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Companies need digitized tax solutions
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COMPANIES need to better prepare for a digital era, including carrying out digitized tax solutions that help optimize related strategy, suggested consulting firm PwC.
“Chinese companies still rely on existing resources to plan the layout of tax technology,” said Peter Ng, a senior executive of tax services at PwC. “But with digitized technology, companies can manage unified interface for their tax purpose.”
According to the firm’s 2016 Chinese Companies’ Tax Technology Maturity survey, 49 percent of the respondents said they use spreadsheets or database tools to tack reporting tax data calendar and workflow, while 12 percent said they never use any tools. As for tax administration and decision-making, 60 percent only use spreadsheets to model various scenarios, indicating the absence of professional analysis tools.
But at the same time, about half respondents have drafted or are in the process of drafting a multi-year documented tax technology strategy, while 31 percent of the respondents don’t have a designated tax technology resource, according to the survey that tracks 151 companies in the Chinese mainland and Hong Kong,
The firm suggested a step-by-step development of companies’ upgrading of their tax functions, and at the final stage, data management will evolve to provide decision support underpinned by adaptive learning with AI and machine learning.
The firm also advised integrated financial data management to cope with security risks and raise efficiency.
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