Market: 91 percent of companies planning to reduce tax as costs rise
New Delhi| Cost has emerged as a major concern for Indian companies. For this reason, 91 percent of companies are planning to reduce taxes and budgets. They believe that the cost is causing problems in the operation of the companies. Cost pressures have emerged as companies’ biggest concern for the first time, reports Ernst & Young (EY). According to the report, the management of tax tasks is more complex.
Facing an increasing need to manage tax responsibilities with data. The entry into force of the two new rules is expected to have a significant impact on tax and finance operations. This has led companies to now consider alternative operating models that are signalling a strategic shift in the ways in which tax and finance operations are run.
According to the report, as the regulatory and reporting burden increases, pressure on tax and finance operations is increasing. In such a situation, it will now be important for the companies to quickly find solutions to new problems related to work strategy, processes, data quality, audit preparation etc.
