Why should the boardroom be thinking about the future of the tax function? And how do you ensure your tax function can keep pace as your business goes digital?
As a business leader wrestling with the impact of COVID-19 and Brexit, it’s likely that you’ll have had many more conversations involving tax recently. You need to understand how tax impacts the movement of your people, services and products. And that’s making effective tax management increasingly important to the success of your business strategy. It’s also making it an imperative that the digitisation of your tax function doesn’t fall behind the rest of your business. By implementing a secure, scalable and cost-effective digital platform in tax, you’ll benefit from greater efficiency and agility in how you manage your obligations. But what does that mean for the shape of your tax function?
In this video, our 'Partner, Head of Tax and Legal Services, KPMG in the UK, Vicki Heard, looks at how COVID-19 has accelerated digital transformation, including the opportunities for business led change, tax function transformation and the potential for a very different tax policy.
With tax authorities around the globe embracing the potential of digital over the coming years, technology will be key to the future of tax. From real time tax reporting to the use of third-party data, tax due will be assessed through real-time access to business data and transactions, taking admin off the plate of taxpayers and reducing room for errors caused by complexity.
Traditionally manually performed compliance and reporting processes will be automated allowing businesses to proactively manage tax risks. Data analytics and visualisation technologies will continue to transform, how decisions about tax are made.
Whether your focus is on tax administration, tax strategy and planning or resourcing – technology is going to be fundamental to the future of tax.