7 Tax Trends That Could Shape Our Future

Forbes has predicted the following 7 tax trends that "may influence tax policy and tax trends for the coming years."  What 7 items made the list? Find out below.

  1. Corporate compliance - comprehensive tax control framework
  2. Legislation - general anti-avoidance rules, interest deductibility changes transfer pricing
  3. Transparency - disclosing tax information to stakeholders, internal transparency of tax-related functions
  4. Professionalism - tax authority administrators are better equipped to deal with complex tax issues
  5. Big data - advanced data and analytics capabilities
  6. Tax competition - corporate tax rates keep falling
  7. Balancing conflicting interests - managing the diverging interests of stakeholders

A trend that we see is more automation in the sales and use tax space. If you are interested in a sales and use tax automation solution, Vertex Inc. offers a cloud-based solution that is designed to save time, effort, and risk associated with calculation, return, remittance, and compliance for small to medium-sized businesses. Gain the advantage of built-in taxability rules for less customisation and maintenance.