In today’s business environment, tax authorities are increasingly focused on ensuring that businesses are compliant and follow best practices. Whether a company is a small startup or a global corporation, these trends can have a huge impact on the way it manages its operations. These new requirements are likely to drive significant change in the way companies operate. The following are four key trends that will impact the industry in the coming years. The first trend is the increase in digitisation, which will require greater detail and an easier format.
The global economic environment is one of the most important drivers of tax. Despite the recession, governments still need revenue to fund social benefits, and they also want to protect their national economies from further erosion. As a result, the recent escalation of the sovereign debt crisis has placed more pressure on the tax industry than ever. Almost a quarter of respondents are CFOs. These findings highlight the importance of a diverse and skilled workforce, and suggest that there is a huge demand for tax professionals.
The global economy is another major driver of tax trends. The recession, which has impacted the world economy since the Great Recession, has had an immediate and lasting impact on tax and the ability of governments to raise revenues. In addition, governments need to protect their national economies from further eroding. And as the sovereign debt crisis continued to rage in 2011, countries such as Greece, Portugal, and Ireland faced tough austerity measures. As a result, there is an increasing need for tax revenue.
The latest trends in tax management are also a result of the global economic environment. The recession has affected tax in the short-term, but has lasting effects on tax. In addition, governments still need revenue to provide services and benefits to their citizens. This is especially true because governments are looking for ways to protect their national economies from eroding. The 2011 eurozone debt crisis intensified the trend, as countries such as Greece and Ireland faced severe austerity measures.
The global economic environment is the most obvious driver of tax. The global recession affected every country in the world, and it has been a long-term impact on tax. However, governments are still needed to pay for their benefits, and they need to preserve the national economy. In 2011, the sovereign debt crisis accelerated, with countries such as Greece and Ireland facing austerity measures. As a result, these trends will continue to influence the tax industry.
The global economic environment is the most obvious driver of tax. The global recession has had a lasting impact on the tax industry. While most countries have avoided the worst of the recession, they still need revenue to provide public benefits. As such, a large number of governments are adopting TP regulations as a part of their business strategies. For example, companies operating in Europe must check the rules in their respective jurisdictions. As a result, TP is quickly becoming the norm in all countries.