Global Technology: Enhancing Digital Tax Processes in Professional Services Organisations

In our globalised and increasingly digital economy, an understanding of digital tax processes is highly important for professional services organisations across the globe. Upon conducting a comprehensive analysis of our global clients, Oleg Rak, Managing Partner, ascertains that business is no longer limited by borders. Business is driven by digital transparency and an ever-growing mass of information gleaned in the era of ‘big data’. 

Whilst this seamless global access can drive business growth, it creates a complex tax analysis landscape. Professional services organisations are now expected to submit far more data in the name of transparency. Every invoice, transaction, and interaction must be meticulously logged, submitted and filed away for e-archiving regulation, alongside any reporting on a transaction-by-transaction basis. Writing for Bloomberg Tax, Joe Healy of Taxback International describes these tax transactions and regulations in each government jurisdiction an “ever-shifting minefield of compliance complexity”.

Globally, accountancy and law firms are seeking to leverage a dynamic approach to improve the effectiveness of their tax ecosystems. As such, world-class tax teams are becoming fully acquainted with the details of tax law. They continue to dedicate time and resources to unravel complex tax regulations.

The Compliance Maze

International tax markets are intricately connected, thus inherently complex. With the adoption of new technology, we at Mason Rak have witnessed an increase in the regulations and processes that manage them. For tax leaders and teams this presents a challenging task: sifting through significant quantities of data. As governments across the globe look to drive new benefits from tax digitalisation, tax controls have been tightened. The greater impetus is being placed on digital real-time reporting and extensive auditing criteria. 

Digital tax developments have gradually spread across global economies. From the success of mandatory electronic invoicing in Latin America 20 years ago, the move to digital reporting has seen increasing momentum across Europe. Even tighter controls are emerging from countries in Asia and the Middle East. Our clients have engaged us on high-profile mandates to identify tax technology professionals across the globe. We have seen a huge inflow of tax technology professionals helping professional services take advantage of technological advancements, particularly across EMEA, Middle Eastern, and North American markets. 

In-depth market knowledge and rich data are necessary to successfully navigate the world of digital tax. For professional services firms to achieve business growth, tax processes must be aligned with tax compliance standards across the globe. With a streamlined global tax ecosystem, digital tax regulation can transform from a burden to an insight that drives business growth. In the current climate of compliance complexity, we consult our clients on the ever-shifting digital tax landscape, and build tax technology teams who utilize digital tax processes to achieve business growth. 

Mason Rak is renowned for tax market intelligence, thought leadership initiatives and global reach. If you would like to discuss how to build world-class tax technology teams across the globe, please do not hesitate to contact Oleg Rak, Managing Partner, on oleg.rak@masonrak.com or call +44 786 911 3281.

 

INQUIRE

United States

Successfully identified the following individuals for global professional accountancy and law firms in New York, San Francisco (Silicon Valley), Chicago, Dallas and Houston:

  • Head of International Tax
  • Transfer Pricing Partner
  • International Tax Partner
  • Transaction Tax Partner
  • Transfer Pricing Director
  • Head of Transfer Pricing (Law Firm)
  • Transfer Pricing Partner
  • Transaction Tax Partner

UK

Successfully placed the following roles within leading professional accountancy and law firms:

  • Transfer Pricing Partner
  • Indirect Tax Partner 
  • Transfer Pricing Partner 
  • Transaction Tax Director 
  • Tax Disputes Director
  • Tax Legal Director

Germany

Mandated to strategically growth Tax business for several international and domestic  professional services and law firms in Munich, Frankfurt and Dusseldorf:

  • Expatriate Tax Director
  • Transfer Pricing Partner
  • Real Estate Tax Senior Manager
  • Transfer Pricing Manager 
  • Transaction Tax Director 
  • Transfer Pricing Director
  • Transfer Pricing Team Move 
  • Indirect Tax Partner 

Luxembourg

Over 25 mandates completed for professional services and law firms  including:

  • Head of Transfer Pricing 
  • Financial Services Tax Director 
  • International Tax Partner (Law Firm)
  • M&A Tax Senior Manager 
  • International Tax Director
  • Indirect Tax Partner
  • Tax Legal Partner

United Arab Emirates

Engaged on a transformation search project to identify the Tax Leadership team for the  professional services tax team across the UAE market:

  • Head of Tax
  • Head of Transfer Pricing
  • and Head of Indirect Tax
  • Expatriate Tax Director 
  • Head of Financial Services Tax major international professional services firm in Abu Dhabi

Hong Kong

Successfully identified an International Tax Director and Financial Services TP Head for leading professional services firms.