With cost pressures mounting, 91% of Indian firms plan finance budget reductions: EY
Indian companies, as 91 per cent companies are planning to reduce their tax and finance budgets, reflecting the impact of financial strain on corporate operations, said a EY report.
The survey by the professional services firm highlights that cost pressures are the top concern of the companies for the first time, with inflation and cost-cutting eroding tax and finance budgets.
At the same time, the survey highlights that tax functions face an increasing urgency to manage more complex and data-heavy tax responsibilities. New reporting requirements like BEPS 2.0's Pillar Two rules, are expected to have a significant bearing on the burden of tax and finance functions, it added.
As per the report, the organisations are looking at alternate operating models, signalling a strategic shift in ways of running the tax and finance operations. Notably, 59 per cent of Indian companies are planning to change their tax and finance operating models, the report added.
In the context of shift in ways of working, the survey highlights a trend of tax skills being complemented very well by data and technology skills. However, there is extreme talent pressure witnessed at the same time.
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