In our fourth edition of the annual survey, we compiled responses from 140+ companies across 20+ industries on their tax transformation journey.

 

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Key findings of the report are as follows:

Impact of legislative reforms

A multitude of legislative and technological amendments have been introduced by the Indian Government to bring in more transparency and simplification.

Tax legislative reforms

While workload increases, budgets continue to be stretched and is increasingly getting diverted to more strategic/value-adding activities.

Tax legislative reforms

Changing role of tax function

In today’s evolving tax space, tax functions are assuming a critical position in driving business decisions. 

Tax legislative reforms

Having identified the need for increased business collaboration as a key focus area, tax functions have also ranked “adding value to business” as their top challenge.  Hence, it is critical to reimagine the current operating model to achieve the desired future state where tax function spends most of its time on value-added activities.

Talent demand and skills

The need for tax functions to carry specialized knowledge and in-depth expertise in all the domains is increasing in recent times. One person single-handedly specializing across all facets of tax does not seem realistic.

Tax legislative reforms

This clearly implies the need to reconsider talent strategy specifically in these times of ‘Great Resignation’.

Data Management

It is crucial for organizations to understand the importance of data management during all stages of data lifecycle

Tax legislative reforms

Thus, it is important that the tax functions move ahead of traditional methods, and stay one step ahead around how they collect, analyze, use, report, and store data.

Optimal Tax Function
Tax legislative reforms

Optimum utilization of three important components — people, processes, and technology are quintessential to be able to achieve an optimal tax function.

Tax legislative reforms
Future-proofing
Tax legislative reforms

Various approaches are being adopted to achieve a best-in-class tax function. Parameters, such as value creation, risk management, time and capital investment, resource availability, responsibility, institutionalization, transparency, and accountability, are to be kept in mind while choosing the best approach.

Download the complete report and actionable insights

Take a self-assessment

Want to self-assess the current state of your tax function and understand how to future-proof it?

Click here to gain insights

How EY can help

Meet our Digital Tax Transformation solutions team

Jitesh Bansal

EY India Tax & Finance Operate Leader
Seasoned tax professional, focused on helping tax functions transform and become future ready. Avid reader and foodie.
Bengaluru, IND

Garima Pande

Leader, Global Compliance and Reporting, EY India
Passionate about engaging with businesses in reimagining, redefining and improving their tax frameworks. Love to paint, travel and spend time with my daughter.
Gurugram, IND

Rahul Patni

Leader, Digital Tax, EY India
Passionate about collaborating with clients in their tax transformation journeys. Active participant in professional groups & industry associations. Father of two. Love to experiment in the kitchen.
Mumbai, IND
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