of the respondents have already started to review or are expected to review internal processes to take advantage of available technology in the next 12-18 months.
of the respondents think that the greatest disadvantage of the tools that they have seen for accounting/tax purposes is that they are not tailored to their needs/characteristics.
of the respondents would change their business models into a more cosourcing mixed approach.
Tax authorities have greater visibility into business data and can conduct realtime rather than annual scrutiny, analytics and follow-up. Meanwhile, increased data sharing between taxpayers and tax authorities raises questions about data integrity and cyber-security, and the need for secure and trusted systems.
This survey was designed to better understand the challenges businesses face, their abilities and objectives regarding digital transformation, especially in terms of accounting and tax compliance.
Why did we conduct this survey?
Given our global vantage point and access to a wide range of clients in Luxembourg, and ultimately to better serve the community, we wanted to:
How did we conduct the survey?
We've put together a concise survey of 13 questions, and sent it out to CEOs, CFOs, Head of Tax, Head of Accounting of financial institutions and operational companies in Luxembourg.
Having a digital transformation strategy including aspects such as people, tools and processes has definitely become a must. Discover the challenges and the value from digital compliance in the full report.
The main features that technology should bring to the tax/accounting function are: