It’s hurricane season for tax professionals.
During our recent European conference we discussed the powerful winds of change impacting tax functions. The event provided a unique opportunity to share perspectives with industry colleagues, alliance partners, and other thought leaders on a range of transformational tax trends. Among the many compelling discussions that took place, here are a few topics that received the most attention:
- How emerging technologies, new business models and business expansion are transforming the ways that organizations operate.
- How tax administrations are intensifying reporting requirements while requesting much more transparency.
- How increased visibility into tax management practices along with growing pressure regarding social responsibility and brand reputation are combining to focus much more attention on the tax function.
- How resource constraints force tax departments to figure out how to do more with less – while contending with the many challenges posed by those first three trends.
Vertex has always believed our mission to the tax profession is to address the current needs of our clients, while anticipating their future challenges.
Although the advent of SAF-T in Poland and SII in Spain were largely unexpected, regulators’ demand for transactional-level detail and near real-time reconciliation were anticipated and we are poised to support our clients in these areas. Leveraging the power of big data and the cloud, SaaS based solutions that can work with ERPs and other source level systems gives tax professionals shelter from the growing storm.
The conversations at our event made it clear that tax functions should be prepared to deal with an onslaught of challenging demands in the immediate or near future – whether those disruptions involve tax reform in India and the Gulf Cooperation Council (GCC) countries, or other technological game-changers such as blockchain and machine learning.
In this highly fluid environment, tax professionals need solutions to help them tackle tax complexity and related challenges that hinder their ability to provide the sort of strategic counsel that helps streamline business operations and enhance business value.
At Vertex we remain committed to not only help our clients survive, but to rise above the storm.
Please remember that the Tax Matters provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information.