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1、Tax Reimagined 2023:Perspectivesfrom the C-suiteJune 20232 2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserve
2、d.USCS001004-1ATax Reimagined 2023:Perspectives from the C-suite2Tax Reimagined 2023:Perspectives from the C-suiteIntroductionTax departments are every companys hidden advantage.In this years Tax Reimagined:Perspectives from the C-suite survey,results show that with smarter-than-ever technology like
3、 artificial intelligence at their fingertips,tax professionals can focus on high-impact work that is more strategic and ultimately helps advance a companys future and its competitiveness.The savviest tax leaders understand that harnessing the power of the latest technological advancements will set t
4、ax departments up for success and help companies understand how best to make use of their secret weapon:data.The modern tax department can add great value by delivering both compliance and consultative guidance and this has never been truer than today with ever-changing tax legislation and regulatio
5、ns,economic uncertainties and the transition to stakeholder capitalism.If tax departments can leverage the best technology while retaining talent with the right balance of tax technical and technology skills,theyll be well-positioned to help organizations manage risk,respond to increasing ESG pressu
6、res,and predict the next big business decisions.We firmly believe,in the near future,tax departments will be recognized as strategic powerhouses,deserving of stronger investment and a more prominent seat at the C-suite table.This years survey results bolster this belief and provide insights into how
7、 and where tax leaders should start to truly make the most of all that tax departments can do for organizations.Sincerely,Greg EngelVice Chair TaxRema SerafiNational Managing Principal TaxBrad BrownChief Technology Officer Tax3 2023 KPMG LLP,a Delaware limited liability partnership and a member firm
8、 of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.USCS001004-1ATax Reimagined 2023:Perspectives from the C-suite3Tax Reimagined 2023:Perspectives from the C-suiteExecutive summary
9、The KPMG Tax Reimagined 2023:Perspectives from the C-suite report findings emphasize the role technology will play in the transformation of tax as it expands its mission from a compliance function to a broader value creator for the business.We surveyed 500 US C-suite executives at companies with an
10、annual revenue of$1 billion or more and found that whatever the issueaddressing regulatory compliance,responding to market events and new tax legislation,or hiring talentthe underlying solution lies with technology and innovation.The good news is Progress is well underway.When tax comes face-to-face
11、 with ESGCompanies are underprepared to publicly share greater details on their tax contributions highlighting the need for better technology to wrangle the necessary data.Artificial intelligence the next frontier for tax departmentsMost tax departments are already using some form of artificial inte
12、lligence(AI),and those that arent are eager to start.To move forward on their AI journeys,executives are willing to pay.Measured speed the 21st century business currencyThe pace of change is quickening and responding with speed is essential.C-suite leaders are turning to sourcing arrangements to eas
13、e the burden on staff,leverage technology investments of third parties,and keep the business from falling behind.A convergence of tax and tech the anatomy of the modern tax professionalThough more tax executives are considering hiring tech professionals,C-suite leaders remain challenged to find tale
14、nt with the right mix of skills needed to support a modern tax department.The predictive power of taxWhile compliance will always be a critical function of every tax department tax has value to add far beyond preparing and submitting tax returns.Armed with the latest AI technologies,the moment is no
15、w for tax leaders to change the outlook for the modern tax department.4 2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All r
16、ights reserved.USCS001004-1ATax Reimagined 2023:Perspectives from the C-suite4Tax Reimagined 2023:Perspectives from the C-suiteArtificial intelligence is already being implemented in many tax departments to automate routine tasks,identify potential tax risks,improve compliance and reporting accuracy
17、,and enhance tax planning and forecasting.AI is also being used to analyze large volumes of data to identify patterns and trends that can help tax departments make more informed decisions.But this level of machine thinking is just the beginning.Advances in technology happen quicklyand dramatically.O
18、ne only needs to look at the hype caused by the introduction of certain generative AI tools in late 2022 to speculate on what the next step in automation can do for business.C-suite leaders overwhelmingly recognize AIs potential to transform their organizations.More than half(59%)are already using e
19、merging AI technology in their tax or finance department to make workflows more efficient and to reduce the strain on existing talent.And of the 41%who arent yet using AI,nearly all are interested in doing so.Artificial intelligence The next frontier for tax departments 59%29%12%0%YesNo,but we havep
20、lans to in thenext 12 monthsNo,but weare interestedin doing soNo,and weare not interestedin doing soIs your organization currently using emerging AI technology in your tax or finance department?5 2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization
21、 of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.USCS001004-1ATax Reimagined 2023:Perspectives from the C-suite5Tax Reimagined 2023:Perspectives from the C-suite16%9%30%40%2%Less than$500K$500K less than$1M$1M
22、less than$10M$10M+We are not not investingin AI capabilitiesDont know/not sureHow much does your organization plan to invest in AI capabilities for your tax function in the next 12 months?Leaders also recognize these applications are only the first step in the AI revolution.Almost all agree that AI
23、is the next frontier for corporate tax departments and are eager to move forward.And theyre willing to bet big.Nearly three-quarters(70%)say their organization plans to invest$1 million or more in AI capabilities for their tax function in the next 12 months.Included in thismajority are 40%of respond
