{"id":3410,"date":"2021-10-01T21:55:15","date_gmt":"2021-10-01T11:55:15","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.au\/business\/?p=3410"},"modified":"2023-05-15T14:20:32","modified_gmt":"2023-05-15T04:20:32","slug":"how-corporate-tax-leaders-are-justifying-roi-in-the-asia-pacific","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/how-corporate-tax-leaders-are-justifying-roi-in-the-asia-pacific","title":{"rendered":"How corporate tax leaders are justifying ROI in the Asia-Pacific"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">As a tax function,&nbsp;you are required to&nbsp;deliver tax returns and filings on time. But&nbsp;your business&nbsp;now&nbsp;expects&nbsp;a lot more&nbsp;of&nbsp;you, and you need&nbsp;the right tools to&nbsp;meet&nbsp;those new&nbsp;demands.&nbsp;&nbsp;<\/h4>\n\n\n\n<p>The recent&nbsp;Thomson Reuters&nbsp;panel discussion,&nbsp;\u201cJustifying&nbsp;ROI: Makings&nbsp;of a successful tax function and&nbsp;the role of technology\u201d&nbsp;explored&nbsp;the&nbsp;evolution of&nbsp;tax functions&nbsp;across&nbsp;Australia, New Zealand and Southeast Asia.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Abs&nbsp;Osseiran, Corporate Tax Partner at Deloitte&nbsp;considers&nbsp;the essentials of meeting&nbsp;compliance and filing deadlines as&nbsp;part of the job.&nbsp;\u201cThis is your basic&nbsp;hygiene,&nbsp;and&nbsp;it needs to be done correctly.\u201d&nbsp;Carrying out&nbsp;this&nbsp;work on time,&nbsp;and accurately,&nbsp;was cited by&nbsp;more than&nbsp;four in five&nbsp;(81%)&nbsp;as the top performance markers&nbsp;in the webinar\u2019s first poll&nbsp;of&nbsp;44&nbsp;respondents.&nbsp;&nbsp;<\/p>\n\n\n\n<p>\u201cOnce you have&nbsp;those services&nbsp;wrapped up,&nbsp;you can then&nbsp;break&nbsp;out from the traditional tax function model&nbsp;to partner with your&nbsp;business,\u201d&nbsp;Abs&nbsp;continued.&nbsp;&nbsp;<\/p>\n\n\n\n<p>\u201cYou can really add value to your organisation through providing that business partnering&nbsp;role, and&nbsp;working with your internal and external stakeholders to ensure that you&#8217;re really driving value for the business.\u201d&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Transforming the corporate tax role&nbsp;&nbsp;<\/h2>\n\n\n\n<p>Panellist&nbsp;Regina Wong, Tax Manager &#8211; Indirect Tax at Razer&nbsp;pointed&nbsp;to&nbsp;the&nbsp;increased&nbsp;pressures on tax departments created by the pandemic.&nbsp;The&nbsp;introduction&nbsp;of&nbsp;JobKeeper&nbsp;and similar&nbsp;support&nbsp;schemes have&nbsp;increased workloads for many corporate tax departments&nbsp;with headquarters in Australia,&nbsp;added Abs.&nbsp;&nbsp;<\/p>\n\n\n\n<p>With the&nbsp;move&nbsp;globally&nbsp;to a digital economy, governments\u2019&nbsp;coffers have been depleted&nbsp;by the drop in physical sales,&nbsp;Regina&nbsp;explained.&nbsp;So&nbsp;to improve their tax base,&nbsp;governments&nbsp;are introducing new regulations to ensure&nbsp;they get their tax cut from online transactions.&nbsp;<\/p>\n\n\n\n<p>For businesses operating in&nbsp;more than one country,&nbsp;Regina&nbsp;said it&nbsp;means that tax departments need to keep on top of the many new&nbsp;regulations&nbsp;that&nbsp;impact&nbsp;their&nbsp;business&nbsp;in each&nbsp;relevant&nbsp;jurisdiction.&nbsp;This concern was reflected in&nbsp;Thomson Reuters\u2019&nbsp;<a href=\"https:\/\/tax.thomsonreuters.com\/en\/corporation-solutions\/c\/state-of-corporate-tax-2021-report\/form?gatedContent=%252Fcontent%252Fewp-marketing-websites%252Ftax%252Fgl%252Fen%252Fcorporation-solutions%252Fc%252Fstate-of-corporate-tax-2021-report\" target=\"_blank\" rel=\"noreferrer noopener\"><em>2021 State of the Corporate Tax Department<\/em><\/a>&nbsp;report,&nbsp;recording&nbsp;that&nbsp;among the&nbsp;departments&nbsp;with&nbsp;responsibility for indirect tax, which included half&nbsp;their&nbsp;sample,&nbsp;nearly three in five (57%)&nbsp;were anticipating major government change.