How are C-level executives reimagining their tax departments for the future?
KPMG’s Tax Reimagined 2022: Perspectives from the C-suite report underscores the sea change in expectations and needs under way in the tax profession. Our survey of 300 C-suite executives at large companies shows that tax departments over the past year have fallen short in taking greater advantage of emerging technology but have embraced new recruitment and retention policies to attract a more diverse and inclusive workforce that is more technologically savvy. While leaders continue to stress just how integral technology is to the future of the tax department, the survey results also indicate that more needs to be done to turn these words into action.
Tax Reimagined 2022: Perspectives from the C-suite
A recent KPMG Tax survey of 300 C-suite executives, primarily Chief Tax Officers, CFOs and CEOs, on the expectations and needs of the tax profession of today.
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An evolving tax department
Greater use of tax data will likely drive more actionable business insights. The ability to harness the power of D&A may depend on a variety of forces, including access to the right tools and people with the right skills.
More investment in diverse pipelines
As the tax department transforms amid the shifting recruitment landscape, organizations seek tax talent with a broader skill set that includes technological know-how.
Defining the future tax professional
If current trends continue and fewer students enter the profession, many organizations may need to take bold new approaches to recruit and retain professionals with the right skill set.
A mismatch between today’s capabilities & tomorrow’s ambitions
Until organizations can hire more talent with skills to leverage data and technology, a skills gap will likely remain between the value tax departments want to deliver and the value they are able to deliver.
Data is the next chapter for the modern tax department. But until organizations realize the predictive power that tax data can bring to the entire organization and deploy a tech-first, tax-second approach to hiring and upskilling talent, they’ll continue to leave tremendous value on the table.
Global Head of Tax Technology & Innovation, KPMG International and Partner
KPMG in the US
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