Tax authorities globally are revolutionising their approach to tax collection and new technology is helping them to do this. Going digital is a cost-effective tool for governments - but the challenge is that it’s inconsistent across countries with implementation happening at different rates and scales.
It is crucial that tax leaders start to build a strategic plan to address these issues and to minimise the impacts of these challenges, as well as staying compliant.
Start with:
- Analysing the requirements – create a data catalogue of all your known requirements
- Map your systems – what systems do you currently use - are they sufficient?
- Establish a process to monitor new developments – with over 500 new developments last year it’s important to keep a track of new requirements
- Outline a governance process - to manage master and transactional data
- Automate where possible – new software systems will save time and can help align globally
If you are looking for specific help with digitalisation or you are embarking on a tax transformation project, get in touch with our team to discuss how you can leverage technology for your business.
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