Global Tax Management hosted by DMA
Thursday, November 17 at 11 AM EST
Meet the Experts
Key Takeaways
⇨ Our findings point to digital transformation and modernization of tax and finance as the top strategy for SAPinsiders to address the current state of global tax management and compliance.
⇨ Nearly half (48%) of respondent organizations said e-invoicing was a core pain point impacting an effective global tax management strategy – up from 32% last year.
⇨ A majority of survey respondents (68%) said tax professionals with a deep understanding of local tax laws and regulations are an important or very important requirement for an effective global tax management strategy.
The globalization of business and the digital transformation of the economy have had a profound impact on global tax management. Multinational companies now face a complex indirect tax compliance environment, requiring them to develop their global tax management and compliance processes to embrace new technologies and data-driven insights. The challenges posed by this unfamiliar landscape are significant, but so are the opportunities. By harnessing the power of data and analytics, multinational companies can gain a competitive edge in an increasingly complex global marketplace. And by adopting best practices in governance, they can ensure that they align their tax strategies with their broader business objectives. With the right approach, multinational companies can navigate the challenges of the new global tax landscape and emerge stronger than ever before.
To better understand the global tax management strategy of SAPinsider organizations, amid persistent indirect tax complexity, we surveyed 105 members of our community between June and August 2022. The research identified some major trends in the organizational priorities and challenges around global tax management and compliance.
Our findings point to digital transformation and modernization of tax and finance as the top strategy for SAPinsiders to address the current state of global tax management and compliance.
Nearly half (48%) of respondent organizations said e-invoicing was a core pain point affecting an effective global tax management strategy – up from 32% last year.
A majority of survey respondents (68%) said tax professionals with a deep understanding of local tax laws and regulations are an important or very important requirement for an effective global tax management strategy.
Similar to last year’s data from our Trends in Tax benchmark research, among the respondents citing sales and use tax as a regulatory challenge, nearly seven out of ten respondent organizations (67%) manage sales and use tax compliance with some type of accounting, ERP, or financial systems technology.
Tune into this webinar presented by Ogo Nwanyanwu to discuss the findings.
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