Interesting publication from ICAEW around digitalisation within tax, with the key takeaways summarised below: 1) Pre-population of returns requires collaboration with third parties and will chance the relationship between accountancies, authorities, and the taxpayer. 2) A strengthening of the relationship between third-party information suppliers and software providers will be key in building an efficient system that provides value to the taxpayer. 3) Older tax systems in particular need to be rationalised and optimised for digitalisation. 4) Some organisations and individuals will simply not adopt technology at the same rate as their peers, and must be catered to. 5) The legislation around making tax digital needs to catch up. 6) Accounting for each specific jurisdiction’s difficulties in adopting a digital tax model as no catch-all solution will work. Are these objectives part of your organisation’s digital adoption strategy? If not, which ones are?

Posted by Accountants' Club at 2021-12-15 17:40:10 UTC