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How supply chain transformation is reshaping global business
This episode of EY Tax and Law in Focus podcast explores how tax leaders can navigate supply chain disruptions, sustainability regulations, and AI-driven transformations in global business models.
This episode of the EY Tax and Law in Focus podcast, hosted by Susannah Streeter, explores how evolving global supply chains reshape tax and transfer pricing. Tax leaders must play an increasingly strategic role with businesses facing geopolitical uncertainty, trade disputes, sustainability regulations, and technological advancements.
Joining the conversation are Jay Camillo, EY Global Operating Model Effectiveness Leader; Alenka Turnsek, EY Global Sustainability Tax Policy Leader; and Kelly Stals, Principal in the International Tax Services and Operating Model Effectiveness Team at Ernst & Young LLP.
The discussion examines the impact of reshoring, nearshoring, and supply chain diversification on tax structures. The panel also explores how sustainability regulations—such as the EU Carbon Border Adjustment Mechanism (CBAM) and deforestation rules—add complexity to global trade. Additionally, AI and automation are highlighted as key drivers of efficiency, with the potential to transform operating models and decision-making.
Collaboration between tax and transfer pricing professionals and the C-suite is more critical than ever. The panel shares insights on how businesses can align tax planning with long-term supply chain strategies, ensure compliance with evolving regulations, and leverage incentives to enhance competitiveness.
Listen to gain actionable insights on navigating the shifting tax and legal landscape and preparing for the future of global supply chains.
Key takeaways:
Understand how evolving global supply chains impact tax structures, transfer pricing and compliance requirements.
Learn how new sustainability regulations, such as CBAM and deforestation rules, reshape global trade and tax considerations.
Gain insights into how AI and automation transform supply chain decision-making and tax matters.
Explore why greater collaboration between tax leaders and the C-suite is essential to managing risk, improving incentives and ensuring long-term business resilience.
For your convenience, full text transcript of this podcast is also available.
Susannah Streeter
Hello and welcome to the Tax and Law in Focus podcast. I'm Susannah Streeter. In this edition, we're going to focus on navigating supply chain dynamics in a transforming world and the challenges and opportunities for global businesses and their tax functions. In fact, you could describe it like an intricate dance playing out between the rapidly changing global supply chain environment like reshoring and nearshoring and new emerging operating model strategies. It's clear that businesses need a robust approach to manage new and ever-evolving risks. There's also a growing understanding that there should be greater collaboration between tax and transfer pricing professionals and the C-suite to increase certainty right from the onset of business change. This is likely to mean that there will have to be a reshaping of responsibilities and strategies across departments. It's becoming clear just why it's so important that businesses strategically align their operating models with broader business objectives in this area of global change. We're also going to scan the landscape when it comes to sustainability regulations and assess the additional complexity this adds for business. The role of AI and other emerging technologies is set to be crucial in bringing about transformations, and it's likely to depend on just how businesses integrate these innovations to enhance efficiency and accuracy.
So, there's a lot to discuss, and I'm pleased to say I'll be joined by a panel of subject matter experts to help navigate the changing tides tax and transfer pricing professionals are having to deal with. But before I introduce them, please do remember conversations during this podcast should not be relied on as accounting or legal investment, nor other professional advice. Listeners must, of course, consult their own advisors.
Pleased to welcome Jay Camillo, who's EY Global Operating Model Effectiveness Leader. Hello, Jay. Where are you today?
Jay Camillo
Hi, Susannah. I'm here at my home in Atlanta, Georgia, enjoying a little mid-winter break in the frigid cold.
Streeter
That's good to hear. Glad you could take a little break to join us to talk about all of these super interesting topics that we have before us today. I'd also like to introduce Alenka Turnsek, EY Global Sustainability Tax Policy Leader. Where are you, Alenka?
Alenka Turnsek
Hi, Susannah. I'm in not so sunny London today. I'm glad to be with you on a podcast.
Streeter
Wet and rainy, certainly where I am too. And also, finally, Kelly Stals, who's a principal in EY's International Tax Services and is part of the Operating Model Effectiveness Team at Ernst and Young LLP. Hello there. Kelly, where are you?
Kelly Stals
Hello. Good afternoon. I'm based out of New York City.
Streeter
Fantastic. Well, it's great to have you with us, Kelly, as well. And let me start with you. What would you say is creating risks and opportunities across global supply chains right now? What should we be focusing on from your point of view?
