In an era marked by geopolitical uncertainty, evolving regulations and rapid technological advancements, tax leaders face unprecedented challenges.
The global tax landscape is more dynamic than ever, with jurisdictions implementing measures to protect their tax bases and incentivize climate-friendly investments. Additionally, the rise of generative AI (Gen AI) and the shortage of tax talent are reshaping traditional tax roles and operating models, putting significant stress on tax functions.
Navigating the forces of change in tax explores these complexities, offering strategic imperatives and actionable insights to help tax leaders navigate the forces of change.
The publication highlights three key areas tax leaders should prioritize to create value for their organizations and outlines key steps to help achieve these goals and gain a competitive advantage.
Key themes
Tax functions are under immense pressure due to evolving regulations and fast-changing global events. For instance, 79 percent of respondents in the ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø 2024 CEO Outlook believe trade regulation will negatively impact their organizations, while 56 percent express concerns about regulatory demands.
Generative AI (Gen AI) is set to revolutionize tax practices by automating compliance, enhancing data analysis, and improving decision-making processes. The ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø 2024 CTO Outlook Studyopens in a new tab indicates that 29 percent of tax functions are already deploying Gen AI, with an additional 26 percent exploring its use.
With the growing demand for skills in emerging technologies, tax leaders must focus on building agile teams equipped to handle the complexities of modern tax environments. The ÀÖÓ㣨Leyu£©ÌåÓý¹ÙÍø Global Tax Function Benchmarking Survey reveals that 44 percent of respondents identify employee recruitment and retention as the biggest disruptor impacting the corporate tax function.
