All in Tax Functional Excellence
In the ever-evolving landscape of corporate governance, the tax function plays a pivotal role in ensuring compliance, optimizing financial performance, and supporting strategic business decisions. Developing a strategic roadmap for the tax function involves a comprehensive approach that integrates various elements and stakeholders within an organization.
Corporate tax functions need constantly ensure tax compliance and grow in their maturity as technology evolves.
The transformative potential of artificial intelligence (AI) within the tax function has become undeniable. From processing thousands of transactions with near-perfect accuracy in seconds to facilitating strategic decision-making, AI is reshaping the way tax professionals operate.
In the realm of corporate finance, tax planning and tax management are essential components of a globally efficient tax function. Both components complement one another and draw on interconnected data sources, though they serve distinct roles within a business’s overall tax strategy.
In today’s complex and interconnected business landscape, the role of the Global Tax Process Owner (GPO) has become essential, especially in large multinational corporations. While companies of all sizes and industries can benefit from tax process oversight, global tax process ownership is particularly valuable in organizations that operate across numerous geographical locations and business units.
The tax function is crucial to an organization, influencing various aspects from effective business modelling to corporate image, compliance, and internal control. It also plays a significant role in change management programmes and the digital agenda of organization. Here is WHY the tax function matters.
Tax legislation exerts a significant influence on businesses and nations globally. The tax compliance environment is increasingly complex, characterized by a multifaceted system with numerous layers, touchpoints, and interfaces. This complexity presents various practical and theoretical challenges in righting companies through the tax compliance systems. To address these challenges and manage the ever-growing intricacies of tax legal requirements, tax leaders must adopt innovative approaches in designing the tax function operating models.
