The Middle East tax landscape is changing faster than ever before. This change brings with it long-term and far-reaching implications for organisations across the region.
We decided it was time to ask leading tax decision makers about the challenges they are facing, and their strategic plans for the next 12 months and beyond.
This year, we conducted the region's first Middle East Tax Leaders Survey, gaining insights into key tax trends across 12 countries and multiple sectors, and identifying next steps in building a vision for the future of tax.
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“There has never been a more important time to take a temperature check of the region, and create a view from our tax leaders on their biggest challenges and strategic priorities.”
Despite the growing number of audits in the region, and the uncompromising approach taken by tax authorities, many organisations do not yet feel equipped to deal with an audit, should it arise. Tax risk is high on the agenda, and a rigorous approach to compliance will help businesses become more transparent and prepared for tax authority demands.
Technology is becoming more central to the process of tax compliance, both to help organisations manage growing complexity, and also to streamline, generate and automate information for tax authorities.
Many of our respondents recognise that investing in appropriate technology is going to be key in getting ahead of increasing requirements, but many point to a number of barriers they have yet to overcome on their tax transformation journey, with lack of budget being the number one issue.
Collaboration is a key component of successful tax operations, but for many, the tax function is still working in relative isolation from the rest of the business. Developing closer ties and more seamless interactions between the tax function and senior finance leadership, whilst also continuing to build and cement relationships with tax authorities and external advisors is critical.
Our report identifies some critical actions for businesses to take in order to build an efficient and robust tax function to weather today’s existing challenges and transform for the future.
Tax should be an essential element of strategic decision-making across the business.