Photo : webshot. 

August 19, 2021

Anna Murray 

In these years, tax authorities from different countries change their ways to collect tax. It pushes transnational companies to catch up with updates.

Tax authorities no longer need to wait for companies’ information but to collect and examine it automatically. Therefore alert issues can be found earlier from real-time reports and even transactions. Take Brazil as example, electronic filings are required by Brazilian tax administration before every shipment. 

However, this effective reformation also brings about additional burdens upon companies. According to the World Bank and PwC, Brazilian corporate’s tax integration takes 1,500 hours per year. By contrast, 234 hours is the average among countries. 

In conclusion, companies should better resource management among departments. They are also suggested to upgrade regulations such as non-paper tax filing and automatic analysis. By fastening routine processes, taxation related work can be easier.