2023 State of the Corporate Tax Department

Survey results from prominent companies worldwide have revealed that corporate tax professionals are having difficulty in several primary areas. Notably:
  • Adapting to operational and regulatory changes. This will stress current processes and technology. Many businesses anticipate significant changes in the next two years, with over two-thirds expecting to offer new products or services, restructure, or engage in M&A activity. Most of the companies polled anticipate expanding into new jurisdictions. Additionally, many individuals anticipate significant changes to regulatory requirements, such as digitized indirect tax filing and real-time remittance requirements.
  • Consistent lack of resources. Nearly half of businesses still feel under-resourced in their tax functions or departments. They are attempting to rectify this by implementing resourcing and recruiting strategies to increase automation and efficiencies, recruit more tax professionals, and utilize third-party resources.
  • Managing tax risk. Over 60% of businesses experienced tax audits in the past year, with one-third having six or more. Additionally, 40% incurred penalties, and one-third of those had values of over $50,000. Under-resourced businesses were more likely to be audited and incur high-value penalties, and only half of all businesses have a perceived likelihood of avoiding penalties.

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