RHI Magnesita
Customer Success Story
Since 2020 RHI Magnesita uses TPGenie Enterprise, CbCR, Intercompany Agreement Database, Agreement Lab and currency conversion modules
RHI Magnesita is the global leader in refractories. RHI Magnesita has the largest number of locations around the world and the most innovative, reliable products and services. RHI Magnesita also provides the most robust supply and quality security, thanks to its exceptional vertical integration – from mining to production to full service solutions.
The challenge
Currently, the preparation of TP documentation is a highly manual process, decentral organized, unharmonized and spread across external advisors, local finance teams, regional tax teams and the central transfer pricing department. The ever-increasing compliance burden leads to high costs, lack of insights in meeting compliance obligations, inconsistent reporting, exposure to tax risks and significant impact on resources.
The solution
We utilize TPGenie’s Enterprise License, Country-by-Country Reporting, Intercompany Agreement Database, Agreement Lab and currency conversion modules. For TP documentation, we went live with 1 legal entity in the US and generated a draft US TP report for FY2019 so far. The CbCR model is to be fully rolled-out during 2021.
The ICADB and Agreements Lab we have used extensively so far, both for inventorying existing IC agreements, creating standard templates and managing signing workflows for 100+ new agreements, with over 400+ signatures.
The results
We managed to set a standard for our group’s TP documentation, and met an urgent deadline for a specific TP report. The detailed set-up with document templates, variables, corporate governance data of our legal entities and link with ICADB provides great comfort for rolling-out TPGenie as the central global tool for our TP compliance process.
Besides TP compliance, the Agreements lab allowed us to respond quickly to business requests when urgency was high and supported our TP team as a value-adding partner within Finance.
“TPGenie strikes the right balance between standardization and customization so far. It allows us to automate our TP compliance process to a large extent, while allowing sufficient room for company-specific demands. The software is unparalleled in its flexibility and efficiency gains while TPGenie’s team offers swift and valuable expertise, being a true partner in our journey towards digital transformation of the tax function”
Refractories & Mining
RHI Magnesita is the global leader in refractories. RHI Magnesita has the largest number of locations around the world and the most innovative, reliable products and services. RHI Magnesita also provides the most robust supply and quality security, thanks to its exceptional vertical integration – from mining to production to full service solutions.