Saudi FM calls Indian, Pakistani counterparts to discuss developments    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Arabia cracks down on fraudulent Hajj campaigns, urges pilgrims to use official channels    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    Literature Commission inaugurates Saudi Pavilion at Muscat Book Fair    Saudi Minister of Culture holds talks with his Costa Rican counterpart in Jeddah    Alkhorayef praises advancements in Al-Kharj food industries sector    MHRSD: 80% of recruitment offices are non-compliant with regulations    At least 50 Palestinians killed in Israeli strikes across Gaza    Teenage girl killed in French school stabbing attack    Trump claims meeting with China after Beijing denies any trade negotiations    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Average life expectancy in Saudi Arabia rises to78.8 years    Film Commission launches 'Cinema' initiative to enhance content    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Six top digital tax priorities for businesses in the region
Published in The Saudi Gazette on 13 - 10 - 2019

The sheer speed, scope and impact of technological change is challenging businesses and society at large in fundamental ways, a new PwC ME report said Sunday.
The report - "Six priorities for your tax agenda: Tax function of the future 2019/20" - has been launched at a series of digital breakfast seminars across the UAE, where the firm's digital tax experts showcased cutting edge and emerging technologies such as Robotic Process Automation, data analytics and visualization tools, as well as data management and compliance-enabling technologies. These tools and solutions are available to businesses right now, whatever their size, to enable them to improve, streamline and ultimately strengthen their tax management.
Six priorities:
1. Adapting to tax policy changes – be ready for how your business will change.
2. Embracing small automation as an opportunity to accelerate your drive towards end-to-end automation.
3. Upskilling your workforce is mission critical to attract, develop, and retain employees
4. Challenging the traditional tax function operating structure
5. Aligning with Customs and trade – it's time for tax to connect.
6. Recognizing that artificial intelligence (AI) — including machine learning — has made a beachhead in tax and finance.
Based on PwC's 2018 Digital IQ survey, 60% of organizations seeking to gain efficiencies report that lack of structure to delivering training is an upskilling obstacle.
"In fact, our research tells us that 60% of us believe technology will improve our job prospects as upskilling becomes an imperative across disciplines. And tax is no exception. Our latest report examines what the tax function of the future looks like, and identifies six key areas for businesses in the region to address."
Based on PwC's 2019 AI Predictions survey, 58% of finance executives will implement continual learning initiatives in 2019 that include AI, so employees can integrate the learnings into the way they work.
Representatives from more than 50 organizations attended the digital breakfasts, and a survey conducted at the events revealed that every business who came along believe their tax management activities will be impacted by the ongoing digital tax changes and requirements, with 72% strongly agreeing that they can see the benefit in upskilling and investing in the capabilities of their people to meet these needs, and 56% considering technology solutions to respond to new tax requirements.
Speaking at the Dubai event, PwC Middle East Tax Partner Mark Schofield said: "Data is at the heart of tax and business strategic decision making. The purpose of launching this report and hosting these events has been to showcase the opportunities that data analytics can bring to managing tax, including optimizing data assets and capitalizing on untapped business intelligence.
"The tax and shadow tax function and professional of the future will have to be more data savvy. There is a fantastic opportunity to further leverage data analytics within tax functions for greater contributions to the bottom line and we are so excited to be bringing these opportunities to our clients right now."
New data analytics and extraction tools designed to automate repetitive tasks such as VAT exception testing, invoice processing, and fulfill reporting requirements, show the power that embracing small automation has to increase financial and cost savings for any business - at a relatively low cost.
With the increasing amount of time being spent by tax functions on data extraction to meet tax or financial reporting requirements, there is a real drive to automate processes so more time can be spent on value-adding work.
Tax functions also deal with increasing amounts of valuable data - and this data can provide insights into how the company can manage the tax costs of people mobility, supply chains as well as maximizing the tax benefits in areas such as mergers and acquisitions.
There are currently a number of key drivers for companies to investigate how data analytics can assist their tax function - and the increasing trend nationally is towards real-time reporting in areas such as payroll and VAT, requiring companies to have a better handle on their data.
"The continuously developing tax landscape in the UAE - and internationally - demonstrates the need for organizations to have a strong tax function that is in tune with, and well-connected to the broader business," Schofield adds. "This is critical for the long-term success of companies to ensure that they are agile and able to respond to any tax developments or requirements imposed upon them - and adapting internal systems and processes using the latest in technology is going to be key to achieving this agility."
"Now, more than ever, companies will need to be able to quickly access data and models for decision making and planning for potentially complex and overlapping rules, as well as meeting multiple compliance obligations," Schofield continues. "Going forward, tax and shadow tax functions need to be connected with their businesses from a governance, legal, strategic and technology perspective. These are critical touch points that demand a collaborative - rather than reactive - approach, so that organizations can achieve an optimal and efficient tax function that is fit for tomorrow, today." — SG


Clic here to read the story from its source.