Externally, tax authorities are increasingly demanding real-time (or near-real-time) compliance, which requires tax processes to be integrated into finance systems. At the same time, new regulation is coming onstream, such as BEPS 2.0 and E-Invoicing.
Internally, finance transformation is disrupting tax functions, driven by the need to replace or upgrade systems – for example, by migrating to SAP S/4HANA. This changes the role of technology in tax compliance, affecting the systems tax teams rely on for data, and how those systems interact with tax authorities.
Heads of Tax must be confident that their teams can respond to this challenging new reality. That will mean addressing three urgent priorities:
A dedicated Head of Tax Technology should be in place, reporting directly to the Head of Tax, and sitting on the Tax Leadership Team.
Formulating a tax technology strategy, setting out how tech will help deliver the organisation’s tax strategy.
A three-to-five-year roadmap should then be developed to support the tax technology strategy and finance transformation programme.
Find out more: https://kpmg.com/uk/en/home/services/tax/tax-transformation.html