Emerging technologies are triggering significant change for many businesses operating in the manufacturing sector. Countless operational teams are considering how best to realise the potential opportunities available and how to access new markets efficiently.
Planning the implementation of these technologies, such as smart factories, 3D printing and the Internet of Things, requires a consideration of the tax position as it forms a key component of the operating cost base. Beyond simply the cost, a changed tax position can create additional compliance obligations and impact cash flow. Early consideration of the tax implications is key to enabling businesses to identify any opportunities to reduce these costs.
The report When tax meets technology: Tax implications of Industry 4.0 is available online and considers the likely direct and indirect tax issues that may arise.
I hope it helps facilitate conversations between business leaders and tax teams so that tax is given due consideration at the appropriate time.
You can download a copy of the report here.
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