&nbsp;<\/p>\n\n\n\n<p>In fact,&nbsp;four in five&nbsp;(80%)&nbsp;among&nbsp;50&nbsp;polling&nbsp;respondents&nbsp;selected&nbsp;regulators&nbsp;and tax&nbsp;authorities&nbsp;as&nbsp;the&nbsp;stakeholders&nbsp;that are driving them most to introduce technology&nbsp;to their&nbsp;department.&nbsp;<\/p>\n\n\n\n<p>This pressure&nbsp;on tax functions&nbsp;is compounded&nbsp;by&nbsp;the growing&nbsp;demands&nbsp;from&nbsp;technically sophisticated&nbsp;tax authorities. \u201cThey&nbsp;can sometimes know your tax data better&nbsp;than&nbsp;you do.\u202fSo,\u202fyou need to keep up to date and ensure the data is coming back to the tax team, ready to answer the tax authorities,\u201d said&nbsp;Regina.&nbsp;&nbsp;<\/p>\n\n\n\n<p>\u201cYou need to make sure\u202fyou\u2019re\u202fmonitoring\u202fthe business progress and the impact of tax implications.&nbsp;If&nbsp;you can\u2019t demonstrate a thorough knowledge of your business,&nbsp;this could lead to a formal audit,\u201d&nbsp;she&nbsp;warned.&nbsp;<\/p>\n\n\n\n<p>Further, in&nbsp;an increasingly&nbsp;global environment,&nbsp;regulators&nbsp;are&nbsp;progressively sharing information with each other,&nbsp;reminded&nbsp;panellist Kimberley Simpson, Vice President Global Tax &amp; Treasury at Cochlear Limited,&nbsp;which she said&nbsp;can&nbsp;add to the compliance burden&nbsp;for&nbsp;tax functions.&nbsp;<\/p>\n\n\n\n<p>Unfortunately,&nbsp;this&nbsp;heightened workload&nbsp;has to&nbsp;be carried out with&nbsp;a limited&nbsp;or capped&nbsp;headcount,&nbsp;and&nbsp;in many cases&nbsp;overseen by an intransigent CFO.&nbsp;<\/p>\n\n\n\n<p>As Abs observed&nbsp;&#8220;tax departments are really stretched at the moment\u201d.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Technology as&nbsp;the&nbsp;enabler&nbsp;<\/h2>\n\n\n\n<p>As&nbsp;businesses are expecting more&nbsp;from&nbsp;their&nbsp;tax&nbsp;departments,&nbsp;innovation can serve to&nbsp;help&nbsp;solve&nbsp;some&nbsp;resourcing constraints.&nbsp;This is the time for tax functions to take the reins and&nbsp;adopt a strategic approach to consider how\u202ftechnology\u202fcan be\u202fthe&nbsp;enabler&nbsp;to&nbsp;navigate&nbsp;these&nbsp;challenges,&nbsp;optimising&nbsp;value&nbsp;for their&nbsp;organisation.&nbsp;<\/p>\n\n\n\n<p>In the&nbsp;webinar\u2019s&nbsp;second&nbsp;poll,&nbsp;three in four&nbsp;respondents&nbsp;(75%)&nbsp;revealed&nbsp;their tax department would introduce technology or automation&nbsp;to handle their future challenges.&nbsp;<\/p>\n\n\n\n<p>\u201cTo&nbsp;increase our business partnering activities, we&nbsp;need to be able to offload or automate some of these&nbsp;compliance&nbsp;processes&nbsp;so that we\u2019re not bogged down by them,\u201d&nbsp;said&nbsp;Regina.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Her&nbsp;experience at&nbsp;Razer&nbsp;of adopting ONESOURCE Tax Determination&nbsp;has meant&nbsp;that&nbsp;in the indirect tax space, having&nbsp;an automated solution in place&nbsp;to calculate taxes&nbsp;has&nbsp;reduced&nbsp;the&nbsp;tax&nbsp;rollout&nbsp;for&nbsp;going to market&nbsp;in a new country,&nbsp;giving&nbsp;Sales&nbsp;and&nbsp;IT teams&nbsp;more&nbsp;time&nbsp;to&nbsp;focus on&nbsp;serving the business.&nbsp;In addition,&nbsp;being&nbsp;able to supply&nbsp;tax&nbsp;data to the&nbsp;Finance teams faster has meant they\u2019ve been able to close their books on a&nbsp;more&nbsp;timely&nbsp;basis.&nbsp;<\/p>\n\n\n\n<p>Regina reinforced&nbsp;the cross-department benefits of ONESOURCE at Razer.&nbsp;She drew on her&nbsp;experience&nbsp;of when the&nbsp;business pivoted in its offering and the tax team needed to know how to support the new growth.&nbsp;As sales grew&nbsp;so did the challenge of getting on top of the increasing amount of data.&nbsp;&nbsp;<\/p>\n\n\n\n<p>\u201cYou&nbsp;really need the buy-in&nbsp;from so many teams&nbsp;\u2013&nbsp;the&nbsp;finance,&nbsp;supply chain,&nbsp;business&nbsp;and&nbsp;IT teams&nbsp;\u2013&nbsp;to provide&nbsp;the information&nbsp;you&nbsp;need. But it can be&nbsp;challenging.&nbsp;If you have technology in place, then it makes it a lot easier to collect it all in one spot.