Tax technology is on the rise

WHY IS TAX TECHNOLOGY IMPORTANT?

In a survey of 3,000 tax professionals, 3/4 did not have a dedicated tax technology role in their organization 5 years ago.

The majority responded tax technology is

extremely important to current role’s success.

All responses point to a markedincrease in importance of hiring a

Taxologist

Biggest challenges around compliance and reporting?Keeping up with new and evolving regulations, and

reliability & accuracyof tax reporting data.

2015 BROUGHT SIGNIFICANT CHANGE

Companies must prepare for ACA reporting via forms

1094 & 1095.In Oct. ’15

BEPSaimed to close gaps in international taxation and end corporate tax avoidance.

Governments enact tax policy changes to help manage economic woes.

Greece

Japan

Argentina

FATCA + CRSImpacts multinational companies and financial institutions domestically and abroad.

Tax authorities are now requesting new reports to identify abuse, fraud and evasion.

What’s the result of noncompliance?

Penalty and reputation.

There were 8,704 regulatory alerts in 2010.

In 2015, there were 43,420 regulatory alerts – one every 12 minutes.

12 min

Here are some ways regulations are affecting Taxologists:

Are you a MNE with global revenue above

€750 million?

If so, BEPS will require country-by-country reporting.

Does your tax year start on or after

Jan. 1, 2016?

ACA’s

mandate is in full effect—complying with Code Sections 6055 and 6056.

“PLAY or PAY”

Are you adopting IFRS? Changes will come for your financial instruments and leases.

The GAAP of each country may reflect this.

There’s not just tax compliance to watch out for.

Look out forstandards too!

financial reportingshifting

IN 2016 AND BEYOND…

CHALLENGES OF DATA MANAGEMENT

28percent

of respondents reporttheir biggest corporatechallenge aound data

management is disparatesystems and data sources.

1/4of respondents report

volume and gathering inefficienciesas a top challenge and greater

concern than in years past.

55percent

of respondents want toimprove data collection,integration and analysis

within the next year.

workpaper managementProperis important too.

“Do we have adequate systems in place to comply with these reporting obligations?”

CORPORATE TAX PROFESSIONALS

WHY IS TAX TECHNOLOGY THE ANSWER TO CORPORATE TAX CHALLENGES?READ THE REPORT