2023 Chief Tax Officer Outlook
The fourth annual CTO survey examines the challenges and opportunities facing tax functions today and tomorrow.
Steady at the Wheel
Tax brings strategy forward to help organizations steer trough twists and turns of disruptions
Economic uncertainty. Shifting global regulations. Geopolitical tension. Commitment to sustainability and social responsibility. Accelerating digitization. New work environments.
To varying extents, reacting to changes in the broad spheres of geopolitics and economics, supply chain and operations, corporate citizenship and ESG, talent and workforce, technology and data, and M&A and corporate development are all now part of the Chief Tax Officer (CTO) mandate.
The 2023 CTO Survey finds tax departments facing significant risks, and CTOs expecting this to continue in the future. With changes affecting tax rapid and unrelenting, tax department transformation is essential. Staying still is not an option. But neither is racing full speed ahead, which so often leads to dead ends.
What is on the minds of Chief Tax Officers?
In today’s quickly evolving and increasingly complex tax environment, with a wave of tax changes potentially on the horizon, tax leaders must make their functions more efficient, accurate, and future-ready.
Greg Engel
Vice Chair – Tax, KPMG US
Survey methodology
In fall 2022, KPMG surveyed 300 CTOs at large public and private U.S. companies about how they are leading their organizations’ tax function through a period of vast change. Ninety percent of CTOs came from companies with revenue of $2 billion or more. They represented all major industries with the biggest groups being from banking and finance (7 percent), conglomerates, engineering & industrial products, and metals (7 percent), and retail (6 percent).
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Chief Tax Officer (CTO) Insights is designed to highlight top-of-mind issues for tax executives and ways CTOs are addressing these opportunities and challenges. Each edition covers critical information CTOs can leverage to further their organization's tax function.
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