Tax technology & digital tax transformation

The global tax landscape is changing quickly. Disruptive forces in tax are significantly affecting organizations’ taxation, operational structure and growth strategy. To overcome this, today’s tax function is in a unique position to transform what it does and how it does it, ultimately contributing to an organization’s growth.

The issues our tax clients are facing today are not the same ones they faced a few years ago. Evolving trends are changing the way tax functions are operating—both in day-to-day and in long-term strategic planning. We’re seeing the skills required of the workforce evolving, the demands on the tax function increasing, and geopolitical influences having a greater effect. But if organizations take action, these challenges can turn into opportunities.

For more on disruptive forces in tax, see the latest in our Tax transformed series as we explore the five themes below.

Sabrina Fitzgerald
National Tax Leader

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Evolving expectations and organizational growth

The role of a tax professional is changing rapidly, along with the role that the tax function plays in the organization. Today, the tax function is expected to contribute to the success of the business and drive growth. To do so, the focus must be on building trust, transparency and knowledge with the business while delivering on the needs of the board and positioning the tax team as a strategic asset to the business.

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Sourcing and upskilling your talent pool

As the tax function prepares to transform for the future, it’s time for organizations to rethink their current people strategy. With business strategies adapting to the digital age, you’ll need to assess the hard and soft skills your teams need to thrive. Flexibility, agility and the upskilling of your people will be keys to success for both the tax function and the organization as a whole.

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Managing audit risk and disputes

A convergence of global forces has resulted in an increase in the number and size of tax audits, assessments and disputes with revenue authorities worldwide. Organizations need to develop coordinated approaches to audits and disputes around the globe, adopt preventative measures and use the right dispute resolution techniques to turn compliance into opportunity.

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Emerging reporting requirements

Tax reporting processes must incorporate increased automation, better integrated data and processes, more analytic capabilities, technology-savvy tax professionals and solid internal controls. These enable the tax function to deliver better quality output in less time, creating capacity to contribute more strategically to organizational decision-making.

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Preparing for US tax reform

In this era of disruption, Canadian businesses need to prepare for the tax reform plan put forward by the Trump administration. Companies with activities south of the border should examine what this overhaul of the US taxation system means for their operations.

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