Yinson Annual Report 2020

81 Annual Report 2020 Main objectives of TREASURY MANAGEMENT SYSTEM Automation Dynamic dashboards Accuracy Enabler of other strategic objectives Through the system, Yinson is looking to standardise manual processes and introduce a single platform to monitor complex covenants and financial data reports, putting accurate information at our fingertips to optimise liquidity decision-making. Additionally, the Group will further streamline intragroup charges of the Offshore Production Division with the purpose of developing a centralised approach for cost management and recovery. There are many factors challenging the effective operation of Yinson’s corporate tax function, including the centralisation of tax oversight, demands of globalisation, increased regulatory scrutiny, increasingly complex law, heightened CG, increased demand for transparency, scarcity of resources, and shorter financial closing cycles. To keep pace with these demands and challenges and to effectively address them, Yinson is in the midst of acquiring a tax management and reporting solution that provides useful insights to help appraise the abovementioned global tax reporting challenges and identify possible improvements in the accuracy and timeliness of these processes – ultimately sharpening Yinson’s effectiveness in managing our tax obligations. The benefits of having such solution would include: • Deadline monitoring • Promotes collaboration on data, status and monitoring of tax operations • Provides visibility over tax operations throughout the group as well as entity level • Gathers and analyses tax information from every territory/entity in a centralised solution • Dashboard and analytics to drive better business insights • Streamlines tax reporting format • Centrally stores important tax documents. We believe that the implementation of this tax management and reporting solution will enhance our tax compliance process and lower our tax compliance risks.