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Global demand for greater tax transparency, emanating from corporate scandals such as Google, Amazon, Starbucks, Apple and Nike, is leading the boards and audit committees of South African corporations to ask more difficult questions than ever before about how organisations are governing their tax affairs and managing tax risks. The risk of reputational damage and financial loss is simply too high to be ignored.
In a world where the interconnected and constantly changing relationships between financial, social and environmental issues are becoming more evident, businesses that remain unaware of their impacts and dependencies on their non-financial relationships attract unnecessary risk. Indeed, these organisations also fail to recognise new opportunities for efficiency, growth, resilience and development.
With the fourth industrial revolution in full swing, businesses are looking for faster and more efficient ways to service customers. Customers are also increasingly tech-savvy and demand more from their service providers, including quicker access and more tailored offerings. Business must carefully assess legal issues that will have an impact on the ability not only to move to cloud, but also to have full beneficial use of cloud services.