The Future of Tax
How should tax functions prepare themselves for an increasingly digitalised future?
The global tax environment is changing, and fast. Digitalisation is disrupting traditional business models and changing the ways in which businesses interact with its stakeholders.
Digitalisation provides tax administrations with game-changing tools with which to improve compliance yields and close tax gaps. Meanwhile, fundamental questions are being raised as to how increasingly digitalised business models should be taxed.
Tax functions face the perfect storm as these external pressures combine. To face these challenges, tax needs to have a say in internal transformation within companies. Tax is no longer the passive member of the finance team but plays a vital role in shaping the future of the organisation, the way in which it operates, how it manages risk and communicating these to the companies’ leading decision makers.
This requires a change in mindset. Tax teams need to become more aspirational: to think carefully about how their changing landscape feeds into the wider organisation. Digitalisation poses serious questions about what the tax function needs to achieve and how this will drive value for the business.
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