When global indirect tax determination (tax engines) first came out 20 years ago, they were the preserve of the very large. Only the biggest companies in the world had the scale & volume to realize a worthwhile ROI from these beasts, but that situation has now changed.
Firstly, the move to cloud has lowered costs, simplified install & maintenance, and made automated tax determination more readily available (perhaps we could call it TDaaS – Tax Determination as a Service!). But secondly, the digitalization of tax, largely driven by the authorities, has impacted all companies, big and small. This means everyone is now looking at some form of technology in their tax processes.
Geoff Peck takes you through the considerations in tax technology and the steps necessary to reach ‘Nirvana’.