EY’s Asia-Pacific Guide 2023: Transformational tax trends
ITR has collaborated with EY to provide insights into the most pressing tax issues in the Asia-Pacific region as the pace of change shows no sign of abating
Tax and finance functions have undergone rapid change over the past five years, but the transformational journey is far from over. Indeed, the Asia-Pacific Guide 2023 indicates that the region should be prepared to embrace further developments as the world of tax becomes increasingly digitalised and ESG factors become increasingly influential.
EY has been tracking the trends in the tax space for the past five years in a series of surveys. The latest findings, as detailed by Kellar Nevill, suggest that tax and finance functions are assuming a more strategic role and point towards co-sourcing as a popular solution to the present challenges.
E-invoicing and its potential impact is high on the agenda for many tax professionals, and Amarjeet Singh provides a guide to the adoption of related measures across various Southeast Asian jurisdictions. The article points out the benefits of e-invoicing and explains how to embark on a digital transformation journey.
ESG is another ‘hot topic’ that tax practitioners are now factoring into their practices, and Jesper Solgaard suggests that tax departments in the Asia-Pacific (APAC) region should be mindful of the impact of the EU’s Carbon Border Adjustment Mechanism (CBAM). The article explains how APAC-based business leaders can put their companies on the path to a sustainable future by leveraging the CBAM to shape their strategies.
Turning to transfer pricing, Shubhendu Misra and Michiel Friedhoff offer insights into how multinational enterprises with operations in the APAC region can avoid, and manage, disputes with the customs authorities. The article draws on practical experience in South Korea and Thailand, and while a standardised approach may not work across all jurisdictions, proactive customs planning is put forward as a key element of any strategy.
With expert analysis of various approaches and trends, the guide offers a valuable resource to tax and finance professionals with interests in the APAC region as the industry continues its transformation.