The current tax environment is characterized by tax authorities requiring increased transparency across jurisdictions, sharing information with each other and applying determined approaches to the tax management and collection process, but with a lack of consistency across borders. This is expanding the compliance workload for businesses, while they are exposed to increased tax risk and uncertainty about the sustainability of current business models and group structures. To help overcome these challenges, businesses are centralizing compliance, using technology to aggregate, validate and report for compliance purposes, and using data analytics on the information they have gathered to identify anomalies and mitigate risk.
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