Tax regulations have become increasingly complex in recent years, and new requirements for transparency have placed firms under growing pressure to improve their processes around tax data management.
Difficulties in sourcing information on tax rates in different jurisdictions and a lack of consistency between different markets has challenged firms’ ability to ensure business lines can remain profitable and clients receive sound and accurate information on tax implications. Firms need to be in a position to easily navigate the growing web of regulatory requirements.
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“Firms are under pressure to improve their tax data management processes and, with the speed at which regulation is evolving, it is unsurprising that our survey finds many underprepared.”
- Jürg Stalder, Senior Product Manager