Stals
There are various converging forces that impact global value chains and company strategic priorities at the moment. I think starting with increased supply chain disruptions and supply chain challenges, with the most recent one being the COVID-19 pandemic, right? We see that supply chain disruptions both increased in severity as well as in frequency. There is a lot of competitive and economic pressure, policy changes, including the most recent tax policy changes with the introduction of the global minimum taxation. And then last but not least, geopolitical developments, including political and industrial trade disputes that have really given rise to a new landscape for operating models and tax and transfer pricing structures.
Streeter
Absolutely. Let me bring you in, Jay. The prospect of President Trump's tariffs and the repercussions around the world, not least in terms of supply chain dynamics and transfer pricing, is a hot topic of debate. What's your take on what could be ahead, Jay?
Camillo
Well, nobody has a crystal ball on this stuff, Susannah. And it is changing here in the US by the hour. You really can't turn on any mass media or any specialized media and not hear discussion of tariffs, quotas, restrictions on technology transfer and retaliation coming from countries upon whom those measures are directed. So really, there's a lot of dynamism here. And the key thing is trying to keep your finger on the pulse of what the various global governments are all contemplating. And then you have escalation of tariffs. Tariffs are above the line costs to a business. So tariffs end up either being absorbed by the end consumer or absorbed by a manufacturer importer, but somebody's got to pay it. There has been a lot of talk about whether this will be only bluffs, that the administration won't go through with these tariffs. I think the last administration proved that they would put on tariffs. The last Trump administration and those tariffs were retained by the Biden administration. So I think we should be confident that these are not pure bluffs. We've already seen actions just recently with Colombia, where the administration did threaten and raise tariffs, and it achieved the result they desired, which was some movement on immigration related issues.
Streeter
So as Jay's pointed out, there are a lot of complexities around right now. Alenka, given these complexities already, what is the landscape in sustainability regulations and what extra layer of complexity does that add for business?
Turnsek
So you're right; the current regulatory landscape is already complex. It was spearheaded by the EU with the introduction of EU Green Deal back in 2019. It covers regulation across a number of areas, from reaching net zero, circular economy to pollution minimization, protection of biodiversity and water, and, of course, changes to consumption patterns and lifestyle. What is very particular about the supply chain and related regulations is that it introduced two new specific characteristics that have particular operational implications. So, the first one is the focus of this regulation across the value chains. What it means is the regulation is requiring companies to look at what's happening in their operations from the source, all the way to the end life of a particular product. So not just the activities undertaken by company subsidiaries. So this leads to a wider remit of impacted companies that needs to be monitored and addressed. And the second characteristic is about the extraterritorial implication. Meaning that they impact on the international trade arrangements. So that often means that the EU, as well as non-EU suppliers of certain materials and finished goods, will now need to provide data or undertake certain actions, remedial or investments, if they wanted to continue to trade with their customers in the EU.
Streeter
That's really interesting Alenka those developments in terms of the EU. So, can you give me any examples of how companies are being impacted?
Turnsek
There are three particular regulations that are creating waves in the international space, and one is the EU Carbon Border Adjustment Mechanism (CBAM). The other one is EU Deforestation regulation, and the last one is the Ecodesign for Sustainable Products Regulation. If you kind of look at it really at a high level, what these regulations are doing. So, Carbon Border Adjustment Mechanism or CBAM will impose a levy on in-scope raw materials and semi-finished materials across the six most carbon-intensive products. There are other jurisdictions that are looking at that, such as the UK, Australia and potentially we'll see even the US, though as Jay said, the legislation changes week on week in the US. As far as the EU Deforestation regulation is concerned, it has a very similar effect. Under this one, the EU requires companies and their trading partners to consider environmental social tax as well as governance and due diligence and produce statements in that regard that the companies are compliant with the local regulations.
The last one perhaps worth mentioning is not being implemented yet fully is Ecodesign for Sustainable Plants Regulation. So what that means is that it requires products from priority industries to include an increasing percentage of recycled materials and reused components. Products are expected to be designed in a modular way so they can be repaired and broken components replaced. There are certain industries that are targeted, for example, automotive, packaging, plastic, textiles, etc. We don't have the full details yet. So the impact of supply chain regulation on companies falls into three buckets at the moment. One is direct tax costs and compliance costs for companies. The second one is indirect costs of high raw materials that suppliers but also customers, pass all the way down through the value chains to the end customer. And the third one is a potential reduction in sales. So that's a very quick canter through what's the current complexity of the regulations.
