Mountain road in the fog at sunset

How a holistic approach elevated Dow’s tax function

This episode of Tax and Law in Focus explores the transformation journey of Dow Chemical Company’s tax function from “black box” to established strategic partner.

Related topics Tax Tax function operations

In just four years Dow Chemical Company’s tax function has gone from being described as a “black box” by company leadership to an established strategic partner within the business that has saved millions of dollars.

Since 2018, EY teams have been working with the Dow Chemical Company to create an intelligent tax function – instilling the agility required to quickly respond to and adapt to disruptive forces, be that from internal or external change.

When the collaboration began, Dow’s leadership found itself facing a wave of challenges. It was engaged in major M&A activity, as well as scrambling to keep up with a fast-moving operating environment — all while facing the increasing sophistication of the tax authorities, who were demanding ever greater transparency and real-time access to digital tax data.

Together the teams created an intelligent, leading edge tax function – one designed to align tax with the business, elevated to a much more strategic role, with efficient, effective management of risk around the globe. Supported by a detailed process design and leading-edge tax technology.

This podcast will delve into how EY and Dow’s tax team achieved this transformation and the challenges they had to meet.

Key takeaways:

  • The initial areas that required improvement and evolution in the Dow tax function
  • Why a holistic approach was the best course of action for Dow
  • The processes, technologies and analytics that were introduced to increase efficiency and reduce risk
  • How EY worked to boost internal capabilities at Dow to help ensure the new program was sustainable
  • The feedback on its new tax function – internal and external – that Dow has received

For your convenience, full text transcript of this podcast is also available. Read the transcript.

Presenters

Photographic portrait of Susannah Streeter
Susannah Streeter
International broadcaster and financial analyst

Podcast

Episode 9

Duration 43m 21s

In this series

Series overview
(Event List - Manual)

How the metaverse economy will affect – and be affected by tax

In this episode of EY Tax & Law in Focus, we explore how the metaverse will nurture a blossoming layer of e-commerce and why companies must adapt to minimize tax risk
Podcast

Episode 8

Duration
45m 00s

Presenters

How tax incentives are being offered around the world

This episode of Tax and Law in Focus explores the complex and expanding universe of government incentives, with three EY thought leaders explaining how multinational companies can navigate it.
Podcast

Episode 7

Duration
39m 56s

Presenters

How unilateral digital services taxes put global tax reforms in motion

This episode of Tax and Law in Focus explores how the proliferation of DSTs has helped fast-track BEPS 2.0, triggering the biggest shake-up in international taxation for decades.
Podcast

Episode 6

Duration
33m 15s

Presenters

How businesses can cope with rising tax controversy around the world

This episode of Tax and Law in Focus explores the rising tide of tax risk and controversy, and three EY thought leaders explain how multinational companies can cope
Podcast

Episode 5

Duration
35m 40s

Presenters

How tax authorities are more empowered – and possibly more empathetic

In “Tax and Law In Focus,” Simon Hobbs asks EY’s Kate Barton and Dr. Tassu Shervani from the SMU Cox School of Business, about the evolution of tax authorities.
Podcast

Episode 4

Duration
40m 04s

Presenters

Simon Hobbs

Host, EY Podcast ‘Tax & Law in Focus’

How one acquisition sparked a co-sourced tax revolution

Simon Hobbs interviews Todd Davis, Discovery’s Senior Tax Counsel, and Alan Luchs, EY Global Media and Entertainment Tax Leader, about the origins – and value – of Discovery’s cutting-edge tax function.
Podcast

Episode 3

Duration
40m 01s

Presenters

Simon Hobbs

Host, EY Podcast ‘Tax & Law in Focus’

How technological disruption is accelerating change in tax functions

In this edition of “Tax and Law In Focus,” Simon Hobbs interviews Clare Franklin, EY EMEIA Tax Transformation Leader, and Ross Hay, Head of Global Tax Operations at Takeda.
Podcast

Episode 2

Duration
40m 49s

Presenters

Simon Hobbs

Host, EY Podcast ‘Tax & Law in Focus’