- A webinar organized by Fonoa discussed the challenges of managing tax data in large digital enterprises, emphasizing the importance of tax data for compliance and operational efficiency.
- The webinar featured experienced professionals who shared insights on tax data difficulties and the benefits of having a dedicated tax data management team.
- Key issues highlighted included poor data quality, data fragmentation and access challenges, and a lack of user-friendly technology for tax teams.
- Consequences of not managing tax data properly include incorrect VAT reporting, invoicing errors, operational inefficiencies, compliance risks, and penalties.
- The benefits of a dedicated tax data team include expertise in tax-specific data needs, faster responses, operational efficiency, reduced dependency, better accessibility, and enhanced collaboration.
- For newcomers focusing on tax data, it is suggested to identify recurring pain points, address data quality and compliance, streamline tax reporting processes, focus on input data quality, and engage with the business early to integrate tax considerations.
Source Fonoa
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