A busy 2021 saw BEPS 2.0 internationally agreed on, EU announcements of ‘FIT for 55’ proposals and, in the UK, corporation tax rises and a new Health and Social Care Levy. The changing tax landscape has been shaped for the future.
What will 2022 have in store for the Tax environment?
In 2022, we can expect to see further developments on the OECD’s reforms. However, the question remains, will it be an easy path to implementation? We have already witnessed some of the challenges in the US where President Biden is trying to pass his Build Back Better tax reforms. COP26 raised the stakes of Tax Policy, and how it will contribute to net zero. ESG is firmly on the green revolution roadmap.
Technological shifts, driven by demands for data and transparency will continue to transform tax functions making compliance easier but tracking of new regulations may still be a tough challenge. A move to a mix of tax and technology specialists is vital for tax departments to keep ahead.
The pandemic has accelerated new ways of working. How will governments respond to this shift in global workforces?
The roadmap for the future:
The global tax world is still changing at a fast pace and my watchword for 2022 is agility. The businesses that can look ahead, anticipate change, and react quickly will have the edge.
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