Building the tax function of tomorrow - today

The need for change

As the forces of globalisation, digitisation, and social transformation take hold, the way companies operate has dramatically changed and the pressure on the tax function to transform has never been greater.

It is hard to miss the signals of change: in business’s adoption of cognitive technologies in the workplace; in the new digital models being rolled out by tax authorities around the world; in the continued demand from corporate leaders for improved back-office efficiency and cost structures; in the growing public scrutiny on, and calls for greater transparency from, corporate taxpayers.

Constrained by time and resources, many tax teams simply strive to remain compliant in an ever-changing world.

While many tax functions regularly implement new technologies, they are generally responding to a specific regulatory or reporting change, and they can put in place sub-optimal solutions rather than innovative programs.

Building the tax function of tomorrow - today

Some tax leaders, feeling the pressure of these increasing demands, are beginning to recognise that the status quo is simply no longer good enough. They are starting to explore the value that technologies utilised in other parts of the organisation could deliver to the tax function. They are recognising that when properly adopted, integrated, and managed—and when viewed in the context of pairing people with machines rather than replacing people with machines—these technologies are able to unlock new efficiencies and enhance agility.

This report does not advocate a specific operating model or technology for tax. Rather, it draws on Deloitte professionals’ experiences to look at some of the pressures for change, cognitive technologies and their application in the tax function, and practical steps to establishing the tax function of tomorrow, today.
 

Finally

Today's rapidly shifting global tax environment is creating unprecedented change. In the midst of uncertainty, Deloitte can help you see opportunities and lead with confidence.

If you have any questions on the report and explore these issues further, please get in touch.