How to elevate the role tax plays in your organization
The future of tax reimagined
Today’s tax function is in a unique position to transform what it does and how it does it. This involves assessing your current capabilities and developing a clear strategy and vision—supported by a well-articulated business case—to gain support and funding.
A successful tax function needs to identify its objectives and measure how well it’s delivering on them. The tax function maturity model can help you identify the sophistication of your organization’s current capabilities. But at what maturity level should you be operating? The right level depends on many factors, including the wider organization’s risk tolerance.
It’s impossible for tax to transform without the support of others within the organization. To get this backing, you have to explain why now’s the time to change and justify the additional budget and resources. There are several points to consider when you put together your case for the value tax transformation can have for the overall organization.
Tax professionals are now working across functions and geographies to solve the organization’s problems, so they need to be open to new business models, operational structures and skills. In short, your reimagined tax function needs the right people strategy.
How’s the role of the tax professional changing? While technical tax skills are still needed, they’re no longer sufficient. To drive your tax team with the right people strategy, you need to assess what additional skills are needed for today’s tax professional and how the role of tax leadership is changing.