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As part of the fifth Deloitte Global Management of Tax survey, interviews were conducted with both CFOs and chief audit officers to gauge the level of value they experience from their tax departments.
Not surprisingly, CFOs are looking for reduced risk and some sense of ROI. For some CFOs, though, reliably delivering accurate global compliance and reporting is not enough. They are looking for ways to get more value, insight, and efficiency from tax.
Specifically, they are looking to tax to:
Get it done and gain control. CFOs are looking for tax to mitigate risk by avoiding audit issues and financial penalties and ensuring no reputational fallout from tax. Experience: CFOs are fairly confident that their tax teams are mitigating risk effectively.
Reap more from less. CFOs are also looking for tax to deliver efficiencies, not only through cost reduction, but by enhancing the tax delivery model to increase ROI on technology investments. Experience: The push for greater transparency by regulators and investors is propelling increased technology investment, but tax teams don’t seem to be fully using the data to drive commercial value.
Face the future. CFOs want their tax team to collaborate with the business and maintain an ongoing dialogue by offering proactive advice and providing perspectives on future regulation. Experience: CFOs’ expectations for tax to collaborate are not consistently met, often because tax can seem “buried in the technicalities of the data.”
Discover value. CFOs want to keep their tax levels low and are looking for their tax teams to fully understand regulations and the business to provide strategic and commercial tax advice. Experience: Some CFOs feel they could be paying less tax and are unsure whether their tax teams are making the best use of the data available, especially in areas like transfer pricing and indirect tax.
Speak to Deloitte’s Digital Tax team to find out how you can get more value, insight, and efficiency from your tax.
Rory is a Partner in the Digital Tax Team. He is responsible for the development of innovative digital tax solutions. Having previously owned his own tax technology business, Rory was a Partner in Deloitte Canada leading the Indirect Tax team. He brings an entrepreneurial approach to the tax business and has more than 30 years of experience in tax technology and client centric solutions.