\u201d&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Building a business case for&nbsp;your tax team\u2019s future&nbsp;<\/h2>\n\n\n\n<p>In building a business case&nbsp;to&nbsp;introduce&nbsp;a technology solution, Abs pointed&nbsp;out&nbsp;some of the many financial&nbsp;benefits&nbsp;\u2013 and the non-financial pluses that are often underestimated.&nbsp;<\/p>\n\n\n\n<p>He&nbsp;referred&nbsp;to the value of:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Minimising&nbsp;the risk of breaches by&nbsp;automatically meeting&nbsp;compliance requirements&nbsp;<\/li><li>Having&nbsp;a&nbsp;data&nbsp;trail&nbsp;at your fingertips in the event of an audit&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Leveraging clean data&nbsp;to provide&nbsp;analysis and insights for the CFO and wider business&nbsp;<\/li><li>Real-time&nbsp;data from ERP solutions.&nbsp;<\/li><\/ul>\n\n\n\n<p>Further benefits&nbsp;that technology brings to the&nbsp;tax&nbsp;team include,&nbsp;as noted in the\u202f<a href=\"https:\/\/tax.thomsonreuters.com\/en\/corporation-solutions\/c\/state-of-corporate-tax-2021-report\/form?gatedContent=%252Fcontent%252Fewp-marketing-websites%252Ftax%252Fgl%252Fen%252Fcorporation-solutions%252Fc%252Fstate-of-corporate-tax-2021-report\" target=\"_blank\" rel=\"noreferrer noopener\"><em>2021 State of the Corporate Tax\u202fDepartment\u202f<\/em>Report<\/a>,&nbsp;saving&nbsp;time&nbsp;(27%),&nbsp;creating efficiencies (19%) and&nbsp;reducing the&nbsp;risk of errors (12%).&nbsp;<\/p>\n\n\n\n<p>&#8220;A tax function can really start to show how it is driving value for an organisation beyond just cutting and producing numbers and handing them off. Rather, it&#8217;s the analysis of those numbers and the insight as to what that means for the business. That&#8217;s where technology really can help,&#8221; said Kimberley.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The non-financial benefits include&nbsp;the&nbsp;impact on the organisation\u2019s risk profile.&nbsp;\u201cWhat price do you put on your company being on the front page of the paper,&nbsp;for not paying&nbsp;its tax on time,&nbsp;or&nbsp;because&nbsp;your&nbsp;numbers were wrong?\u201d&nbsp;asked&nbsp;Abs, who also cited&nbsp;the importance of technology in energising the workforce, by&nbsp;empowering them to&nbsp;engage in higher-value work.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Leveraging your \u201cseat at the table\u201d&nbsp;<\/h2>\n\n\n\n<p>\u201cIdeally the best&nbsp;time to argue for&nbsp;the adoption of&nbsp;a technology solution is when an&nbsp;organisation&nbsp;is going through a business process&nbsp;transformation&nbsp;or upgrading their ERP,\u201d&nbsp;said&nbsp;Abs,&nbsp;citing&nbsp;his&nbsp;first-hand&nbsp;experience as Head of Tax.&nbsp;<\/p>\n\n\n\n<p>\u201cYou really need to have that seat at the table to drive the technology change as part of the ERP implementation. Because finance&nbsp;is focused on making sure the journals work, they&nbsp;don\u2019t see the tax elements.\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p>Kimberley,&nbsp;who\u2019s&nbsp;been using ONESOURCE for years at Cochlear&nbsp;fully supports the need for tax functions to&nbsp;have an influential seat&nbsp;at the business table.&nbsp;But once you get the go-ahead for technology adoption,&nbsp;she&nbsp;has some firm advice.&nbsp;&nbsp;<\/p>\n\n\n\n<p>\u201cYou have to really think about what that solution is going to bring to your tax function, making&nbsp;sure you&#8217;ve got strong processes and&nbsp;a good&nbsp;understanding before you bring that solution in. And then be prepared&nbsp;to&nbsp;have&nbsp;a period of time&nbsp;to work through it,&nbsp;and&nbsp;you\u2019ll&nbsp;get the full benefits&nbsp;of&nbsp;the implementation.\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p>\u201cTechnology&#8217;s the way to go for me,\u201d she concluded.&nbsp;<\/p>\n\n\n\n<p>\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026..