Streeter
Certainly is, plenty of waves and ripples in the international regulatory space having an impact or looming. Well, Kelly, what other trends do you think we should be alert to? There's a lot around.
Stals
Yeah, I think the other trends really relate to how companies are responding to everything that we just spoke about. Because, on the one hand, companies are looking to revolutionize manufacturing. There's an increased focus on digitization, and companies are enhancing their IP and their R&D function to sustain competitive advantage and sustain profitable growth. And that also means that they're looking to focus on nurturing talent. And one-way companies do that is by looking at establishing strategic manufacturing hubs in certain locations. And the other thing that we see is that the geopolitical uncertainty really results in companies considering both immediate short-term actions as well as more strategic, more longer-term operational shifts. And some of those short-term actions include building inventory in certain locations just so to ensure that their safety stock, but also looking at reclassifying products and other ways or mechanisms to reduce dutiable value on products to manage the implications of trade cost. And then more strategic or longer-term shifts that we see is that, really besides diversifying and decentralizing supply chains more generally, companies also look to reshore or onshore manufacturing, either to the US or jurisdictions that are geographically more close to the home market, as well as optimizing the overall distribution network.
Stals
And then the third trend that I think we are seeing, is that the role of procurement has been evolving. And this whole discussion giving the more strategic importance of the function both in the continuity of global supply chains, but also when it relates to reducing cost of goods sold and managing the cost overall. So all of those megatrends really bring tax transfer pricing, trade and indirect tax implications that need to be managed.
Streeter
So how are companies being affected by these megatrends, Kelly?
Stals
On the one hand, if a company closes or scales down on its manufacturing footprint in a certain location, that could result in potential exit taxes or conversion payments due in the markets where the downscaling occurs. But it could also have implications for existing incentives in those locations. But as you move away from one location, it also means that that may open up opportunities in another location. So, there may be incentives or subsidies that a company could obtain in that new location.
And then the other really big thing that we see in the tax landscape is that companies that focus on more centralized or more optimized procurement functions look for opportunities to set up tax aligned sourcing models that can achieve a more competitive, effective tax rate.
Streeter
So Jay, let me bring you back in. Supply chains are inevitably going to evolve. So let's focus on this interplay between changing supply chain models like reshoring and nearshoring and their impact on operating models, as Kelly's mentioned in her Megatrends roundup there. How should this best be navigated from your point of view?
Camillo
Well, Kelly hit on some of the most important things, and one of the biggest transitions or shifts we should think about is, you know, a decade ago, 15, 20 years ago, the supply chain function was a management function. I wouldn't call it a back-office function, but it was an important management function. Now, arguably, it is one of the top 2 or 3 most strategic functions that a business has to undertake. So when you think about the physical supply chains and the disruptions that are creating the need to change them, the first thing to think about is these are very long-term commitments, right? You can't physically change a manufacturing footprint or even a warehouse footprint without committing a lot of capital to do that. So you have to really make sure that change is here to stay, right? That we're not in a particular period that's an aberration, and that we're going to go back to 1995, 2003 type supply chains that we had, wherein there was stability, number one, they weren't disrupted. Number two, they were extremely low cost. When the big movement of manufacturing went to China, the biggest benefits were scale and scope economies, and things became very cheap. And lastly, due to containerisation, you could still have good service levels. So basically the container revolution allowed you to make goods, ship them out of China in a reasonably efficient manner, get them to ports in the United States and in Western Europe, and get them to consumers fairly quickly. All that has changed.
Streeter
You say all that has changed, but in what way? How have things changed?
Camillo
So as that changes, as Kelly just noted, strategic sourcing, as sourcing becomes a high value-added function, as the physical location of manufacturing becomes strategic because of all the disruptions. What that means for operating models is where your people are and how they manage those businesses, and how they control the risks and how they develop intellectual property to stand up and operationalize those supply chains becomes more dispersed and becomes a bit of a focus for management teams. Just to understand where are we going to stand up our head of supply chain, our head of sales, our head of procurement, our head of SNOP, our head of manufacturing.
Those operating models, the people that undertake those functions, will be seen by tax authorities as value drivers. Tax authorities will make efforts to tax the legal entities to which those individuals are attached. And there's got to be a new focus as you get to more dispersed, more decentralized, more nearshored supply chains, you also have to spend a lot of time, and this is a tax department and a transfer pricing remit, saying, here's the movement of the physical supply chain being driven by disruptions that have really fundamentally nothing to do with tax except for the tariff threats, which are, of course, our tax. And then what does that do to our people model? Where are people going to be located? To whom are they going to report? What level of authority will they have? And you know, what are our ways of working in terms of decision-making and ultimate risk control? So operating models directly have to follow from the physical model. The physical model again is being dictated by disruptions like COVID, by weather events, by wars, and now by the tariffs.
