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The rapidly changing tax landscape is shifting the focus of senior management onto how tax is managed in their business and how the tax strategy aligns with the commercial goals of their organisation.
Tax authorities increasingly expect organisations to be able to confirm that tax risks are appropriately managed in a way that facilitates real time compliance and data oriented auditing. This is combined with the continued demand for increased transparency from a wide range of stakeholders.
Expanding compliance and regulatory requirements coupled with the new challenge for tax to be a value added business partner means that tax teams must be able to meet an increased number of changing and competing demands with constrained resource.
The factors described above are driving tax professionals to broaden their proficiencies beyond tax reporting. A successful tax professional of the future will be highly proficient in data analysis, statistics and technology, as well as process improvement and risk management.
To remain relevant to the business the tax function must build a compelling, cost effective business case for change.
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There is a general trend among tax administrations to move to a form of cooperative compliance with an increasing focus on an organisation’s tax management environment. Just as tax functions have to evolve to cope with more complex compliance and reporting requirements, tax administrations will also have to adapt and change.
For further information on how we’re working with tax administrations click here.