Corporate Tax (CT)
Please find our December 2018 edition of Keeping up With Tax for Insurance.
Tax Reporting & Strategy
The latest in our series on the Tax Function of the Future, which examines the challenges that tax functions will face in the coming years, focusses on how to introduce small tax automation projects and how they can improve the tax function, support company strategy and empower tax professionals.
Tax Reporting & Strategy
The latest in our series on the Tax Function of the Future, which examines the challenges that tax functions will face in the coming years, focuses on how to introduce small tax automation projects and how they can improve the tax function, support company strategy and empower tax professionals.
Business need: Accelerate the impact of technology in delivering my tax needs
Technology is driving and enabling change throughout business. Whether through the improvement of data quality or the automation of processes, technology is at the forefront of transforming the Tax function into an efficient business enabler.
Business need: Unlock data insights to add more value to the business
Unlocking actionable insight from enterprise data can be a challenging problem especially at large volumes and in complex business landscapes.
Business need: Improve and automate tax processes
Core processes and routine activities can have a significant and lasting impact on the Tax function. As tax laws and accounting standards continue to evolve, Tax is challenged to look closely at how data and related documents are received, processed, and ultimately retained, while continuing to add value through strategic decision making.
Business need: Have robust and accurate data for the business and tax administrations
Although data is not a new issue for Tax it’s fast turning into one of the major enablers for future state Tax functions. Tax authorities continue to move ever closer to real time data extraction and e-auditing with new legal requirements coming thick and fast. There has never been a greater need for tax departments to be data literate.
Business need: Understand and be prepared for changes in the strategy and requirements of tax administrations and regulators
A key challenge for companies in the current environment is to consider how best to respond to a landscape which continues to evolve.
Business need: Reduce the cost of delivery
The tax function is under constant pressure to deliver more with less. Internal cost pressures and the demand for greater business insights against the backdrop of meeting increasing tax compliance demands in shorter time frames is resulting in the need for tax functions to chart a course of continuous improvement making the most of the latest technology developments.
Business need: Have confidence and certainty over compliance
Many companies are rethinking their approach to domestic and global compliance and reporting by taking a closer look at their technology, processes, resources, and service providers. Leading tax functions are using co-sourcing/outsourcing as a critical component of Tax function strategy, and as a means to better align Tax function investments and use of talent with organisational goals.
Business need: Have an efficient and effective tax reporting process
Changes to tax laws, new accounting standards and increased scrutiny of how much tax organisations are paying, means that it is more important than ever that your organisation is confident the tax numbers disclosed in your financial statements are accurate.
Business need: Leverage finance transformation for tax
Finance transformations represent risk and opportunities for tax functions. Generally there are two types: organisational change and finance system change.
Hot Topic: Making Tax Digital and Real Time Reporting
The Global tax landscape is shifting as tax authorities demand an ever increasing volume of data from taxpayers. In the UK, Making Tax Digital for Business (MTDfB) is the government’s policy to move all business-related tax reporting online.
Hot Topic : Data structure & quality
Although data is not a new issue for tax it is fast turning into one of the major enablers for future state tax functions.
Hot Topic: Intelligent Digital Automation
The growing automation trend promises to transform the Tax environment. Leading Tax functions are embracing this trend, leveraging new available tools to gain efficiencies and expanded capabilities in a quick time frame