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Why manual processes won’t work any more

Tax compliance has historically relied upon specialist skills enhanced by digital tools but we’re now at a turning point. Human efforts alone are unlikely to be sufficient to meet regulatory demands going forward. An increase in the frequency of reporting, demands for greater transparency and the move to real-time tax will simply make it impossible to keep-up, making automation essential.

Regulatory zeal

We’re already seeing evidence of this today. Tax authorities are using technology to digitalise tax regimes, increasing the compliance burden. China is leveraging big data to automate its tax system, Italy has mandated online filing, while Brazil has mandatory electronic invoicing. It’s Estonia that leads the pack, however, with real-time corporation tax triggered the moment profits are distributed to shareholders. 

Tax Systems is a leading specialist in corporation tax technology & services in the UK & Ireland. As of 24th May 2018, MXC Capital Ltd (LON:MXCP) holds a 4% share.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.