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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.