Croda achieves tax control and compliance with Meridian
Background
Croda International Plc (“Croda”) is a global manufacturer of natural based speciality chemicals with a turnover of £1.1 billion. Croda are the name behind the high performance ingredients and technologies in some of the biggest, most successful brands in the world: creating, making and selling speciality chemicals that are relied on by industries and consumers everywhere.
Due to the inherent complexity in its trading model, Croda found it increasingly difficult to cope with its international VAT determination and reporting requirements in an efficient manner, given the limitations in their SAP system.
- Chemicals
Before: Tax challenges for Croda
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1
Complexity
Many complex EU VAT requirements were not automatically handled by the system due to limitations within standard SAP functionality.
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2
Manual workarounds
Over the years, Croda had mitigated this by implementing its own series of developments and manual workarounds in order to maintain compliance levels, however this resulted in an even more complex system-logic that became too difficult and costly to maintain.
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3
Cost
Croda was left with a system that was difficult and costly to maintain and did not provide the right level of visibility and control over VAT determination and reporting processes.
Why Meridian?
- Croda needed to ensure that its SAP system could be trusted to automate all the complex VAT scenarios and associated processes.
- Croda needed a partner who could work with them to help create a business case for change and who also could deliver a solution that was low impact, high results and easy to maintain.