Streeter
So there is certainly a lot to take on board, as you've been outlining. Jay, let me bring back in, Kelly, what's your view here? What other factors do you think businesses really should bear in mind?
Stals
Yeah, decision-making is really complex, and it's based on internal as well as external factors. And like we talked about, right? It requires a longer-term horizon for decision-making and managing those implications. And the critical elements that I think that companies consider when making decisions on things like their manufacturing footprints or supply chains are a variety of factors. But I'll just highlight a few, because the first and foremost important question is what does the business or the company's network strategy look like today, and how complex is that network? Does the company just produce a single product or component in a particular plant? Does it produce 5000 different SKUs in different locations? Does it own or does it outsource its manufacturing facilities? That really drives how much flexibility there is and how that impacts the future supply chain. Another decision factor is clearly what the manufacturing capacity looks like today. Is there excess capacity or does the company have capacity constraints? Because you can imagine that in the event of excess capacity in existing plant location, the discussion to establishing additional or new capacity is a very difficult as well as a costly one. And also, the more asset-heavy a manufacturing operation is, the longer it's going to take to build new capacity, whether it's close to the home market or not, right? It's going to be taking long and it's going to be more expensive, and that's going to require companies to think a little bit longer or more strategically about some of some of those changes.
Streeter
So we understand that the manufacturing capacity is crucial. So how does the level of automation and digitization play into these decisions? Can you elaborate on that?
Stals
It's easier to shift manufacturing or make changes in the supply chain if there's the possibility to deploy digital technology and automation because that's going to help preserve margins and offset higher labor costs if companies are moving away from certain locations. But that also opens up to potential new opportunities or incentives related to relocating that IP or potentially building new manufacturing capacity or obtaining certain subsidies. And that gets me to another consideration that we like to think about in the context of IP ownership. That's really the strategic importance of the company's IP and the strategy that the company deploys to protect that IP, because that drives certain locations decisions.
And then finally, I think to round it out tax transfer pricing, global trade and indirect taxes, including incentives and the company's view on the existing geopolitical environment, together with its risk appetite, really plays a role into this well. And then I think to your earlier point, ESG requirements and frankly, the culture of the company in light of the value they pose on reductions of lead time from either closer or further locations, reduce freight and logistics costs, as well as the implications for the carbon footprint, really play a role into the decision factors as well.
Streeter
So, as you point out, Kelly, plenty of strategic and capital expenditure decisions to be made. And let's return to your ESG point, Alenka. There are lots of other issues into playing into all of this, not least sustainability goals and international competitiveness. How do government policies support companies in addressing these two goals?
Turnsek
Well Susannah going into 2025 we have a few macro factors that will be interacting and influencing the trading environment and with that, how governments deal with international competitiveness. So firstly, we've already observed for the last few years geopolitical tensions and the forming of trading blocs and preferential trading conditions between like-minded countries. We also had a global economic slowdown in the last few years, with inflation and rising borrowing costs in most of the world. And lastly, and perhaps more importantly, following from the 2024 election supercycle, we are expecting new political mandates to materialize through new policies and regulations. And if you look at it for a moment, policies and regulations by new, often quite populist governments seem to be focusing on the reprioritization of domestic economic growth and competitiveness over other areas, such as sustainability, which tend to require more international collaboration. And when I mentioned sustainability, it's very much reprioritized rather than abandoned in most of the world. The last few years have been dominated by country funding programs that were set to promote ESG investments, but also other economic areas, and these were already influencing international investments and trade to an extent.
Streeter
So Alenka can you give me a few examples of this reprioritizing?
Turnsek
For example, Inflation Reduction Act in the US, which aimed at reducing emissions in the key sectors, have actually skewed some of the international flows in the last few years. Similarly, you can say the subsidies that have been made available in China for certain sectors, such as automotive and renewables and also others, the products coming out of those industries have influenced the country's ability to compete with China in those sectors. And maybe just for completeness, we should mention the funding that EU made available under the EU Green Deal since 2019. So all of these are examples of how the governments have made funding available that allowed that investment to flow into the critical strategic sectors for different trading blocs. When we talk about incentives, we should probably mention BEPS 2.0, which left a mark on the design and the type of incentives that governments have made available for the market. So rather than historically those being tax incentives, either through the tax rates or otherwise, what we have seen is more funding being made available through grants or subsidies, most of which actually have gone into the ESG investments.
