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orporate tax and finance functions need to accelerate transformation of their operations if they’re to support COVID-19 crisis-management efforts and their organization’s future recovery. Unfortunately, recent EY research finds while some tax functions are well-positioned, many are struggling to put in place the right people and technology models to monitor, evaluate, and respond to fast-changing global conditions.

That readiness is critical now, with tax systems the focus of many of the comprehensive economic-relief packages introduced by more than 138 countries and jurisdictions since the World Health Organization declared COVID-19 a pandemic on 11 March. Provisions range from shifting filing and payment deadlines for income and indirect taxes as well as regulatory filings to an abundance of broad and targeted tax relief measures, all designed to offer a lifeline to get companies and individuals through an unprecedented crisis. Yet they can only be useful if businesses have a clear line of sight across their operations to best claim help and make use of it.

Our recent Tax and Finance Operate (TFO) survey was conducted before the pandemic, spanning more than 1,000 tax and finance executives from 42 jurisdictions representing 17 industries. Almost all respondents indicated that they were transforming the operating models of their tax and finance functions, reflecting a need to:

• Ensure they have the right talent and technology capabilities available to monitor, evaluate and respond to major legislative change around the world, a need that has taken on new urgency in 2020
• Be prepared for the evolving talent demands requiring tax professionals to augment deep technical knowledge of laws and regulations with data, process and technology skills
• Future-proof their tax technology to keep pace with evolving digital tax filing requirements