The dust has settled on another busy season of new tax legislation. Since most countries follow a calendar tax year with changes effective January 1, New Year’s Day triggers a whirlwind of tax updates worldwide. For Equus, staying on top of these changes is not just a priority, but a testament to our commitment to keeping our Tax Engine up to date with accurate information.
Throughout 2023, the Equus Tax team added 57 Essential countries to our global coverage, bringing the grand total to 223 supported authorities comprising 153 countries and 69 sub authorities. This comprehensive coverage includes 50 U.S. states (plus the District of Columbia), Canadian provinces, and Swiss cantons.
A quick look into the stats that illustrate the volume of data the tax team processed in the past two releases with our expanded global coverage:
- Scrutinized over 1,200 items to ensure no changes slipped through the cracks
- Monitored almost 240 relevant issues for changes impacting the Tax Engine
- Created more than 120 updates for the Engine
- Which impacted over 80 supportedauthorities world-wide
The Tax Research team’s continuous improvement approach positions us to stay on top of this dynamic, ever-evolving landscape. We’ve taken several steps to ensure a strategic approach and a dedicated team:
Our dedicated Tax Research team continuously monitors legislative developments, ensuring that we deliver comprehensive updates to our clients right when they need them. This agile approach helps keep our clients compliant and up to date with the dynamic tax landscape:
- In-House Expertise: Equus bolstered our in-house research capabilities. Our dedicated Research team includes a full-time tax lawyer, and all team members are equipped with advanced degrees. Our expertise enables us to evaluate proposed legislation and identify relevant changes for the Tax Engine.
- Predictive Planning: we leveraged the power of indexation to plan and deliver updates linked to Consumer Price Index changes more efficiently. This predictive approach allowed for streamlined processes and minimized the risk of oversights.
- Proactive Measures: we leaned on our historical knowledge of tax authorities to locate reliable sources and expected publication dates. With this information, we can act at the right time and make the most effective use of resources.
- Reacting Swiftly: Equus didn’t just wait for changes, we actively tracked proposed tax legislation across all supported authorities, identifying relevant changes and planning for updates on a timely basis.
Kicking off the year with new tax changes can be stressful. Rest easy knowing our tax team is staying ahead of the curve to deliver comprehensive and timely updates to the Equus Tax Engine.