24、ents who say they plan to invest$10 million or more.AI may be a technology challenge,but its solution requires people.As AI advances,it will take on tasks of greater complexity,and executives agree the proliferation of AI will change the human capital strategy in their tax departments.An overall rea
25、ssessment of roles and skill requirements will be essential to bring the total power of a human-plus-machines workforce to fruition.To ensure that AI functions at its highest potential,human intelligence and critical thinking are essential.That means tax departments should increase the number of the
26、ir professionals who possess skills in technology,computer science,and data analysis.Companies that dont yet have those capabilities may consider working with a third-party provider to stay ahead of the curve and the competition.40%say they plan to invest$10 million or more in AI capabilities for th
27、eir tax department.6 2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.USCS001004-1ATax Reimagined 2023:Per
28、spectives from the C-suite6Tax Reimagined 2023:Perspectives from the C-suiteWhen tax comes face-to-face with ESGIts 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 com
29、panies are meeting their tax obligations.To meet the increased pressure,companies face several obstacles.More than half of C-suite leaders cite the complexity of gathering data from all jurisdictions as the top reason for their unpreparedness to disclose their total tax contributions,followed by 33%
30、who say they simply dont have the technology capabilities needed to collect and collate the data.In addition to being unprepared,C-suite leaders are worried about the risks in doing so,citing difficulties recruiting new talent(42%)and giving away competitive intelligence(40%)as their primary concern
31、s.Although C-suite leaders acknowledge the importance of interlocking their tax and ESG strategies,the clock is ticking,and C-suite leaders are remiss to think time is on their side.In fact,more than 60%say it will be at least five years before they are mandated to disclose their total tax contribut
32、ions.Meanwhile,the European Union is pushing ahead on country-by-country reporting,requiring multinational groups operating in the EU and that exceed certain size thresholds to publish greater details on their tax affairs.And in the US,the Financial Accounting Standards Board recently released draft
33、 plans calling for more comprehensive income tax disclosures for public companies.C-suite leaders need to prepare now.Its crucial they use their tax data to formulate their own narrative rather than risk that story being told for them.54%33%26%23%Gathering the necessary data across all jurisdictions
34、 is too complex.We dont have the technology capabilities needed to collect and collate the data.We dont have the talent to make sense of the data.We dont have the talent to collect and collate the data.The clock is ticking,and executives are remiss to think time ison their side.Which of the followin
35、g,if any,are reasons why your organization would not be prepared to disclose its total tax contributions?My organization is currently prepared to share its total tax contributions.10%7 2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of indepen
36、dent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.USCS001004-1ATax Reimagined 2023:Perspectives from the C-suite7Tax Reimagined 2023:Perspectives from the C-suiteGeopolitical tensions.Economic uncertainty.Regulatory and le
37、gislative changes.The past few years have given business leaders a lot to worry about when it comes to events affecting their companys success and financial resilience.And as the pace of change quickens,leaders need to be nimbler when addressing challenges or risk losing their competitive advantage.
38、For tax departments,its no different.Chief Tax Officers and Chief Financial Officers have been faced with unprecedented disruption over the past few years.Think:the legislative and regulatory burden of the Tax Cuts&Jobs Act,navigating the stops and starts of BEPS 2.0,responding to the increase in ta
39、x audits and getting up-to-speed on complying with the Inflation Reduction Act just to name a few.On top of these market forces,C-suite leaders are grappling with the pace of change and the constantly evolving technology and talent landscapes.Nearly three-quarters(73%)of C-suite leaders say its been
40、 very difficult to recruit tax talent in the past year,and 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.In fact,the appetite for various sourcing options has increase
41、d,with 94%of respondents more willing to outsource or co-source their tax function over the past year,compared to 43%in 2022 and 65%in 2021.These fluctuations likely represent organizations trying to keep their footing in the face of significant tax legislative and regulatory changes,the disruptions
42、 caused by the pandemic,inflation,and the Great Resignation.Nearly all executives(99%)would consider an alternative sourcing model to leverage the technology expertise,tools,and skills of a third-party provider to combat their challenges by recruiting professionals with technology-savvy skills.As bu
43、siness continues to evolve,C-suite leaders will need to consider how they can best respond to changing market forces with measured speed.Measured speed the 21stcentury business currency65%43%94%202120222023Over the past year,are you becoming more willing to outsource or co-source your tax function?Y
44、esYesYes8 2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.USCS001004-1ATax Reimagined 2023:Perspectives f
45、rom the C-suite8Tax Reimagined 2023:Perspectives from the C-suiteA convergence of tax and tech The anatomy of the modern tax professionalWhile accountants and tax attorneys will always remain the backbone of the tax profession,C-suite leaders are realizing data is the key to unlocking further value
46、from their tax departments.Executives are beginning to modify their thinking around recruiting to seek out technologists and data scientists for certain parts of their organization.Although more leaders still prefer to hire tax experts who can learn technology(54%),more 2023 respondents expressed a
