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The role of tax in transforming the finance function

There are many areas where key benefits can be missed by not actively including the tax function within finance transformation initiatives

There are greater expectations on today’s tax function to provide strategic direction to the business and to collaborate across the wider organisation. Stakeholders are demanding  ‘no surprises’ from  transparent strategies, given the increased scrutiny of tax matters from both the tax authorities and the media.

In addition, the tax function should embrace the increasing complexity of applying legislation across multiple jurisdictions and the ever expanding operational footprint of today’s modern business. This globalisation promotes the role of tax higher on the boardroom agenda and unlocks new opportunities for adding value.

Tax opportunities

Chief Financial Officers should look to the area of tax to drive additional capabilities throughout their organisations and add value over and above finance initiatives. Through our work with finance and tax functions in leading organisations, we understand that best practice should involve consideration of the following key factors:

Responsible tax

The understanding of how to identify and manage risk around both transparency and greater scrutiny of an organisation’s tax and finance strategies.

Finance business partnering - the tax dimension

By partnering closely with finance and the wider organisation, tax is able to move from a back office function to a key player in promoting organisational performance and efficiencies. Tax can play an important role in driving behaviours throughout an organisation which can enhance the internal organisation and encourage the culture and values demanded by external stakeholders.

Finance and tax convergence

Bringing tax into the 21st Century by utilising leading finance processes and technologies to create synergies and efficiencies across tax and the wider business. In addition to promoting a culture of no surprises for shareholders, there are many areas across an organisation where tax can play a pivotal role in the maximisation of shareholder value.

Key contact

  • Rachel Taylor, Partner
    UK Tax Finance Transformation Leader
  • Andy Michaelides, Director
    UK Tax Finance Transformation

Related links

  • Taking an ‘a La Carte’ approach to Finance Transformation
    Proven strategies to address key challenges facing CFOs and their finance organisations
  • On the line and off the record
    Front-line perspective on finance transformation from those who know from experience.
  • Transforming the finance function
    Developing finance capability, improved performance management and better business relationships.

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