In 1817, The Works of Benjamin Franklin were published. They memorably state: “In this world, nothing can be said to be certain, except death and taxes.” Two hundred years later, taxes are better described as inconstant and volatile than certain, and in-house tax departments are facing unprecedented challenges.
Intense public scrutiny of multinationals’ tax affairs has been followed by a mounting compliance burden. Tax returns now demand far more extensive information about cross-border transactions than do financial statements. Meanwhile, the tax law is becoming ever more complex, with reams of new anti-avoidance legislation coming online. What’s more, many in-house tax departments have seen their budgets frozen or cut. A frequent appeal is to deliver more with less.
To assist, KPMG has developed a framework that supports our clients as they begin to examine their own tax functions and identify ways to answer to the challenges the changing tax function is presenting. KPMG’s framework supports clients in knowing where they are along their journey.
In a series of articles, we will be exploring the above areas by providing our insights into the challenges and opportunities facing the tax function. We will also share examples of how companies are using our framework to transform their tax operations.
Our articles will explore a number of topics that organisations are facing as they consider their tax transformation journey.
Tax functions of today are ripe for improvement. Legacy tax processes have typically been neglected by larger organisations process streamline efforts. The time has come due to external pressures to explore the many dimensions of the tax operating model. From organisational alignment to ensuring governance is in place, we will explore how organisations are shifting the tax function.
The decision to invest in modernising the technology which enables the tax function is typically the first step to transforming the tax function. We will explore how KPMG is helping organisations introduce data analytics to increase the tax function’s capabilities.
New ways to deliver tax services have emerged. A growing eco-system of partners has made value-add services affordable by many organisations whilst helping them achieve objectives. We will explore how some of these models are helping our clients and how they could help you.
KPMG continues to evolve its capabilities and introduce new technologies to remain in step with trends and maximise the value we provide our clients through our tax offerings. If you would like to learn more about how KPMG can help you, please contact KPMG’s Tax Technology Solution Architect, Carolyn Harvey.