&nbsp;<\/p>\n\n\n\n<p><em>Find out&nbsp;how&nbsp;<a href=\"https:\/\/www.thomsonreuters.com.sg\/en\/products-services\/tax-accounting-overview\/c\/indirect-tax-integrations-connected-systems-drive-business-value.html\" data-type=\"URL\" data-id=\"https:\/\/www.thomsonreuters.com.sg\/en\/products-services\/tax-accounting-overview\/c\/indirect-tax-integrations-connected-systems-drive-business-value.html\">ONESOURCE Tax Determination<\/a>&nbsp;can transform&nbsp;the future of&nbsp;your tax department. Contact a Thomson Reuters consultant today.<\/em>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a tax function,\u00a0your business\u00a0now\u00a0expects more\u00a0of\u00a0you than timely filings and returns, and you need\u00a0the right tools to\u00a0meet\u00a0those new\u00a0demands.\u00a0\u00a0<\/p>\n","protected":false},"author":255,"featured_media":3412,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[687,659],"tags":[1178,1177,1176],"insight_job_role":[713,805,808],"insight_practice_area":[],"class_list":["entry","author-amandatan","has-excerpt","post-3410","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-reporting-compliance","category-global-tax-reporting","tag-asia_pacific","tag-corporate-tax-leader","tag-roi","insight_job_role-chief-financial-officer","insight_job_role-chief-tax-officer","insight_job_role-head-of-tax","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How corporate tax leaders are justifying ROI in the Asia-Pacific<\/title>\n<meta name=\"description\" content=\"As a tax function,\u00a0your business\u00a0now\u00a0expects more\u00a0of\u00a0you than timely filings and returns, and you need\u00a0the right tools to\u00a0meet\u00a0those new\u00a0demands.\u00a0\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/how-corporate-tax-leaders-are-justifying-roi-in-the-asia-pacific\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How corporate tax leaders are justifying ROI in the Asia-Pacific\" \/>\n<meta property=\"og:description\" content=\"As a tax function,\u00a0your business\u00a0now\u00a0expects more\u00a0of\u00a0you than timely filings and returns, and you need\u00a0the right tools to\u00a0meet\u00a0those new\u00a0demands.\u00a0\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/how-corporate-tax-leaders-are-justifying-roi-in-the-asia-pacific\" \/>\n<meta property=\"og:site_name\" content=\"TR - Business Insight Australia\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-01T11:55:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-15T04:20:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insight.thomsonreuters.com.au\/business\/wp-content\/blogs.dir\/4\/files\/sites\/18\/2021\/10\/How-corporate-tax-leaders-are-justifying-ROI-in-the-Asia-Pacific.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2100\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Amanda Tan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Amanda Tan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/how-corporate-tax-leaders-are-justifying-roi-in-the-asia-pacific#article\",\"isPartOf\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/how-corporate-tax-leaders-are-justifying-roi-in-the-asia-pacific\"},\"author\":{\"name\":\"Amanda Tan\",\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/#\/schema\/person\/b85dc2ecd463a272b2b5c4b1589eedf3\"},\"headline\":\"How corporate tax leaders are justifying ROI in the Asia-Pacific\",\"datePublished\":\"2021-10-01T11:55:15+00:00\",\"dateModified\":\"2023-05-15T04:20:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/how-corporate-tax-leaders-are-justifying-roi-in-the-asia-pacific\"},\"wordCount\":1684,\"image\":{\"@id\":\"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/how-corporate-tax-leaders-are-justifying-roi-in-the-asia-pacific#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insight.thomsonreuters.com.au\/business\/wp-content\/blogs.dir\/4\/files\/sites\/18\/2021\/10\/How-corporate-tax-leaders-are-justifying-ROI-in-the-Asia-Pacific.png\",\"keywords\":[\"Asia_Pacific\",\"corporate tax leader\",\"ROI\"],\"articleSection\":[\"Global Reporting &amp; 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