Tax authorities around the world are modernizing their tax systems and taking advantage of digital platforms to make tax collection and enforcement more efficient. Multinational companies face increasing regulatory burden and scrutiny as countries adopt the recommendations of the OECD’s BEPS initiatives. In addition, the Covid pandemic has necessitated significant changes to the working environment with the move from physical to virtual work.
The current environment poses new challenges for business in ensuring that tax and legal compliance requirements are satisfied effectively.
In-house Finance and Accounting teams face resource constraints and basic obstacles in accessing information when working from home. To address the changing tax landscape and also the resourcing issues, businesses need to move toward utilizing technology to manage tax compliance more effectively.