The Future of Professional Report highlights the significant impact of Generative AI (GenAI) on business strategies, with 94% of C-suite executives believing it will substantially alter their plans. Corporate tax leaders must embrace and integrate GenAI to succeed in the rapidly evolving digital landscape. However, effective integration requires careful planning and preparation. To leverage this … Read more
Artificial intelligence and ERP systems are a critical way to optimize data management and streamline tax operations in corporate tax functions Corporate tax departments face many challenges in today’s complex and dynamic tax environment, having to deal with large volumes of data from various sources, ensure accuracy and consistency in tax reporting and compliance, and … Read more
India’s net direct tax collection recorded a significant growth of 19.54 per cent in FY25, amounting to Rs 5.74 lakh crore as of July 11, according to the data released by the income tax department on Friday.The net direct tax collection stood at Rs 4.80 lakh crore in FY24 during the same period, marking a … Read more
Growth in India’s net direct tax collections slowed slightly to 19.54% by July 11, relative to a 21% rise recorded by June 17, with revenues hitting ₹5.74 lakh crore, the Income Tax department said on Friday.Personal income tax (PIT) receipts constituted 60.2% of the net collections at ₹3.46 lakh crore, rising 21.4% year-on-year, while corporate … Read more
Key performance indicators can drive efficiency, accountability, and strategic success in corporate tax departments, but only if they’re measured and tracked There is a limit to the external factors that impact business professionals; however, anticipating and preparing could be the best defense. In a recent Thomson Reuters Institute report, Challenges and Changes in Indirect Tax … Read more
The recent surge in artificial intelligence advancements has started to transform the professional services industry, and corporate tax departments are no exception. GenAI) presents a game-changing opportunity to transform corporate tax operations by enhancing human capabilities and driving strategic decision-making. Insights from the 2024 Generative AI in Professional Services Report In the realm of professional … Read more
Businesses must innovate and adapt to the changing indirect tax landscape to stay competitive. Corporate tax departments are using technology increasingly as a strategic partner to address these issues. Insight on how indirect tax departments intend to use technology to transform their operations can be found in a recent study conducted by the Thomson Reuters … Read more
A recent paper in the Vanderbilt Law Review raised a fascinating question about the growing links between corporate tax policy and environmental, social and governance (ESG) strategy. As new global regulations like the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD) start requiring corporations to disclose more detail than ever … Read more
Finance Minister Nirmala Sitharaman is reportedly mulling significant relief for India’s lower-income earners with tax cuts for the first time in seven years. The tax cuts are believed to be part of a consumption-boosting package worth nearly $6 billion in the upcoming Budget, a Bloomberg report has claimed. Related Articles The move will reportedly benefit … Read more
Amid a sharp rise in personal income tax collection, individual taxpayers are hoping for respite in the Union Budget 2024-25 and indications are that the government may look at reviewing some of the tax rates.According to sources, one of the measures being considered is to increase spending capacity of people in the face of high … Read more