2017 tax analytics trends
Futurology was never a science and with the year of unexpected events we've just had it would be very bold to make firm predictions. Nonetheless, looking at developments across the global tax landscape, at the direction of travel being taken by tax authorities and at the response of both multinational corporations and domestic taxpayers, it is reasonable to conclude that tax data analytics will continue to help shape the tax environment in the year ahead and beyond.
This non-exhaustive review examines some of the ways analytics is impacting the landscape and considers:
The extent to which the tax advisory market is blurring as traditional demarcation between tax specialists, content providers and software vendors breaks down.
The need to ramp up the compliance culture in multinational entities. The transparency agenda, the regulatory environment, corporate self-regulation and government actions are all driving an increased focus on compliance.
The impact of exponential technologies in the tax compliance arena which will result in changes to the way tax departments and the tax authorities work, as well as the extent to, and ease with which, they can leverage data to drive actionable insights.
The opportunities for leveraging a hyper-connected world and distributed systems and ledgers to maintain data integrity and improve data efficiency while managing down the costs of entry.
How some forward-thinking tax authorities and governments are showing the way through the use of technology and improving revenue raising while phasing out tax returns as reportable information is collected in real time.
How growing up with technology is affecting the career expectations of millennials and how, in the expanding 'gig economy', employers need to find ways to respond to millennials' expectations and capabilities and 'use them or lose them'.