A new PwC study shows that the need for change is certain given the challenges tax functions are currently facing and those on the horizon. While a tax function may have been a passive participant in transformational and enterprise efforts in the past, it must now be a strong advocate for change. Tax functions should take ownership of their business case and pursue actions to ensure it is ready for the future.
The tax transformation journey will not be easy, but it is now imperative and the return on investment can be significant. With a thoughtful roadmap, the positive impact on the organisation may be felt for many years to come. The potential benefits will not only reduce above and below the line costs, but will improve company-wide risk management and tax governance, resource management, recruitment processes and many other areas. Through continuous transformation, the tax function will be viewed as not only as a critical and efficient compliance function, but also as an even more valuable strategic organisational asset.