Innovation in Tax
Written by Izmir Shah
"I love to challenge the perception of people I meet in innovation, design thinking meet ups, forums or colleagues from the other Deloitte service lines on what a tax professional should look like."
"I am a hipster dressed (trimmed beard), quirky & creative type of guy. I always hear “You don’t look like a tax guy!”
Same applies for the misconception that tax professionals and lawyers are not considered innovative.
Compliance work & legal advice is the bread and butter of our business. When we are competing for work with our competitors, innovation is the key to differentiate ourselves from others.
Stricter rules and new regulations from tax authorities, coupled against the constantly changing digital environment is creating more opportunities for us to challenge ourselves and consider different ways to address our client needs.
In the global mobility area within tax for example, data sharing between the tax and immigration authorities creates an imperative for companies to manage the risk arising from business travellers.
This type of mobile employee creates issues in the area of income tax, immigration, social security, permanent establishment risk and employment tax as there is limited or no visibility of this population.
With our understanding on how to manage this risk and using data analytics, we are able to create a solution that enables our clients to have visibility of business travel globally and assessing the risk proactively than being reactive when there is an audit by the authorities. New offerings such as this are examples of where we are venturing into new areas to expand our offering.
New and emerging technologies such as Blockchain, Machine Learning, Crowdsourcing and Robotics Process Automation are constantly being experimented to see how we can utilize it to develop new solutions or services and make it part of our core business processes.
The talent landscape in Tax & Legal has also changed significantly in the last decade. We now have data scientists, user experience designers, programmers, design thinkers to name a few which enables us to tap into these specialised resources when creating new solutions and offerings.
Our expertise in tax compliance and law together with our understanding on how to apply new and emerging technologies allow us to be in the forefront of innovation.
So, we are not just your typical accountants and lawyers. We are the innovators in our field.