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Rising to a new challenge

Many companies did not have the time or resources to put in place all the infrastructure needed to support their new remote working tax teams. Accomplishing today’s tax work with existing resources was already a challenge with continuous technology advancement and evolving regulatory demands. The effects of COVID-19 have exposed gaps and have put an additional layer of pressure on tax departments to be nimble.

Moving quickly to address immediate needs has been critical. But leaders also have an opportunity to think strategically and design a more agile tax operating model that is equipped for the “new normal,” through the amplified efforts of humans working better together with technology, and can flex and scale to fit uncertainty and change now and in the future. As tax departments navigate this unprecedented environment, tax leaders can use a phased approach to their planning efforts:

Act with knowledge and agility

Analyze immediate needs and gaps to support and maintain ongoing operations, forecast, and take quick action.

Position for the future

Continue more broad-based transformation initiatives as growth and opportunities for investment return.

Position for the future

Create a flexible business and tax strategy. Focus on future projections, model tax/cash impact of strategic opportunities, and develop an efficient tax, legal, and treasury structure to support business change.

Key contacts

Jeff Butt
Partner, Tax & Legal
JeButt@deloitte.ca

Karen Spencer
Director, Tax & Legal
karenspencer@deloitte.ca