Is your tax data delivering what your business needs?
Although data is not a new issue for tax functions, data improvement initiatives are quickly becoming one of the major enablers for future state tax functions.
We are now seeing Tax authorities continuing to move ever closer to real time data extraction and e-auditing with new legal requirements coming thick and fast. That’s putting pressure on Tax Departments to actually have accurate data at the granular level, rather than the historic aggregated level.
So, in reality what does this all this mean for tax teams? Certainly there is an increased workload as a disproportionate amount of time is being spent on improving base data retrospectively, rather than value add activities. Couple that with an increasing need to drive efficiency and cost reduction and it’s no wonder data has found its way onto the list of the top five priorities of the largest organisations. Sensitising tax data also topped the list of priorities for improvement to tax technology projects.
To meet these challenges, Tax functions need to be clear on their data requirements, they need to deliver their compliance and legal requirements.. They should play a significant role in driving the improvements needed within their organisation. If tax ready data is delivered in an accurate way, it will drive significant efficiencies in the tax team.
