As more stakeholders take an interest in tax, the environment in which tax directors operate is changing dramatically:
- Lingering economic uncertainty puts pressure on many companies to cut costs and on tax authorities to boost revenue.
- Globalization continues to drive business and finance transformation and the centralization of finance, tax and other functions.
- Companies are expected to improve their governance, accountability and transparency in all areas, especially tax.
- Regulation demands ever more tax transparency through the disclosure of data to the tax authorities and, in some cases, publicly.
- Governments and the public are debating tax morality and demanding that companies pay a “fair share” of tax where they earn their profits.
Amid heightening regulatory and cost pressures, tax functions need to adapt to a changing world while effectively managing tax and tax risk.