Are you ready for a new era of tax transparency following the introduction of the Packaged Retail and Insurance-Based Investment Products (Priips) and the revised Markets in Financial Instruments Directive (Mifid II) regulations?
Tax regulations have become increasingly complex in recent years, and new requirements for transparency have placed firms under growing pressure to improve the processes around tax data management. With complex cross-border taxation challenges and different tax rates for different asset classes, there is a trend towards firms looking to streamline tax data processes to reduce the need for manual intervention, and to enable automation.
The sheer number of new tax challenges has created a complex situation for firms, and resulted in an upswing in investments in the space. Whether firms already have projects underway or are just initiating projects, the industry is clearly focused on getting to grips with tax data and setting up for long-term success with tax transparency and reporting to clients.