Joel Walters, inbound tax leader for PwC US, explores how in-house teams can successfully navigate the new corporate tax landscape in light of increased scrutiny on tax planning processes, reporting requirements, and compliance initiatives.
It's not news that today’s corporate tax function faces more and more challenges. The constant demand to increase productivity is virtually a cliché, and the ever-escalating regulatory burden coupled with tight budgets, unprecedented demands for information from taxing jurisdictions, and the high threshold to consistently produce timely and accurate tax compliance and financial accounting all contribute to a difficult operational environment for tax departments around the world. Overlay this with the increased scrutiny on the tax affairs of multinational businesses and it is clear that the demands have never been greater, and continue to grow.
In their quest to overcome these hurdles, tax departments often face internal barriers as well. Access to quality data, heavy reliance on complex spreadsheets, inefficient data collection processes, and sometimes even less than ideal collaboration with other parts of the business all contribute to today's challenging landscape for tax executives.
So how can tax departments navigate these challenges and move forward?