Tax Reimagined 2023: Perspectives from the C-suite

Introduction

Whatever the issue — addressing regulatory compliance, responding to market events and new tax legislation, or hiring talent — one of the underlying solutions lies with technology and innovation.

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.

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Jump to: Artificial Intelligence | ESG | Alternative sourcing models | Future tax professional

Artificial intelligence (AI) – 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.

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.