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Tax team for the future.Adapting to new business.
Kate BushbyInternational Tax Lead
Evolution of the tax function.
Tax in a mission driven startup.
High performance - Hypergrowth.
https://www.theguardian.com/technology/2019/feb/15/amazon-tax-bill-2018-no-taxes-despite-billions-profit
https://www.theguardian.com/business/2019/oct/07/corporate-tax-avoidance-climate-crisis-inequality https://www.bbc.co.uk/news/magazine-20560359
Evolution of the tax function.
1. The rise of tax transparency○ TP documentation, tax strategy, DAC 6.
2. Technological advances. ○ Real time reporting.
3. Shift in global economic power.○ Trade and investment in developing countries.○ Increasing risk and complexity.
How do we as tax professionals respond to this?
● Create a narrative that supports your source data.
● Align your tax strategy with your business objectives.
● Establish a relationship with the authorities.
“Money without Borders…..
Instant, convenient, transparent and eventually free.
We are powering money for people and business to pay, to get paid, to spend, in any currency, wherever you are, whatever you are doing.”
Tax in a Mission Driven StartUp.
TransferWise today.
customers around the world
6 million
Moved for customers every month
£4 billion
saved for our customers every day
£3 million
Deposits on our borderless account
£1 billion
$3.5 billion valuation
Hyper growthSHOW MARKET SHARE POSITIONS
2018
Hyper GROWTH
Velocity of PRODUCT IMPROVEMENT
Speed of LEARNING
Speed of DECISION MAKING
AUTONOMOUS teams
How do you achieve 50%+ YoY revenue growth?
But… an autonomous tax team?
The challenges and how we resolve them.
● Public planning and clear KPI’s.
● Embed yourself into the business.
● Quantify risk and impact.
● Be Human.
Case Study: Expansion into Emerging Markets.
1. Establish and communicate clear timelines and KPI’s.
2. Understand the political and social climate.a. Insight into the laws enacted.b. Whether they are trying to attract your type of investment. c. How much risk you can take.
3. Assist with license applicationa. Understand what is required to enter the market.
4. Work with Product to include jurisdiction specific technological advances.
5. Enter the market as you intend to go on.
Questions?
Thank you.