New Delhi, 26 March 2017: Companies need to invest and upgrade their technology in tax functions, just as they invest in other functions within their organisation. With the global tax landscape changing dramatically and tax authorities around the world increasingly focussing on enforcing compliance and expanding the tax base, it is imperative for companies to proactively invest in their tax functions and make it more technology enabled. This is according to PwC’s report, Tax technology: The next wave in business transformation.
A deep dive analysis of the existing tax operations and the technology used can help implement the correct strategy. With other functions in an organisation evolving with technology led innovation and tax being an important component across all functions, it is crucial for tax too to be future ready. The report includes a sample score sheet with relevant parameters to help companies ascertain how technologically evolved their tax function is.
Talking about the report, Rahul Garg, Partner and Leader – Tax Technology, PwC India, said, “The rapidly evolving regulatory and business landscape and the increasing pace of innovation in high-end technology have led to a visible change in the minds of individuals and organisations on the value of using state-of-the-art technologies in their operations. The time is now ripe to embrace the right technology-driven tools to significantly augment the effectiveness of tax functions as well and create a competitive business advantage for our organisations. Once deployed, these technology tools will significantly enhance the efficiency of tax functions and add synergies to the business as a whole.”
The report extensively analyses various elements of tax ecosystem including sources of tax, data acquisition, tax data management, reporting and analytics. Using the right set of tools or platforms can significantly augment the benefits provided by tax technology solutions. There are multiple tax tools that can help organisations optimise operational efficiency of their tax functions. The new report by PwC gives an overview of some of the new tax tools available in the industry that can help companies upgrade their tax function.
The implementation of tax technology can:
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