How companies are facing up to increasing tax burdens

IDT Report Infographic U. S. Copy Transcript

Topic Tag: Infographic

Page Headline: How companies are facing up to increasing tax burdens

Text: Sales and use tax, value-added tax (VAT), and goods and services tax (GST) are a primary concern for many tax leaders.

Qualitative interviews with tax managers in large companies around the world identified challenges indirect tax managers face, and the strategies they are using to adapt and succeed.

Sub-header 1: Four challenges in indirect tax

Graphic 1: see attached infographic

Text:

Keeping up with change and growth

Unknown unknowns

Growing reach of tax authorities

E-commerce and digital products

Sub-header 2: The perceived role of indirect tax teams

Graphic 2: see attached infographic

Text: Tax leaders are eager to move from compliance to an advisory role. However, much depends on involvement in other departments and learning new skills, like technology.

Sub-header 3: Five-year team goals

Graphic 3: see attached infographic

Text: To build towards a strategic advisor role within five years, managers identified four top tactics.

Sub-header 4: Embracing technology

Graphic 4: see attached infographic

Text: Most managers recognized technology could improve data quality and enhance planning and analysis.  Used properly, the data underlying indirect tax systems provides up-to-date insights in business, supply chains, and customer activities.

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URL link: https://www.thomsonreuters.com.hk/en/products-services/c/indirect-tax-report/form.html