Yesterday... Compliance

Let’s be blunt about it: tax compliance is not a happiness driver. Far from it… at first sight at least. But, it can be a huge value driver. And is value not a happiness driver?

The tax compliance activity is maybe one of the more underestimated sources of value. Many of us still see it as just a mandatory obligation. A necessary evil. Preparing the returns, having them filed in due time, pay the related liabilities. That’s it.

In reality, if all the crucial data and documents related to compliance can be captured in a structured manner, it is priceless. Yep, it is this data set that you will need for future tax jobs, like simulations, forecasting, trend and outlier analysis. It is this data set that you will need for unlocking intelligence and leverage the learnings. It is this data set that will help you identify the risks, and find strategies to mitigate them. Let’s also not forget that the tax authorities have the same data set, and use it across different tax domains and territories for risk rating analysis and more.

Time to reconsider whether tax compliance makes you happy?