Our survey of 500 C-suite executives at large companies emphasizes the role technology and artificial intelligence will play in tax’s transformation as it expands its mission from a compliance function to a broader value creator for the business. Already, departments are helping power corporate innovation and preparing 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 inextricably linked to an organization’s long-term health. Tax, reimagined, is a strategic powerhouse.
Tax Reimagined 2023
Download PDFArtificial intelligence – the next frontier for tax departments
C-suite leaders agree that AI is the next frontier for tax departments and are eager to move forward. And they're willing to bet big. Many say they plan to make significant investments in the next year.
C-suite leaders agree that AI is the next frontier for tax departments and are eager to move forward. And they're willing to bet big. Many say they plan to make significant investments in the next year.
AI will create a corporate reality of the ‘haves’ vs. 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 our professionals, we’re changing the game in how we serve and deliver for our clients.
Brad Brown,
Global Technology Leader and CIO for Tax, KPMG US
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.
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.
Tax transparency is becoming an increasingly important part of the ESG conversation. With mandatory tax disclosures on the rise, companies must act now to prepare. Embracing AI tools may be the solution to help companies make sense of their vast amounts of data to avoid the risks of having their tax story potentially told for them. Embracing technology is essential for companies to stay ahead of the curve.
Greg Engel,
Vice Chair, Tax, KPMG US
Measured speed – the 21st century business currency
As the pace of change quickens, leaders need to be nimbler when addressing challenges or risk losing their competitive advantage. Many organizations have turned to alternative sourcing models to equip and strengthen their tax departments with the necessary skillsets and technologies for proper data analysis.
As the pace of change quickens, leaders need to be nimbler when addressing challenges or risk losing their competitive advantage. Many organizations have turned to alternative sourcing models to equip and strengthen their tax departments with the necessary skillsets 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.
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.
As technology and innovation continue to transform the tax landscape, talent is more critical than ever. The modern tax department requires a convergence of skills to understand the tax technical landscape, operate cutting-edge technology and analyze complex data. A tech-first mindset blended with tax skills is the winning formula to unlock the full potential of tax departments in the digital age.
Rema Serafi,
National Managing Principal, Tax, KPMG US