Future tax functions require data analysis

The tax function is one of the largest consumers of data within a given organisation. The constantly increasing volumes of data which are to be handled and reported have already, today, a significant impact on companies’ operations, and this trend will continue.

PwC’s report,”Unlocking the power of data and analytics”, is the third report in the series– Tax Function of the Future. This report series investigates future tax functions and methods to determine how today’s functions must change in order to comprise a strategic asset in the company’s future business operations.

The focus of this report is on how tax functions can be developed with the help of data and data analysis. It discusses how the process for compiling and analysing data can be made more effective and adapted and, in this manner, become an integrated part of the tax strategy of the organisation. The report describes how companies should utilise data which is adapted and read for use by the tax function to ensure effective tax work, and also provides information about the necessity of data security as a part of the overall operations of the company. The report describes the steps which companies should take and the functions which can ensure that the tax function achieves its goals with the help of improved data and analysis routines.

The company’s follow-up of this development is of major significance and is also related to the changes described in the previous reports in the PwC series. Successful work with data and data analysis undertaken, already at this time, facilitates adaptation to future tax changes. Feel free to contact us if we can help you, starting today, to take the next, important step towards the tax function of the future.

Kim Jokinen and Tove Palm