Hp has outsourced their global tax department to KPMG.
If you might remember, PwC and EY have already done this in the past. AIG outsourced their tax department to EY, and GE outsourced their tax department to PwC.
As part of the deal, some employees from HP will go to work at KPMG. This is also similar to the AIG and GE deals.
KPMG will help HP with the following global tax services:
- International and U.S. direct taxes
- International and U.S. indirect taxes
- Assistance with global tax reporting – this means filling out forms
- Transfer pricing support
- Other tax assistance
Greg Engel is the global tax leader at KPMG. He had the following to say, “HP is the latest in a host of industry-leading companies that KPMG is working with to reimagine their tax departments and harness the power of technology to help reduce costs, improve quality, manage risk and make better strategic decisions.”
Brian Lynn, Global Head of Tax at HP had the following to say, “HP has enjoyed a long and successful relationships with KPMG. KPMG’s deep understanding of today’s global tax landscape, combined with the firm’s digital capabilities and innovative solutions, will enable us to continue to meet the needs of the regulatory requirements we adhere to in markets around the world.”
HP’s Chief Accounting Officer had the following to say, “ KPMG has designed a strong managed services solutions for tax and finance that allows us to leverage both a global tax compliance platform and their investment in technology to position us for the future.”
Sean Bloodwell, global tax management services leader for KPMG said the following, “HP is company that embraces innovation, and we at KPMG share in their commitment to pushing forward with technological advancement. The suite of tax compliance service options we offer – whether co-sourcing, outsourcing, or another approach – reflects our commitment to meeting and anticipating our clients’ current and future needs.”
KPMG will leverage its KPMG Ignition network to help HP meet its compliance needs.
This is a huge win for KPMG. All the people that made statements are the people that will be held accountable for success.