Old Mutual - Financial Sector
Streamlined tax administration with bespoke Central Tax System
Insurance giant Old Mutual, trading under two financial licenses, was burdened with the cost and complexity of maintaining two tax administration and reporting systems. EOH developed a new bespoke Central Tax System (CTS) for Old Mutual, to improve the efficiency of administration of internal tax processes and support the seamless reporting of tax data required by new SARS legislation through automation.
To deal with the unpredictability of changing legislation and meet the group’s unique requirements, EOH developed a bespoke software application using a Services Oriented Architecture (SOA) with modern integration technologies.
Today, the application generates more than 16 million individual client tax certificates as well performing SARS submissions for Dividends Withholding Tax, IT3B, IT3C, IT3F and as FATCA, integrating nearly 200 organisations and business units. The solution ably deals with the enormous amounts of data that Old Mutual holds, as well as certificate regenerations, resubmissions and data edits through a custom developed portal that ensures efficiencies for the Old Mutual business.