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Unlocking new value with tax innovation
Driving tax function effectiveness with technology and talent
Deloitte's latest Global tax management survey took stock of the global tax risks today’s leaders face and the priorities they’ve set. The first two articles in our four-part series spotlighting key insights from the survey results explain the different ways tax leaders define value and the critical role tax innovation plays in delivering it.
- Varying definitions of value in global tax
- Turning that value vision into reality through tax innovation
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Varying definitions of value in global tax
Many CFOs of multinational organizations are looking for their heads of tax to be trusted advisers by delivering greater value to the business. And while many tax executives embrace the opportunity, they’re finding that delivering value can be easier said than done.
Our latest Global tax management survey shows that after meeting many recent demands to cut costs, respond to technology advancements, and streamline processes and tax internal controls, more continues to be asked of tax leaders. This is even more true today, as existing pressures are likely to be exacerbated by market disruption from the COVID-19 global pandemic and the potential economic impacts that arise from it.
Value may mean different things to different businesses. For tax leaders to deliver real value to their broader organization, they first need to collaborate with the CFO and other key stakeholders to define an aligned vision of “value” in this context.
Realizing value from the tax group could mean:
- Enhancing tax risk management
- Reducing the costs of tax and tax management
- Anticipating what’s ahead
Download the POV to learn more.
Turning that value vision into reality through tax innovation
As organizations across the globe embrace new technologies, tax leaders are taking note—and action. More than half of respondents to the Global tax management survey have increased their focus on digital and tax technology in the past two years. Using technology to increase tax function effectiveness by streamlining operations and tax internal controls, reducing costs, and delivering value, is another trend that will likely accelerate during the COVID-19 pandemic.
Tax leaders are facing unprecedented external forces, even as they’re often asked to “do more with less” in their organizations. While exponential advances in technology are challenging enough, add to that the ever-shifting regulatory requirements, an overload of data, and the transformation of their businesses and/or business infrastructures, and it’s clear that many tax leaders are looking for ways to respond. The call to do more with less has been further amplified as the implications of the global pandemic and subsequent economic impacts continue to unfold.
Increasingly, those leaders are finding solutions by employing new technologies that fuel tax innovation. And while these mounting pressures—both those anticipated and unforeseen—require quick movement to address critical needs, there is a significant opportunity to consider and invest in technologies that can help the tax department flex and scale to face current and future uncertainties.
Let’s take a closer look at the interrelated drivers behind the increased focus on tax innovation technologies and how tax leaders can leverage them to bring new value to the business.