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      From ensuring compliance with evolving global regulations to mitigating supply chain issues due to geopolitical uncertainty, the impact of the tax function is increasingly being felt across all aspects of the organisational structure.

      With tax leaders playing a critical role in the strategising and shaping of key business decisions, companies are recalibrating their tax functions to align with overarching business strategies as they navigate compliance and business complexities with greater agility and improved resilience. 

      In this report, we spoke to nearly 300 chief tax officers across major industries to identify the challenges and opportunities facing the tax function as they remap their strategies amid growing global uncertainties. This includes analysing key trends across the CTO agenda to gain key insights into the evolution of the tax function and the impact that this will have on the industries of tommorow. 


      banking-ceo-outlook-report-web.pdf

      KPMG 2023 Banking CEO Outlook

      Managing risks and uncertainties while being focused on opportunities in a changing world

      Key factors shaping the CTO agenda

      Top 3 threats

      From a tax perspective, ESG, regulatory changes and geopolitical risk remain key challenges for organisational growth.

      Being a good corporate citizen

      56% of CTOs are more interested in being perceived as a good corporate citizen than reducing the tax burden.

      Global tax landscape

      74% of CTOs say the OECD's BEPS initiatives are significantly affecting operations and tax planning.

      Vying for talent

      56% of CTOs say hiring personnel is a significant challenge.

      Tech and tax

      59% of CTOs are shifting toward hiring professionals with a healthy mix of tax and technology skills.

      A growing M&A appetite

      79% of CTOs have a moderate to high appetite for undertaking M&A transactions over the next 3 years.

      Related content

      KPMG's tax alerts examine and discuss recent tax developments in Singapore and their implications in 2023

      Branching out, building up, giving back

      Our people

      Ajay Kumar Sanganeria

      Partner, Head of Tax

      KPMG in Singapore


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