Digital Tax Strategy

   

Change is a certainty, particularly for the traditional tax function, and it’s happening at exponentially faster speeds. What’s driving this transformation and disrupting the status quo? Digital — the digitalization of the working world, in fact, of the world in general.
For companies, transforming the tax function is squarely in focus with the realization that unique operational process, technologies and personnel skillsets are needed to answer the demands of changing data flows, data analysis and data requirements that are mandates of the global digital economy. Governments too are going digital, accessing information closer to the source and changing the dynamics of the reporting process.

Digital is fundamentally changing how companies do business. By understanding their organization digital maturity, identifying the digital priority and creating holistic and strategic approach to their current financial framework.CFO,can get best return on their digital investment.Of equal importance,CFO can leverage digital to build trust within the organization and among clients, regulator and shareholder

 No matter how your business is evolving, tax is a key consideration in designing strategy for a digital world, driving innovation, empowering customers interaction, redesigning operation and protecting digital asset. Digital tax holistic approach, covering digital tax effectiveness, digital tax administration, tax technology and tax big data, helps organization to identify their tax function’s immediate challenges and develop an enhanced operating model strategy fit for the digital age, with a blueprint for easily integrating with the enterprise.

Digital Tax Effectiveness

  Technology is rapidly changing how goods and services are sold, where companies base their operations, how they connect with their customers — and virtually every decision has a tax implication. Tax authorities are struggling to keep pace and taxpayers are struggling to comply as technology and the burgeoning digital economy drive new digital tax laws across industries and around the world. This can help companies to identifying and deal with complex digital tax issues and to achieve both digital tax effectiveness and digital confidence.

Digital Tax Administration

Digitization is helping  governments stronger, faster and smarter as tax authorities are harnessing the power of digital to improve tax administration, counter fraud and facilitate taxpayer compliance. They’re requiring near real-time data reporting and performing increasingly sophisticated analytics. Companies are keep pace and bridging the gap between data compliance and tax readiness. Creating processes and leverage leading-edge technologies to capture and analyze real-time data streams, going beyond compliance to inform valuable business insights, prepare digital responses, enhance transparency — both inside and out — and help build digital confidence among regulators, your shareholders and stakeholders.

Tax Technology

Technology both defines and underpins the workings of the new digital tax function and its operating model strategy. Tax-specific technology makes it possible to answer the mandates of the global digital economy and meet the demands of changing tax data flows, data analytics and data requirements. This new tax function needs new skillsets as well, includin a tax technologist who is multilingual, fluent in the languages of tax, finance and IT. 

Tax Big Data

Data drives all things digital. You may already be using big data to track and improve customer activities and experience. Now, managing tax big data and leveraging it for better visibility into and out of the enterprise has become a critical success factor as well. Tax big data management is scalable — it not only enables more efficient compliance, it also supports the entire tax function, from planning through controversy. We can help you get more out of your tax big data, turning it into a valuable enterprise asset that can improve visibility and provide insight to facilitate strategic business decisions.

                                                                                                       By: Akinola Taofeek
                                                                                                       Freelancer/ Consultant
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