Managing change in indirect tax and complianceHow evolving regulations and technology are reshaping tax functions globally
Thomson Reuters has recently carried out an extensive survey of indirect tax professionals across the U.S., Canada, the UK, and Germany.
The purpose of this study was to uncover valuable insights into the current challenges faced by professionals working within indirect tax and compliance functions, to explore the strategies being employed to overcome these obstacles, and to examine the transformative impact of emerging technologies, including AI and generative AI (GenAI).
As regulatory compliance and automation continue to advance rapidly, technology — particularly AI and GenAI — is set to revolutionise the field of indirect tax. This pivotal shift will redefine job roles, skill requirements, and the strategic positioning of the indirect tax function within multinational organisations.
Our comprehensive survey delves into these dynamic changes, offering invaluable insights into how roles and responsibilities are evolving as professionals adapt to this fast-paced environment. Whereas technology and automation, alongside resource constraints, were the primary concerns last year, this year presents a different landscape:
- Regulatory compliance takes centre stage. Now the most frequently cited challenge, regulatory compliance has moved from third place last year to the forefront, highlighting the increasing complexity and importance of adhering to global standards.
- Technology and automation adjustments. Last year’s top challenge has now shifted to third position, suggesting improved management or a change in priority.
- Geographical insights. Resource constraints remain the primary challenge in the UK. In Canada, technology and automation continue to be the most pressing concern. Meanwhile, professionals in Germany anticipate greater adoption of AI and GenAI technologies.
Access the full report to equip yourself with strategic insights that will enable you to adapt and thrive amidst rapid technological advancements.