KPMG unveils new solution to boost tax compliance for businesses

KPMG, Nigeria’s Audit, tax, and advisory services firm has launched a new software solution, Tax Orbit, designed to improve tax compliance and streamline operations for businesses in Nigeria.

The software aims to help companies manage their tax obligations more efficiently while reducing risks and costs associated with tax compliance.

The launch event, held at KPMG’s office in Lagos on Thursday brought together business leaders to discuss how technology can enhance corporate governance, improve data storage, and simplify tax reporting. With rising inflation, increasing tax liabilities, and stricter regulations, businesses in Nigeria are under pressure to ensure compliance while maintaining profitability.

Olanike James, partner, Financial Services Industry and Deals Advisor at KPMG, emphasised the importance of adapting to technological advancements in tax compliance.

“Our tax regulations are evolving very fast, and our tax authorities are embracing technology at an extremely fast rate. There is a need to avoid unexpected surprises. We cannot afford to do things the way we are used to doing it the traditional way. This is probably one of the few times you see that industry is probably playing catch-up to the tax authorities,” James said.

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James highlighted that businesses must embrace solutions like Tax Orbit to stay ahead of regulatory changes and avoid unexpected tax bills. She explained that by leveraging technology, businesses can optimise their tax costs and ensure compliance without unnecessary financial burdens.

Olufemi Babem, partner, Consumer and Industrial Markets and Tax Reimagined Lead at KPMG, who explained the importance of technology in tax management said , “The innovation is introduced to promote efficiency, effectiveness, and accuracy. As we know, tax is taking the frontrunner, the need to leverage on technology cannot be overemphasised.”

Babem explained that while the product is specifically designed for Nigeria and Ghana, it can be customised to meet the needs of individual companies from around the world.

Speaking on the features of the software, Manager, Tax Technology and Transformation, Akaoma Osele, stated that Tax Orbit is built on a regulatory policy that spans seven years.

She stated “It is built on key areas such as document management, audit regulation, work automation, among others.”

Osele also assured businesses that if they decide to terminate their contract with Tax Orbit, the platform provides support for data migration.

With the launch of Tax Orbit, KPMG aims to help businesses navigate Nigeria’s complex tax landscape while improving operational efficiency. The firm believes that adopting technology-driven solutions will not only simplify compliance but also enhance business growth in the long run.