| |DECEMBER 20228CIOReviewBy Eli Villaluz, Director of Tax, PLH Group Inc.Multinationals, as well as domestic organizations are now faced with new emerging trends of governmental taxing authorities constantly finding ways of increasing its tax revenue base. Moreover, the global tax system has continued to evolve and migrate over to digitization versus legacy analog systems and hard copy tax forms. Along this trend is the continued globalization of commerce, which has encouraged the migration of businesses in all industry facets towards digital transformation. Jeff Bezos, founder of Amazon once said "In today's era of volatility, there is no other way but to re-invent. The only sustainable advantage you can have over others is agility, that's it. Because nothing else is sustainable, everything else you create, somebody else will replicate." ­ Jeff Bezos. More and more organizations have and continue to invest more dollars into transforming their operational enterprise resource planning (ERP) capabilities into digitizing its commerce footprint. Data shows that the global spending trends on digital transformation from 2017-2025 have more than tripled from that of pre-2017 spending and that it is projected that in 2022 alone digital transformation (DX) is estimated to reach 1.8 trillion U.S. dollars. Eli VillaluzIN MY OPINIONEMERGING TRENDS IN GLOBAL TAX AND THE NEED FOR IMPLEMENTATION OF TAX TECHNOLOGY © Statista 2022The global shift toward digital transformation and cloud applications has presented new frontiers and opportunities for organizations to re-invent and get ahead of competitive market forces. From customer relationship management (CRM) systems to the financial accounting life-cycle of accounts receivable, accounts payable, inventory cost management, and financial data analytics, organizations need to pay
< Page 7 | Page 9 >