Today, we are in the midst of dynamic and compelling changes happening in the global tax regulations and the tax enforcement methods, as well as increasing enterprise-wide transformation. As other parts of an organisation adopt new technologies, a multinational corporation’s tax department will be mandated to look beyond business as usual, and transform its tax operating model to provide greater value to the business. The tax technology is moving at a much faster pace − from licensing of compliance tools to the managed services model, and collaborating in enterprise transformation. It is now becoming more of a strategic decision aiming towards the tax department’s value proposition rather than mere tax compliance needs.

Forward-thinking multinational corporations are revisiting their transfer pricing policies and processes with emerging technologies and automation opportunities. In parallel, COVID-19 has contributed to an acceleration of digital transformation. This transformation is taking place throughout the end-to-end supply chain, with faster and broader adoption of data and predictive analytics, cognitive automation and Artificial Intelligence (AI), robotics, digital supply chains, smart factories, and e-commerce.

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