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亚马逊云账号(www.2km.me)_Insight - Key trends reshaping tax functions

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亚马逊云账号

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Stakeholders such as investors, customers, vendors, the media and the general public will be interested to understand how the company adapts to the changing tax landscape such as new rules, new ways of doing business as well as any future direction of the business that may attract additional taxes or the impact to tax costs.

TAXATION has shifted in such a big way that the typical tax function of yesterday that mainly focused on compliance is not the main emphasis, but key for the future of tax function is being more proactive in business decisions and understanding the tax impact on the business transactions.

This means taxation plays a role for future business decisions rather than an afterthought or merely to meet compliance obligations.

Managing tax affairs is a matter of perception

How an organisation manages its tax affairs may give a perception to their external stakeholders on how the organisation addresses the impact of taxation to the business transactions and decisions undertaken. Being able to manage tax risks and addressing the issues upfront will give a good image and confidence to the public.

Stakeholders such as investors, customers, vendors, the media and the general public will be interested to understand how the company adapts to the changing tax landscape such as new rules, new ways of doing business as well as any future direction of the business that may attract additional taxes or the impact to tax costs.

When an organisation is able to address any tax impact as a result of the business decision, it will give a positive impression and create confidence. On the other hand, any unsettled tax position will create uncertainty and may deter a positive impression on the business tax-readiness.

Incorporating governance in managing taxation

In recent years, there are various new tax regulatory measures such as transfer pricing requirements, record keeping requirements, country-by-country reporting amongst others. These, together with the various tax obligations requirements, require organisations to have proper controls and processes that need to be managed. Tax functions need to provide an assurance to the stakeholders that the controls are in place to enable the good management of tax risks.

In other words, tax functions need to move away from compliance driven but looking forward to look into processes to manage tax issues upfront. Tax functions in modern organisations need to transform quickly and be current, having the ability to keep abreast with the latest tax rules, regulations and practices, forecast, scenario planning depending on the business issues and outcomes and quickly adapting new technology.

New technologies and tax functions

The emergence of new technologies disrupt the way businesses operate. The ever-changing trends in businesses mean tax function is required to provide insights to support business decisions. There are also greater dependencies on tax software and tools. This means digitalisation, data analytics and information will enable greater understanding of how the decisions made by the business will impact taxation and how best to manage this upfront as part of the business process.

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