Turnsek
So all in all, what we see is that the countries all have different areas in which they want to focus on so many areas of sustainability. Some are not. Funding seems to be the common denominator by which the countries are attracting international capital and support their own companies in international trade. But we are likely to see some of those industries and funding being available to benefit domestic focus rather than focus on the international investment and collaboration.
Streeter
You mentioned there, of course, those efforts to close innovation gaps, Alenka. Let me bring in you, Jay. I mean, we can't approach this topic without bringing in AI, GenAI and other emerging technologies. I mean, they really could be a game-changer when it comes to closing innovation gaps, transforming businesses and operating models. How do these innovations play a role in the context of what we've just been talking about?
Camillo
You know Susannah, we could probably go for a couple of days on this one. But really, apart from tariffs, I'd say if you did a quick poll on search engines, probably tariffs, and AI would be the two things that popped up more than anything. I saw a piece today. It was the most mentioned single topic at the recent World Economic Forum in Davos. So I think you're going to see over time, some of the tools of AI be applied to some of the big data, big, multi-variable issues associated with supply chains. How do I predict disruptions? How do I use data that I have from various sources to predict the ultimate, most efficient supply chain models for a given product or for a given raw material I'm sourcing? How do I use AI at the other end to best market my products? What are my best routes to market? Am I better served being digital or brick and mortar or a wholesale trading business?
Camillo
So AI and the use of large language models to do predictive science, and to ultimately be able to glean insights from data and help it and have that data serve as a guide is going to create a big impact on supply chains and supply chain management. Within the back office of companies, we've already started to see AI being used for certain routine functions, certainly, some of the things that call centers have typically done with human agents. There's been some progress in terms of using AI to answer certain types of questions. You probably see it every day if you make a call to a credit card company or even an airline or a bank, you're probably already interacting with AI.
Camillo
So it's early days. AI has been around as a theory for a long time. It will manifest itself in manufacturing and things like machine learning. Certainly, it could be transformative across the industry.
Streeter
That could, of course, be a certain amount of volatility ahead, but it is certainly clear that we're in a time of transformation. So Kelly, to what extent should there be greater collaboration between tax and transfer pricing professionals and the C-suite to increase certainty right from the onset of business change?
Stals
Yeah. So let me just remind everybody, changes to the physical digital data as well as legal flows, inventory ownership, contractual agreements, as well as commercial revenue streams, impact the operating model, including the tax structure and the transfer pricing policies, and can influence a business's business case for certain initiatives or changes. And therefore, I think it's imperative that tax is involved from the get go, either to do risk mitigation or no-harm planning from a tax or transfer pricing perspective, and make sure that the operating model, IP model, indirect tax transaction flows and the global trade flows as well as the transfer pricing footprints are aligned to the new business realities, or tax can potentially find tax, operating model or IP planning opportunities to improve the after tax returns of business initiatives. And furthermore, it's important that tax can help monitor and apply for available incentives and credits as these opportunities arise. Sometimes it's even possible for the tax departments to discuss the tax transfer pricing or trade implications of certain transactions with the relevant authorities and formalize the outcomes in either an advance tax ruling or an advanced pricing agreement, which helps increasing the certainty of the tax outcomes.
Streeter
Let's look further into the future now. And Alenka we've touched on ESG, particularly in terms of the environmental side and sustainability. But to what extent are international initiatives such as COP29 likely to have an impact on future supply chains and create more taxation implications?
Turnsek
So we're certainly seeing more and bolder international sustainability initiatives. And they broadly fall into two camps, the UN and non-UN sponsored ones. The best-known UN-sponsored initiatives include COP29 on climate. COP16 on biodiversity. And more recently we've seen the UN Plastics Treaty Initiatives as well. And all three have got implications for the supply chain. So maybe if I just start with a COP29 because it's probably of the three initiatives best known. So the biggest outcome of COP29 on climate that finished in November last year, was focussed on developing countries aiming to secure $1.3 trillion annual funding for transition, adaptation and loss and damage, primarily in the form of grants that would, of course, require public funding. So ultimately that amount wasn't agreed, but the agreement was reached for $300 billion per annum funding, which is still a threefold increase on the previous agreed level. And there was an agreement for $1.3 trillion by 2035.
