When I started as a tax adviser with KPMG more than 20 years ago, traditional teams were composed of a partner, a manager, and a staff member (such as myself at the time) - all tax technical experts working for a client’s Tax Director or Chief Tax Officer (CTO), who was in many cases also a tax technical expert.
Over the past decade the profession and the fabric of the tax function has significantly changed. Undoubtedly the worldwide financial crisis forced many governments to take harsh budgetary measures, resulting in spending cuts and tax increases. As a consequence, various initiatives have been taken to increase transparency, cooperation, and exchange of information between tax authorities, and there is far less public acceptance of (aggressive) tax planning.
Meanwhile, greater emphasis is being placed on how risks and data are managed, as well as on how people, processes, and technology can be deployed most effectively.
All this means that the CTO is now faced with more challenges than ever.