'Disruptions such as the Covid-19 pandemic have forced tax functions to be more nimble than ever.' - Farah Rosley
Tax functions have evolved significantly, especially in recent years, driven by the changing economic landscape, enhanced tax transparency, the exchange of information between tax authorities, the use of technology and the digitalisation of businesses, and the increased importance of tax collections to governments.
The 2022 EY Tax and Finance Operations Survey, which covered 1,650 executives across more than 40 jurisdictions and a dozen industries, found that organisations have to balance between driving value, managing risks and reducing costs. With greater scrutiny by tax authorities and the need to ensure high compliance standards, tax functions are playing a bigger role to ensure proper compliance processes are set in place and that risks are identified and managed on a timely basis.They need to implement solutions and be ready to face frequent legislative changes by having the right people and managing risks objectively.
Tax collection should be optimal, and yet, it should not be burdensome for taxpayers to comply with tax rules and regulations. Overall, ESG principles have become an important agenda for businesses, and this is impacting how they operate, how talent is recruited, how customers or the markets perceive the organisation and how their tax functions operate.Some key benefits from having effective tax functions include better cash management, less time taken to perform compliance requirements, effective use of manpower, ability to transform and digitalise processes and reporting, decreased penalty risk and improved reporting.
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