As global regulations and mandates evolve at an increasingly fast pace, IT is now an important piece to the puzzle of meeting those standards. But what exactly does IT need to do? Why can tax no longer be an afterthought?
KPMG and Sovos experts met to review how businesses and IT need to approach the urgency and complexity of governments moving to close the tax gap. Read the key points of their discussion now.
The push for tighter regulatory controls and more comprehensive mandates is expanding across all parts of the globe. For multinationals, this is especially important as the number of different compliance obligations required to operate is accelerating, and the timelines required to meet them are becoming tighter.
Tax is now an always on function, not an afterthought. This means that data quality becomes an operational imperative – whereas in the legacy world of slow-moving periodic summary reports, many smaller errors or inaccuracies in invoices would go unnoticed. Due to their urgency and complexity, meeting the data requirements of new standards and mandates has become the domain of IT.
An organizational strategy that considers all aspects of regulatory compliance, ranging from internal planning for cross functional support, operational impact, resources and technology is critical in building a sustainable program that builds upon past successes while accounting for new mandates and challenges.
Don’t embark on this journey alone. There are a multitude of resources and expertise that can help you with every element of building a successful regulatory compliance program for your business. Focus on your own areas of expertise and bring in partners who are experts in all things compliance.