Analyst at LEO Pharma.