Technology pressures spur businesses to transform tax functions

Businesses in the UK are transforming to future-proof their tax functions against an array of persistent challenges that are disrupting the way they operate according to the EY’s tax and finance operations survey ‘Realising the value of your tax and finance function’.

The survey which canvassed 1 650 tax and finance leaders globally and over 100 in the UK found that most UK organisations (92%) are planning to transform their tax and finance functions over the next two years - versus 84% globally - to tackle critical challenges related to talent regulation and technology often with budget constraints. 

The findings also show that the Covid-19 pandemic has served as a catalyst for change with 88% of those surveyed saying they are focusing on efficient tax and finance operating models and 86% saying they are co-sourcing select tax and finance activities. Almost...