Leading organizations are employing advanced technology tools to unlock insights from data to create value and reduce risk.
Today, large companies are facing increased expectations from tax authorities, shareholders and regulators to meet even higher standards on global tax compliance. Following implementation of the BEPS initiatives, we experience an increased interest in transparency and evidence of substance in the global tax environment. For large international companies, compliance is evolving from hands-on preparation of tax forms and meeting filing obligations.
Advancing technology is fueling regulatory demand for ever more data, more rapidly and in ever more detail, i.e. we experience the change in attention with the SAF-T requirements.As the need to produce higher-quality, real-time information accelerates and compliance draws more attention from internal and external stakeholders, finance and tax teams face growing complexity, along with mounting pressure on their stretched resources to get compliance right in an effective manner.
To meet increasing demands and competing priorities, tax functions need an established plan for the use of technology and controls that covers all the bases from an end-to-end perspective. Leading organisations are embracing the digital transformation of tax and accounting functions by implementing the right processes and technology platforms to ensure that today’s compliance is performed efficiently and tomorrow’s compliance requirements can be met.
Learn more about this and the five building blocks for transforming your processes, tax control frameworks and digital compliance technology platform in this article, Technology revs up regulatory complexity and drives deeper demands.