Well it may not be the most interesting of topics, but tax may be a large disruption that you need to consider even if you are not able to influence it.
We have spoken previously about how disruption will be ongoing, fast paced and uncertain.
In the scenario (also previously discussed) of artificial intelligence (AI) and robots quickly emerging there is great potential for significant job losses, if not soon then definitely over time. The disruption of AI and robots may be significant as jobs and potentially whole industries are transformed, some lost.
Should AI and robots eventually reduce employment then there will be significant reductions in personal income tax takes for governments around the world. Likewise moves toward electric vehicles may significantly reduce the tax take on fossil fuels like petrol and diesel. If the old jobs are not quickly replaced by new ones (some potential for that, see my earlier blogs or my book), government may end up with deficits as they pay out unemployment, or many people will be destitute without income.
The item that needs to be on your disruption register now is what may happen with corporate and other taxes in this disruption over time ? Will governments impose new taxes on new cars to rebalance their book, or will they impose new transaction taxes or income tax to offset the lost personal income tax ?Too early to tell, but something will change on tax take globally as AI and robots emerge, some form of rebalancing will be required. Obviously politics will be different in various countries as this rebalancing occurs - impossible to predict the various directions now.
If you are disruption planning this is a new and emerging theme that you will need to watch over the next 10+ years - if your organization is a multinational then there will be plenty of risks and opportunities to consider in the years to come. Better to have a tax disruption on your list - better to consider than ignore this new matter !
Dont wait for the next disruption, the next wave of AI or robots to force change in your organization - get prepared and write a disruption plan today. Build new structures and processes that enable your organization to be as nimble as your smaller, niche competitor !
Consider hiring leaders now with additional skills ready for Disruption ! avoid the lost opportunities of having managers without the leadership skills required.
If you are a Leader or seeking to be one in the future - you need to read, read, read about Disruption NOW ! Those that fail to understand and adjust will fall behind.
Feel free to ask Dr Mat via a chat or email on Leadership, Management or change issues, advice, consulting or mentoring that you may seek.
These and other related topics feature in Dr Mats book titled "Leading and Managing Change in the Age of Disruption and Artificial Intelligence" - written for the modern professional, student and academic - in fact anyone wanting to be ahead on modern Leadership and Management issues.
Dr Mats latest book is available through Amazon (kindle version or hard copy can now be purchased) - https://www.amazon.com/dp/1787563685 . This book has been strongly endorsed - so use this link to review the endorsements, or to preview Chapter 1, table of contents and the preface from Amazon (kindle version button) - consider buying this book or recommend it to professional colleagues or friends/family, students and academics. Dr Mat also writes for a number of professional/ other magazines, podcasts, webinars in his quest to spread knowledge on these modern important topics.
Dr Mat is also on Twitter - @DrMat14
Consider your own specific situation and seek professional advice before acting directly in reaction to any of the tips on this website, they are intended as general advice only.
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