Deloitte’s biannual Tax Transformation Trends report has been published for over ten years. The 2023 report shows tax and regulatory changes like the OECD Pillar Two and ESG measures are prompting companies to address long-standing data challenges, and many are leveraging outsourcing relationships to access the technology needed to move to an insight-driven tax compliance approach.
Deloitte surveyed 300 senior tax and finance leaders at companies across a range of industries, sizes, and regions to understand their future vision for the tax function and how they plan to achieve that vision. Deloitte also conducted a series of qualitative individual interviews with senior tax executives at large multinational companies to develop deeper insights into their tax transformation efforts.
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The 2023 Tax Transformation Trends results revealed a heightened need to manage a changing regulatory landscape and for more agile partnering with other parts of the business. In order to achieve this, tax and finance leaders will need to manage increasingly diverse teams, further integrate technology for direct data access, and continually reassess their operating models to maintain an optimal mix of in-house capability and outsourced expertise and technology. As regulatory changes—particularly those related to global minimum taxes and ESG—continue, we can expect that the trend toward insight-driven compliance will accelerate.
Business model evolution is accelerating more quickly than ever. Companies are adapting to the digital era, investing in green initiatives, and mapping growth plans for recovery. They cannot do all of this without the forecasting and scenario modeling capabilities of their tax team. This creates a new business imperative for the C-suite to partner with the tax function. By no longer being consumed by routine compliance and reporting activities, the tax team is empowered to deliver increased agility and value.
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