2024 Consumer & Retail Chief Tax Officer Outlook Study

Technology is transforming the tax landscape, and tax functions are embracing it to navigate an evolving environment. According to our recent study, 62% of tax functions are deploying or exploring the use of Generative AI (GenAI) in tax, and 45% are implementing tax software solutions. By leveraging technology, tax functions can free up professionals to focus on strategic activities, improve compliance efficiency, and gain valuable insights for decision-making.

In addition to technology adoption, talent management is a key consideration for tax functions seeking to optimize their operations. Attracting and retaining talent, as well as improving managerial focus, are top priorities for tax leaders. Shifting to greater outsourcing or co-sourcing can provide tax functions with improved managerial focus and access to specialized expertise.

To navigate the evolving tax landscape, tax functions are also hiring additional professionals, implementing flexible work arrangements, and investing in training and development. Risk management is another key challenge that tax functions must address, with macroeconomic risk, geopolitical risk, emerging/disruptive technology risk, and ESG risk being the most significant threats.

To learn more about how tax functions are embracing technology and navigating an evolving landscape, download our full report.