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As Shared Services models evolve, new functions and functional extensions have been integrated into service oﬀerings. One area however, that remains relatively under-served is Statutory and Tax Compliance Management.
First and foremost, the integration of Statutory and Tax Compliance into shared services is normally considered only when an organization’s existing shared services is stable and credible. ‘Proof of concept’ is an important element in convincing the organization that shared services is ready for the next step. In addition, it normally requires that certain functional capability is in place such as trial balance maintenance, month-end close, balance sheet reconciliations, etc. (it’s pretty hard to maintain the statutory accounts if you don’t have control over these and likewise the preparation of a corporate tax return will be next to impossible). As highlighted in the following diagram, the adoption of Statutory and Tax Compliance is a step taken after a number of other steps have been taken and are in place, working eﬀectively.