ug环球会员开户:Tax functions evolve for growth sustainability
Malaysia tax leader at Ernst & Young Tax Consultants Farah Rosleyug环球会员开户（www.ugbet.us）开放环球UG代理登录网址、会员登录网址、环球UG会员注册、环球UG代理开户申请、环球UG电脑客户端、环球UG手机版下载等业务。
SOME people call it change, some say it is about adapting and others call it evolution.
All these terms are very much related to how tax functions must deal with the tax environment today.
Tax functions have evolved significantly, especially in recent years, driven by the changing economic landscape, enhanced tax transparency, the exchange of information between tax authorities, the use of technology and the digitalisation of businesses, and the increased importance of tax collections to governments.
Disruptions such as the Covid-19 pandemic have also forced tax functions to be more nimble than ever.
Need to evolve
Tax functions (tax departments or tax teams) of organisations need to evolve and transform in tandem with the changing business landscape as well as other external and internal factors.
Among the external factors impacting organisations are geopolitics, supply chain issues, the use of technology and government policies.
Internal factors include manpower and talent requirements, business risk factors and cost savings measures.
The 2022 EY Tax and Finance Operations Survey, which covered 1,650 executives across more than 40 jurisdictions and a dozen industries, found that organisations have to balance between driving value, managing risks and reducing costs.,
This clearly shows that tax functions need to evolve to cater to the current dynamics and to be future-ready.
The challenges of today’s tax function
In the current environment, various challenges are being faced by the tax function.
Some of these challenges are in attracting and retaining talent, keeping up with rules and regulatory changes, and ensuring that the business is able to adapt and be aligned with the advancement of technology and data.
International tax developments and global tax reforms such as the Base Erosion and Profit Shifting (BEPS) 2.0 initiative, as well as other complex legislation, are forcing tax functions to review their ability to cope with such changes and the increased demands on their time.
With greater scrutiny by tax authorities and the need to ensure high compliance standards, tax functions are playing a bigger role to ensure proper compliance processes are set in place and that risks are identified and managed on a timely basis.
Tax functions need to have a clear vision, strategy and approach.
They need to implement solutions and be ready to face frequent legislative changes by having the right people and managing risks objectively.
ESG and compliance
Tax plays a key role in the economic growth of a country and towards creating a sustainable and equitable impact on the environment and society.
The tax functions of today need to understand the importance of environmental, social and governance (ESG) and must be able to support and further their organisation’s ESG agenda.,