The pressure to make tax more transparent is increasing. Both tax regulators and the public want to know who has paid how much, to whom, and when.
Tax and finance leaders are preparing for a more transparent tax world in three key ways, according to the survey.As organizations move from server-based ERP systems to NextGen cloud-based systems, progressive CFOs are giving tax a place at the table. Simply put, the system needs to allow tax leaders to create a tax-sensitized environment within the traditional finance data setting.
Tax functions need to upgrade their technology capabilities to support new calculations and tax compliance burdens. And CFOs need more-sophisticated scenario-modeling capabilities that include these new rules to inform their strategic decisions.In Deloitte’s survey, many of the leaders say they are looking at how to transform tax operations with the help of artificial intelligence and machine learning .
Among the several takeaways corporate and finance leaders can find in Deloitte’s survey are three common tenets relevant regardless of industry or sector:
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