Insights

Tax Analytics: Why is Mastery of Tax Data More Important Than Ownership?

Insight-driven advantage

Data analytics is the key to unlocking the power of tax data and managing it to best effect either as a tax authority or a taxpayer.

The global tax environment has undergone transformational change. The introduction of Country-by-Country Reporting (CbCR), the European Commission’s anti-avoidance package, the open government agenda, and public “tax shaming” campaigns herald unprecedented change for companies and tax departments. Tax authorities and corporates have access to more information than ever before. They are under pressure to release data to inform the debate, and address public concerns that the largest multinationals are gaming the rules. In this context, the concept of taxpayer confidentiality—on the grounds that to reveal sensitive commercial data would give others an unfair competitive advantage—is under assault. Other countries may soon follow the example already set by some, where corporate tax assessments are available on-line.

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