Data management is developing fast and with increasingly complex analytics and indirect tax reporting challenges to come, a wider view of the landscape must be taken to determine what steps are necessary for organizations to take, and what is ‘the art of the possible’?
There will be no let-up in the volume and complexity of data-led obligations placed on companies by tax authorities. Equally, the tax authorities will continue to improve their own operations allowing them to interrogate data more effectively, to assess more publically available data, to drive down the costs of tax collection, and to improve the security of transactions by using technologies such as blockchain.
Tax authorities also have a vested interest in the security and integrity of companies’ own procedures: they want assurance that taxes are being collected and reported, so that their yield is maximised.
