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"PwC’s Global Reframing Tax Survey reveals the critical role of tax in business strategy, and highlights potential actions for realising its full potential".
PwC's inaugural Global Reframing Tax Survey draws on survey responses from 1,205 executives across 47 counties, supported by qualitative interviews.
The overarching picture that emerges is one of tax leaders caught between multiple competing priorities as they respond to demands for greater efficiency, strive to play a strategic role in business reinvention, and deal with once-in-a-generation changes in the global corporate tax environment.
The good news from our inaugural PwC Global Reframing Tax Survey is that many C-suite executives already see tax playing a significant role in strategic business decisions.
What also emerges, however, is a picture of tax functions stretched to capacity by increasingly complex compliance obligations, resource constraints and a deluge of data. In its current form, the typical tax function will not be able to deliver on its transformative potential.
We hope this report will open a conversation and present a way forward for businesses to act on two fronts. First, finding ways to alleviate pain points and equip the tax function with the skills, expertise and technology it needs to optimise day-to-day operations. And second, making sure that tax can play a strategic, value-creating role in the reinvention journey to come
Among the key findings:
- Only 43% of respondents feel they are well-placed to deal with the impact of regulatory change. And change is on the way: 91% of large organisations anticipate that Pillar Two regulations will have an impact on their business.
- 66% say their tax function plays a significant role in influencing strategic business decisions. However, C-suite executives are more likely to believe this is the case than heads of tax.
- 95% say they have a skills gap in their tax function. Knowledge of AI, specialised tax expertise and data analysis are the most critical skills needed to fill this gap.
- GenAI is already having an impact, with 56% of respondents saying that they’ve seen concrete benefits from its use, and more than 80% expecting this technology to transform tax planning and strategy in the next three years.
- 80% are comfortable with the idea of outsourcing at least some of their tax activities in the next three years, and many are already working with external advisors.
This report is structured around four themes that shed light on what it means to be a tax executive, the challenges they face, and how these might be resolved.
Section 1 provides an overview of some of the main pressures on the tax function. Sections 2, 3, and 4 each examine one element of a potential solution: Skills; technology; and an operating model that combines resources in new ways.
Tax at the table
Navigating complexity and delivering transformation
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