When it comes to the digital evolution of tax compliance process, Latin American countries are blazing the path forward. Tax authorities in the region’s largest countries are investing heavily in technology, ramping up their ability not just to access more business information in real time but more importantly to unlock the value of such data, gaining greater insight into the tax payer’s financial and tax position.
These developments bring new challenges for multinationals operating in the region. The new demands are compelling them to adapt to the new ways of interacting with tax authorities in the different markets or face significant penalties, increasing operational risk across the region.
In this new article, by KPMG’s Global Compliance Management Services, we discuss why Latin American tax authorities have leapt ahead of their global peers in embracing technology and how they are using it to shift compliance into a digital, real-time realm. It also explores how multinationals are adapting to the new environment and provides a glimpse of what the future may hold for tax functions in the region.