The mounting stress experienced by tax professionals related to the tax provision process is a double-edged sword. It can cause anxiety, but may also present tremendous opportunities, according to panelists for the Thomson Reuters webinar: _____________________________________________________________________________________________ “From compliance necessity to strategic advantage: How can you master the tax provision process?” _____________________________________________________________________________________________ “The tax profession, overall, is facing some significant change ..read more

The pace of change experienced by today’s tax departments feels unprecedented. And, amid this transformation, tax departments are facing a host of challenges, including growing complexity, talent shortages, and financial constraints. Yet, as challenging as the rapid pace of change may be, it doesn’t relieve tax firms of the responsibility to prepare appropriately. The good news is that choosing the right technology solutions can help firms successfully navigate these choppy waters and gain a competitive advantage. Pressure mounting due to technological and regulatory changes The tax industry i ..read more

The complexities of understanding and managing indirect taxes when doing business within the UK can be daunting. In addition to a plethora of ever-evolving domestic regulations and requirements complicated by Brexit, businesses in the UK must also consider challenges in complex areas such as customs and exports. Compliance becomes more challenging every year with tax authorities demanding more information more frequently. To be compliant, small businesses and corporations alike are required to meet reporting obligations that have widely varying requirements and complexities depending on where ..read more

Tax professionals involved in omnichannel retail industries face an unprecedented number of challenges these days. Calculating sales tax across different retail channels is complex due to various regulations, frequent changes in product data, and outdated systems, especially with increasing sales volume and shrinking budgets. These issues and more were discussed by tax and trade experts in a recent webinar hosted by Thomson Reuters “Empowering retailers to thrive and modernise tax management in an omnichannel landscape.” Omnichannel’s biggest challenges Robert Kleppel, a partner ..read more

Tax professionals involved in omnichannel retail industries face an unprecedented number of challenges these days. Calculating sales tax across different retail channels is complex due to various regulations, frequent changes in product data, and outdated systems, especially with increasing sales volume and shrinking budgets. These issues and more were discussed by tax and trade experts in a recent webinar hosted by Thomson Reuters “Empowering retailers to thrive and modernise tax management in an omnichannel landscape.” Omnichannel’s biggest challenges Robert Kleppel, a partner ..read more

Maximising supply chain efficiency and minimising costs while managing compliance is a perpetual balancing act for companies as they navigate global trade. Compliance is often seen as a cost center as companies seek to mitigate risk. However, if approached strategically, engaging with the opportunities afforded by the modern regulatory landscape can help companies save money. They can generate value through efficiency gains, as well as duty and fee savings, deferral, and even elimination, plus they can take advantage of other benefits, such as accessing privileged entry status for shipments. A ..read more

Whether it’s regulatory requirements, such as DAC7, GMT, BEPS 2.0 Pillar, or the ongoing tax industry talent shortage, tax departments are under stress like never before. The proper utilisation and deployment of technological solutions alongside valued tax professionals is how successful tax departments deliver valued analysis, insights, and guidance for their organisations. Yet, technological maturity is low to moderate in many businesses. Here are some of the biggest challenges and opportunities facing corporate tax teams today—and how technology can provide a boost while also relieving the ..read more

The geopolitical terrain is undergoing unforeseen changes, and certain prominent trends that had solidified in past decades are now experiencing a reversal. The regulatory and policy environment is both ramping up and diverging in critical areas. Multinational corporations and small businesses are facing significantly different challenges. And in a high-profile election year in many countries, trade could well feature as a key battleground, as candidates either try to set out their intentions to negotiate better bi- or multi-lateral agreements or conversely, to take a more protectionist stance ..read more

Over the next few years, dozens of countries will be rolling out mandates for e-invoicing and continuous transaction controls (CTC) as part of a global trend toward the complete digitalization of tax reporting and remittance. Multinational corporations (MNCs) need to be prepared when these regulatory changes go into effect, but the path to compliance isn’t exactly straight—in fact, it’s more like a confusing zig-zag of government regulations, technical specifications, uncertain timelines, and lack of communication. International tax managers and their departments are the personnel most directl ..read more

In 2024, the new Global Minimum Tax (GMT) regime comes into force under the OECD’s base erosion and profit-shifting (BEPS) reforms. Designed to prevent the practice of moving profits to lower tax jurisdictions, under the new “Pillar Two” rules, companies whose revenues exceed €750m will have to pay a minimum tax rate of 15% in each country where they do business. The new requirements are complex and still evolving. They will need to collate, review, and report on more data more frequently, in more jurisdictions, gathering it from a range of disparate sources, conducting more complex calculatio ..read more