Page 6 - KZN Business Sense

WHAT GLOBAL TAX REFORM MEANS FOR

BUSINESSES IN KWAZULU-NATAL

Praksha Jaga, Associate altering how businesses of every The same pattern holds true Evolving rules, digitalisation
Director, EY South size operate, plan and compete. locally, where KZN businesses
Africa Tax that have invested in better
Recent findings from the EY and operational pressures are
Tax and Finance Operations data, systems and scenario
usinesses Survey highlight how tax and planning tend to be more agile prompting new approaches to
in finance leaders are responding in responding to supply chain
BKwaZulu- to this environment. The survey, bottlenecks, regulatory shifts agility and decision-making.
Natal are which gathered the views of and the competitive pressures of
feeling the 1,600 senior leaders across 30 regional trade. - Praksha Jaga
effects of jurisdictions and 22 industries, The pace of adjustment is
constant points to a clear shift in how accelerating. More than eight in About EY
and interconnected change organisations are adapting their ten respondents to the survey automation is reinforcing this
more sharply than ever. Global operating models. indicated they are making direction, and interactions with EY operates as a global
geopolitical tensions continue Many are integrating moderate or significant changes the tax authority are gradually professional services
to reshape trade relationships, generative and agentic AI to their business operations – becoming more streamlined as organisation, working across
and supply chains linked to the into core processes to manage including supply chains – over these tools mature. assurance, consulting, tax,
Port of Durban remain exposed geopolitical volatility, respond to the next two years, a marked Many organisations continue strategy and transactions.
to disruptions that quickly evolving trade and tariff regimes increase from the previous to explore external support with Its teams use data, AI and
ripple across the province’s and address talent shortages. year. Building agility into tax specialist capabilities in areas such advanced technology to support
manufacturing, retail, logistics The sentiment is consistent with and finance operating models as AI, data and global regulation clients in navigating complex
and export sectors. what is being observed among is becoming an important part to help them progress more regulatory, operational and
At the same time, tax and KZN businesses navigating of this shift, particularly as quickly and manage complexity. market environments. With
trade policy in South Africa is export market uncertainty, organisations prepare for the This is particularly relevant for sector specialists and a connected
evolving at pace, particularly currency fluctuations and the impact of global minimum tax KZN businesses participating network spanning more than
with the introduction of the need for real-time insight to rules and aim to achieve greater 150 countries and territories, EY
Organistion for Economic Co- support operational decisions. transparency, efficiency and in international supply chains, provides coordinated services
cross-border operations or
operation and Development A notable theme emerging accuracy in reporting. to help organisations address
(OECD) Pillar Two global from the survey is that Tax and finance teams are multinational group structures, current challenges and plan for
minimum tax rules. These rules successful organisations also focusing more intently on where regulatory developments the future. 
set a 15% minimum effective approach change as an ongoing the foundations that support can have material operational
tax rate for large multinational condition rather than a sequence technology adoption. Leaders and financial implications. T: +27 31 576 8000
groups with revenues above of isolated projects. Leaders recognise that data quality and Across the board, the message is E: praksha.jaga@za.ey.com
€750m, adding new layers of who treat transformation as a accessibility influence the value AI consistent: agility, supported by W: www.ey.com
complexity for organisations continuing capability are better can unlock, from forward-looking reliable data, adaptable operating
operating across borders. positioned to make informed insights to more automated models and a clear understanding
Technology change, driven by adjustments, strengthen compliance processes. The of the regulatory landscape, is
data, automation and artificial resilience and identify South African Revenue Service’s becoming central to navigating
intelligence, is also accelerating, opportunities for growth. investment in digital systems and uncertainty.

A GROUNDED APPROACH TO BOTH LIFE AND BUSINESS

Wade Howard, director and senior started,” he explains. “Travelling company. Today, Wade works have to be honest and make it
photographer at OD Media (Pty) Ltd around the world with my wife, alongside his business partner, clear on what you can deliver and
I wanted to document beautiful Matthew Swart. never to agree to something for
ade Howard is the places, so I attended a local “My why is to lead and grow the sake of landing the contract.”
director and senior college in the UK and learnt the the company and to make sure Leadership, Wade believes, is as
Wphotographer at OD basics of photography as well as that it remains one of the best in much about empathy as it is about
Media (Pty) Ltd. His creativity learnt from a magazine called the Durban,” he says with conviction. vision. “It is difficult to keep
and curiosity were born on the Practical Photographer. “There have been many proud everyone motivated all the time
KwaZulu-Natal South Coast, When Wade returned to South moments throughout our as a lot of anyone’s motivation is
where as a youth he enjoyed a Africa, he knew one thing journey such as mentoring young related to their personal life and
lifestyle surrounded by friends for certain he wasn’t going to photographers and seeing them especially family life,” he admits.
and places like forests, sugarcane pursue being an electrician. A go out on their own and become “I try to connect with the staff
fields, local streets, and the beach. friend suggested he take a stall very successful in their own and regularly discuss any issues

Those early years were shaped at the Essenwood Market in journey. I think the fact that we that they may have, it is entirely
by independence and trust. “My Durban, a decision that would are still in business after 15 years up to them how much they want
parents were incredible as we change his career path. “I did is probably my proudest moment, to share, and I think just sharing
were only expected home once it that every Saturday for seven especially in these uncertain helps.” but it gets better all the time.” His
was getting dark and they even let years. I interacted with people as times.” He adds, “On the work side it philosophy remains simple yet
us camp on our own down at the they walked past and picked up Much of Wade’s business can be very challenging when profound. “My motto is to smile
local beach when we were about photography work from family philosophy stems from the advice work is scarce, so the only way is and laugh as much as possible
12 years old,” Wade says. portraits to weddings and to and mentorship he received from to share ideas and try come up each and every day as nothing is
corporate work. People would
That carefree start laid the laugh at that way of marketing his first business partner. He says, with plans to turn things around better than a big smile or a good
foundation for his grounded today, but probably nothing “Mike taught me that business and once everyone gets on board laugh for you and those around
approach to both life and beats talking face to face with a is business and it mustn’t get it helps lift the morale. Sharing you.” 
business. After completing potential client.” mixed up with your personal small victories during these times
National Service, Wade explored life. Sometimes you must make can be helpful.” https://odmedia.co.za
a few local jobs before qualifying Building a Business hard decisions and to make them For Wade, inspiration comes
as an electrician at Sappi Saiccor. After a decade of working for as a businessman and not in a from daily comes from God
“I then worked in the United himself, Wade joined forces with personal capacity.” and especially being out in His
Kingdom for over two years another talented photographer “He showed me when pitching creation. He says, “I still get it
where the love for photography Mike van Heerden to start a in large or small meetings you wrong and still have challenges,

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