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July 2022

ERA OF TAXOLOGISTS IS HERE!

By Divyesh Lapsiwala
Chartered Accountant
Reading Time 15 mins
It is an opportunity for leadership in tax processes in the new machine age. Technology has transformed the way Tax is serviced and delivered and I am confident that tomorrow’s adviser is going to be a taxologist - a sharp combination of tax and technology.

I like what Steve Jobs has said in this context: let’s go invent tomorrow instead of worrying about what happened yesterday! There is a significant value evolution of embedding smarter ways of doing things in Tax. These have advanced into rule-based processing, standardized extraction, automated transformation, focus only on exceptions, end to end integration, sharper reconciliations and leveraging analytical reports.

RECENT PAST OF TAX REPORTING

The earlier processes of running transaction reports, then separately summarising them, and then transforming them, and then converting them into formats that were acceptable to tax, and then manually filing them through off-line steps is passe. These processes could take anywhere between 1 to 5 days to file a simple return. More complex organization could take weeks.

EMERGING FRAMEWORK FOR REPORTING OBLIGATIONS

Today’s expectation is that every transaction should have a hot-wire connection with the return, and at the time of generation of the transaction itself a relationship of the transaction with a particular reporting or tax filing should be es
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