GTO extract for MAK

The Five Challenges

Our research shows that the modern tax function faces Five Challenges that dominate the tax agenda.

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Risk

Businesses are encountering an increasingly complex tax landscape. The legislative tax landscape is increasingly complex, and there are heightened levels of scrutiny from all types of stakeholders. Tax leaders must proactively manage tax policies, procedures, and governance in a way that ensures compliance in an increasingly transparent world.

Efficiency

Cost

Disputes

Talent

Against the backdrop of increased workload, budgetary pressure, rising tax liabilities, and greater scrutiny, the tax function is having to enhance the efficiency of its performance. Tax departments must optimise limited resources and implement new and creative processes to manage these increased responsibilities.

In a world of growing geoeconomic tensions, tax complexity and risk, tax disputes are becoming ever more prevalent. The strategic tax function need to develop effective policies to mitigate the risk of tax disputes arising.

Organisations are experiencing increased total tax liability, with the upward trend set to continue. Pressure on tax leaders to optimise tax planning and minimise liabilities are likely to rise.

As the tax function assumes a more strategic role, tax leaders identify a shortage of candidates with the necessary skills to meet the evolving needs of the tax function. Tax leaders are facing challenges in finding, and retaining, professionals with the necessary skills to understand and adapt to new tax regulations, implement, rapidly evolving technologies, and embrace the strategic oversight demanded by the organisation.