KPMG and Thomson Reuters

The shift towards digital tax is happening now. Are you ready to begin your journey?

Growing amounts of data, continuous regulatory changes, reporting complexities, and digitization are putting pressure on tax leaders across all areas of tax.

Data access, quality and management present major challenges for tax professionals

One of the biggest obstacles for tax leaders when collecting data is the collation of information from multiple data sources for tax calculations and reporting. Data often resides across varying systems and locating and accessing the correct information can be challenging. Furthermore, this process is manual, which can lead to potential errors, lack of control, and security vulnerabilities. Because of the complexities and strict regulations related to tax, ERP systems have trouble providing organizations with the necessary tools for their direct and indirect tax needs.

Tax authorities and governments are already going digital.

Tax authorities and governments are embracing technologies including GenAI to improve their ability to access data and information. They are leveraging powerful analytics and AI algorithms to integrate information and understand reporting. This new level of scrutiny requires tax leaders to reevaluate their tax strategies, invest in new technologies to keep pace.

Investing in innovative tax tools and technologies can help tax leaders to address their tax needs.

Over the past decade, there have been incremental steps towards tax digitization with the emergence of self-service tools but amidst the technology evolution, there is a huge opportunity for tax leaders to harness the value of digital technologies to take advantage of the data management capabilities, analytics, automation, and intelligence capabilities they can bring to tax.  

Through a connected thinking approach KPMG and Thomson Reuters are helping organizations to Rethink and Digitize Tax.                    

To learn more, visit Thomson Reuters ONESOURCE™.