Going beyond the data – indirect tax

Businesses today are beginning to adapt to a world increasingly driven by data and analytics (D&A). Findings of a recent KPMG International survey indicate that all but 1 percent of organizations surveyed regard D&A as at least somewhat important to their business strategy and 56 percent said they changed their business strategy to meet the challenges of D&A, most often to increase their capacity to analyze big data.

Are we in the midst of a Big Data revolution? Analysts believe that the quantity of data available to businesses will increase by 40 percent every year for the foreseeable future. Endeavoring to collect all this data is one thing, but businesses increasingly need to correlate it, analyze it and extract actionable value.

And what about the tax implications? Relatively little has been written about the specific application of Big Data to the world of tax, and more specifically to the area of indirect tax. By their very nature, indirect taxes contain transaction level data which, when mined and analyzed appropriately, may be transformed into knowledge and real actionable value for businesses.

Going beyond the data – Indirect Tax” will explore tax policy and administration in the age of Big Data; transformation of the compliance function into competitive advantage; the use of technology tools essential for the tax function in a Big Data world; and the anticipated evolution of indirect taxation over the next decade on account of the Big Data revolution.

Going beyond the data – indirect tax