PwC’s publication, referenced herein, provides revealing predictions and insights into the tax function of the future.
- Reputation is being impacted by external perceptions, therefore companies need to respond clearly and succinctly to a wider stakeholder base.
- A course must be charged for continual transformation.
- Many jurisdictions will legislatively require adoption of a tax control framework, which will be shared with tax authorities.
- Dedicated tax data hubs will become mainstream; data is the new business currency.
- Most global tax compliance and reporting activities will be performed via shared service centers and/or third parties.
- Tax professionals will require strategic risk management skills.
As post-BEPS time nears, with inherent complexities and global disparities, the time to examine current and ideal states of the tax function should be an immediate priority to avoid recurring reactive responses.