47、willingness to hire technology experts who can learn tax(46%),compared to 43%in 2022 and 41%in 2021.59%57%54%41%43%46%202120222023Who would you rather hire for your tax department?Tax experts who can learn technologyTechnology experts who can learn tax9 2023 KPMG LLP,a Delaware limited liability par
48、tnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.USCS001004-1ATax Reimagined 2023:Perspectives from the C-suite9Tax Reimagined 2023:Perspectives from th
49、e C-suiteNevertheless,tax departments face a significant challenge when recruiting technology candidates:No one has ever confused a tax job with a high-tech career.To make tax more attractive to tech specialists,organizations are beginning to demonstrate to candidates that their tax or finance depar
50、tment is deploying the latest technologies,like AI.In fact,nearly half of respondents(47%)say revamping the perception of a tax career is their primary focus to attract and retain new tax talent.When it comes to the talent challenge,the need to move fast shouldnt mean leaving broader workforce moder
51、nization efforts behind.In 2023,leaders have deprioritized recruitment from non-traditional colleges and universities and outreach to talent from underrepresented backgrounds.Branding around technology will only go so far without recruitment strategies that continue to expand and modernize the tax w
52、orkforce.As the profession grows more tech-enabled,it becomes increasingly important to have innovators in-house that mirror our society.Diverse teams are a business imperative its not just the right thing to do from an equity perspective.By returning their focus to recruiting talent from a variety
53、of backgrounds,tax leaders may find new inroads to skilled talent they desperately seek.37%36%39%41%45%42%44%48%46%49%55%54%47%46%45%41%39%38%202120222023Which,if any,of the following is your organization doing to bring in new tax talent?Trying to change the perception of a tax careerUpskilling empl
54、oyees within the organizationRecruiting data scientists/technologistsChanging the educational prerequisites for recruitsRecruiting talent from non-traditional colleges and universitiesSetting goals around outreach to BIPOC/underrepresented minoritiesNearly half of respondents(47%)say revamping the p
55、erception of a tax career is their primary focus to attract and retain new tax talent.10 2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited b
56、y guarantee.All rights reserved.USCS001004-1ATax Reimagined 2023:Perspectives from the C-suite10Tax Reimagined 2023:Perspectives from the C-suiteThe predictive power of taxC-suite leaders recognize the value of data with 100%agreeing that leveraging data from across their organizations can help thei
57、r tax departments see around corners and influence smarter business decisions.However,many(59%)say their tax department is not viewed as a value creator to the overall business because its solely focused on compliance/rearview mirror approach.Ironically,more tax leaders held that view than Chief Fin
58、ancial Officers.Respondents also cited ineffectively leveraging technology(32%)and a lack of the right talent or skillsets(30%).That said,C-suite leaders are committed to investing big in AI technology and talent.This is the right path forward.Emerging technology like generative AI presents a moment
59、 for tax to recast as a future-proof department with the unique ability to predict whats ahead.71%27%15%10%56%35%34%5%Chief Tax OfficerChief Financial OfficerRearview/compliance focusIneffective use of techLacks the righttalent/skillsetsWe are a value creatorFor which of the following reasons is you
60、r organizations tax department not viewed as a value creator to the overall success of the business?*Small base size:findings are directional.11 2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG I
61、nternational Limited,a private English company limited by guarantee.All rights reserved.USCS001004-1ATax Reimagined 2023:Perspectives from the C-suite11Tax Reimagined 2023:Perspectives from the C-suiteTax meets tech A powerful engine for innovationConclusion As corporate tax departments embrace more
62、 sophisticated AI applications,tax will continue to become firmly cemented within the technology-driven frontier of the future.C-suite leaders are dedicated to significant investments that can enhance or facilitate implementation of automation;and once organizations finesse their hiring to match the
63、se investments,technology will transform the tax profession.Already,departments are helping power corporate innovation and are preparing their companies for financial challenges,from sustainability and regulation to risk management.With the corporate tax landscape growing increasingly complex,invest
64、ment in the tax department is inextricably linked to an organizations long-term health.The modern tax department has a different seat at the leadership table than in the past.As a department of versatile,tech-savvy strategists,the tax department of the future has its eyes around the corner.Tax,reima
65、gined,is a strategic powerhouse.The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.Although we endeavor to provide accurate and timely information,there can be no guarantee that such information is accurate
66、as of the date it is received or that it will continue to be accurate in the future.No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.2023 KPMG LLP,a Delaware limited liability partnership and a member firm of the
67、 KPMG global organization of independent member firms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.USCS001004-1AThe KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global or all of the s
68、ervices described herein may not be permissible for KPMG audit clients and their affiliates or related entities.The KPMG“Tax Reimagined 2023:Perspectives from the C-suite”survey was conducted by Wakefield Research()between March 10 and March 30,2023,among 500 C-suite executives at companies with annual revenue of$1B+.The margin of error for this study is+/-4.4 at 95%confidence.Greg EngelVice Chair TaxRema SerafiNational Managing Principal TaxBrad BrownChief Technology Officer TaxContact the authorsSurvey methodology