Fri. Aug 12th, 2022

Deloitte announced the launch of Technology in Focus, the third and final report in its Tax Transformation Trends series, which surveyed more than 300 tax and finance executives globally, examining how technology has ushered in an entirely new age of transparency for the tax function.

The study shows business leaders are expecting these dynamics to intensify with the OECD’s Pillar 1 and 2 agreements, and revenue authorities’ accelerated shift toward digital tax administrations. In this survey, 70 percent of tax leaders predict that revenue authorities will have more direct access to their systems within three years.

Tax leaders leverage next-gen ERP projects as a gateway to both team with finance and to gain access to tax-sensitized data via revamped, standardized processes and integrated systems. 86 percent of respondents are in the process of implementing a next-generation cloud-based ERP system such as S/4 Hana or Oracle Cloud. Confidence levels for ERP upgrades are high among the respondents, and particularly the first movers. Those firms already working in a next-gen ERP system see benefits that stretch beyond compliance and reporting. 

As their function undergoes transformation, tax leaders are more involved in technology discussions – with finance, with IT, and even with senior management – than they are likely to have been five or ten years ago. Many in the survey are trying to exert a more significant influence over their function’s technology destiny. 48 percent say they take a proactive and expansive approach to technology strategy, including redesigning their entire digital architecture. This represents a step change in the attitudes of tax professionals to technology transformation.



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