Tax Reimagined 2023: Perspectives from the C-suite

The publication of the first two IFRS® Sustainability Disclosure Standards1 is a key milestone in the International Sustainability Standards Board (ISSB)’s vision – to create a global baseline for investor-focused sustainability reporting that local jurisdictions can build on. The standards are designed to meet the needs of all companies, not just the most sophisticated. They provide a clear idea of what companies need to report to meet the needs of global capital markets – providing investors with globally comparable information.

Our survey of 500 C-suite executives at large companies emphasizes the role that technology and artificial intelligence (AI) will play in tax’s transformation as it expands its mission from a compliance function to a broader value creator for the business. Already, tax departments are helping to power corporate innovation and prepare their companies for financial challenges — from sustainability and regulation to risk management. With the corporate tax landscape growing increasingly complex, investment in the tax department has become linked to an organizations long-term health. Tax, reimagined, is expected to be a strategic powerhouse.

When tax comes face-to-face with ESG

It’s no secret: The intersection of tax and ESG has risen to the top of the C-suite agenda with increased pressure from stakeholders and regulators to provide greater transparency on how companies are meeting their tax obligations.
Measured speed – the 21st century business currency

As the pace of change quickens, leaders should be nimbler when addressing challenges or could risk losing their competitive advantage. Many organizations have turned to alternative sourcing models to equip and strengthen their tax departments with the necessary skill sets and technologies for proper data analysis.
A convergence of tax and tech – the anatomy of the modern tax professional

While accountants and tax attorneys will always remain the backbone of the tax profession, C-suite leaders are realizing data is the key to unlocking value from their tax departments and are beginning to seek out technologists and data scientists for certain parts of their organization.

AI is expected to create a corporate reality of the ‘haves’ versus the ‘have nots’ between those who adopt the technology to transform their tax departments and those who get left behind. KPMG has been investing in AI for more than a decade. By putting AI technology in the hands of KPMG professionals, we’re helping to change the game in how they serve and deliver for clients.

Brad Brown

Global Head of Tax Technology & Innovation, KPMG International and Partner, KPMG in the US

Tax Reimagined 2023

Perspectives from the C-suites

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The modern tax department has a different seat at the leadership table than it did in the past. As a department of versatile, tech-savvy strategists, the tax department of the future has its eyes around the corner and has the opportunity to be every company’s hidden advantage.

David Linke

Global Head of Tax & Legal Services, KPMG International