Streeter
So, Kelly, from your point of view, how can we prepare for new business operating models and transfer pricing challenges down the road? What kind of approach is needed for horizon scanning and to be as agile as possible?
Stals
Companies should establish a systemic approach to horizon scanning. It's important to monitor global trends, regulatory changes and geopolitical developments on an ongoing basis. Companies need to relook at their operating model and ensure that it's cost efficient or lean enough to remain competitive, but also agile enough to swiftly adapt to changing market conditions. And one of the ways to do that is scenario planning and risk assessment, which really means that companies should engage in scenario planning exercises to evaluate potential future operating models and their implications, but also assess various risk factors such as the changes in tax regulations, trade policies and economic conditions to develop contingency plans that can be activated as necessary. And then I think finally, cross-functional collaboration enhancing collaboration between departments, including tax, transfer pricing, supply chain and operations is really going to be crucial because breaking down silos and fostering communications is going to allow companies to ensure that all relevant perspectives are considered when making certain strategic decisions.
Streeter
It's interesting what you have to say there. And let me bring in Jay on this. Do you think you can set up an all-encompassing or universal strategy when it comes to managing tax risks or transfer pricing risks, or will you always need a more tailored approach, do you think?
Camillo
I think there are big themes, Susannah, that you can basically say, we're going to have a unified approach to them that could be around the areas of supply chain risk. You know, we might say these are the risks we perceive, and we can have a strategy that says we are willing to go up and cost to mitigate that risk within this tolerance, whether it's for procurement, manufacturing and distribution. I think in terms of tax risk, whether that's direct or indirect, you know, most clients and probably the best practice would be to say there's a baseline level that we're going to comply everywhere. We're going to manage that risk by 100%, ensuring compliance, but then secondarily, really being quick enough on your feet and flexible enough to try to keep track of the fast-moving pace of change, legislative and regulatory. And even now, by executive order, like the tariff changes the Trump administration is imposing. But when it comes down to the next level of decision-making, that's where it's probably going to be difficult because every fact pattern is going to be so different. I'll give you an example. If we're in a sales model discussion and we're talking about do we want to go direct to consumer versus through wholesale versus through our own stores? That's going to be very sector-specific and very cultural and location-specific. So megatrends, it's possible to have a unifying theory or unifying strategy. But when you get down to the level of tactics, one, two, three levels below, everything is going to be individualized.
Streeter
Certainly does seem that way Jay. I mean, I'd love your final thoughts. Now we've nearly come to the end of the podcast, but I'd like to give listeners some takeaways. There's been an awful lot that we've got through on this podcast, but what would you say are your key nuggets of advice that listeners should keep at the forefront of their minds? Alenka, let me start with you.
Turnsek
So I think you'll see a slower pace of implementation of sustainability regulation, which will take a secondary but nonetheless critical role in enabling economic growth and competitiveness. Incentives and also subsidies for domestic strategic industries and economic significant supply chains will also dominate the green agenda.
Streeter
Kelly, do you have a takeaway?
Stals
I'd say stay informed. Make sure that you stay informed on the latest and greatest in terms of developments on the geopolitical economic landscape. Stay informed on the latest tax updates, and make sure that you stay informed as to what your business is doing, so that you can collaborate with as many functions within the company as possible to come up with an appropriate action plan as you move into this next era of supply chains.
Streeter
Action plan absolutely crucial. And Jay, finally, what's your takeaway for listeners?
Camillo
I think Alenka and Kelly covered the big ones, but I would just say supply chain has really moved from a middle management function to the C-suite. And given the dynamism of changes today in the area of geopolitics, in the area of supply chain and operating model, really tax people need to stay plugged in, as Kelly and Alenka alluded to, to all of the changes that are occurring at the national level through legislation, through regulation. Just trends developing within industry and tax policy as well, both on the direct and indirect side.
Streeter
Well, thank you so much to Jay, Kelly and Alenka. Thank you so much for your time. And I think we're all going to stay switched on and plugged in to all of these developments.
Stals
Thank you so much for having me Susannah. Thank you.
Camillo
Susannah. Awesome discussion. Really enjoyed it.
Turnsek
Thank you for inviting me to the podcast.
Streeter
Before we go, a quick note from the legal team. The views of third parties set out in this podcast are not necessarily the views of the global organization or its member firms. Moreover, they should be seen in the context of the time in which they were made. I'm Susannah Streeter, I hope you'll join me again for the next edition of the Tax and Law in Focus podcast. EY, shaping the future with confidence.
