NEW YORK, June 28, 2023 — By effectively leveraging data and harnessing the power of technology like artificial intelligence (AI), corporate tax departments can drive even greater value for the broader business. That’s according to the latest edition of the annual KPMG LLP report, “Tax Reimagined 2023: Perspectives from the C-suite,” which shows that when tax departments are armed with the right technology and talent with the right mix of skills, they will be recognized as a strategic powerhouse.
The findings from the report, which features insights from 500 C-suite executives at organizations with $1 billion or more in revenue, indicate three primary trends:
With external factors like the uncertain economy, the ever-changing international and domestic legislative and regulatory environment, as well as the rapidly evolving technology landscape, the clock is ticking for tax departments to prioritize investments in emerging technology and talent, or risk being left behind.
Artificial intelligence – the next frontier for tax departments
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“Tax transparency is becoming an increasingly important part of the ESG conversation,” said Greg Engel (@Greg_Engel_KPMG), Vice Chair – Tax, KPMG LLP. “With mandatory tax disclosures on the rise, companies must act now to prepare. Embracing AI tools may be the solution to help companies make sense of their vast amounts of data to avoid the risks of having their tax story potentially told for them. Embracing technology is essential for companies to stay ahead of the curve.”
“As technology and innovation continue to transform the tax landscape, talent is more critical than ever,” said Rema Serafi (@RemaSerafi), National Managing Principal – Tax, KPMG LLP. “The modern tax department requires a convergence of skills to understand the tax technical landscape, operate cutting-edge technology and analyze complex data. A tech-first mindset blended with tax skills is the winning formula to unlock the full potential of tax departments in the digital age.
“AI will create a corporate reality of the ‘haves’ vs. the ‘have nots’ between those who adopt the technology to transform their tax departments and those who get left behind,” said Brad Brown (@Brad_Brown_KPMG), Chief Technology Officer – Tax, KPMG LLP. “KPMG has been investing in AI for more than a decade. By putting AI technology in the hands of our professionals, we’re changing the game in how we serve and deliver for our clients.”
The KPMG “Tax Reimagined 2023: Perspectives from the C-suite” survey was conducted by Wakefield Research (www.wakefieldresearch.com) between March 10 and March 30, 2023, among 500 US C-suite executives at companies with annual revenue of $1B+. The margin of error for this study is +/- 4.4 at 95% confidence.
About KPMG LLP
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