Case Study: Financial Services
BACKGROUND
ABC Company, a leading global investment banking, securities, and investment management firm, offers a wide array of financial services to a diverse client base, including corporations, financial institutions, governments, and individuals. Although they had a large tax department, ABC sought an expert second opinion on their sales tax operations.
CHALLENGE
The company required a comprehensive analysis of their sales tax to ensure all possible deductions and refunds had been claimed. Identifying any errors or oversights in such a large, multinational company was a considerable challenge due to the volume of transactions and complexity of tax regulations.
SOLUTION
Philip Ghaly was brought in to conduct a reverse sales tax audit. During his audit, he identified a minor oversight that, while small, had significant financial implications. This discovery led to a refund totaling $15 million.
RESULTS
Following Philip's discovery, a refund claim was filed. The successful recovery of these funds allowed ABC Company to reinvest this amount into the company, bolstering growth and building financial resilience.
CONCLUSION
Philip's expertise and meticulous approach revealed a minor error with major financial consequences, ultimately resulting in significant financial savings for ABC Company.
AT A GLANCE
CHALLENGES
Identifying minor errors or oversights in the company's large volume of transactions.
BENEFITS
Philip identified a minor oversight that led to a major refund of $15 million.
TIME AND RESOURCE SAVINGS
Philip's expert sales tax audit saved ABC Company significant time and resources in identifying and claiming the tax refund.
FINANCIAL SAVINGS
The discovery of the oversight led to a substantial financial recovery, allowing ABC Company to reinvest $15 million into their business, fostering growth and financial resilience.
EXPERTISE
Conducted a comprehensive reverse sales tax audit.
Identified minor oversight leading to major refund.
Filed a refund claim to recover overpaid taxes.
ADDITIONAL BENEFITS
Increased financial resilience for ABC Company.
Funds made available for reinvestment into company growth.
OUR MISSION
What sets us apart from other sales tax consulting firms is our commitment to offering top-notch services without charging exorbitant fees typical of other firms.
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We believe that every business deserves quality sales tax consulting that is accessible and affordable, and we have built our practice around this core value.
