Executives must understand the strategic importance of tax functions in order to prosper in an ever-changing global tax environment
LONDON, Aug. 20, 2018 (GLOBE NEWSWIRE) -- While the global tax policy environment continues to change at a dizzying pace, technological advances are simultaneously transforming the sector.
Following the biggest reform of EU tax rules in a quarter of a century and the most sweeping US tax legislation in over three decades, the European Commission and the Organisation for Economic Cooperation and Development both published updates on separate, but related efforts to address the tax challenges posed by the increasingly digital nature of commerce.
Speaking exclusively to European CEO, Vertex, a leading global provider of tax technology and services, said multinational corporations have never faced such intense scrutiny over their global tax postures, and as such, global tax functions have never faced so much burdensome change.
At the same time, talent, technology and process changes occurring inside global tax functions are equally transformational.
With the increased importance of data collection, many tax functions are realising they need tax experts with data management and data science skills, and competition is beginning to intensify. There is also a growing need for supporting technology that can manage the data tax functions use across all tax management processes worldwide.
Chief executives are challenged with the task of effectively supporting their tax leaders as they analyse the short and long-term implications of tax overhauls and strategically reposition themselves for the digital era.
To find out more about the challenges and opportunities in the future of tax functions, check out an exclusive article by Jennifer Kurtz, the Chief Technology Officer at Vertex, in the latest issue of European CEO, available in print, online and on tablet now.
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