2024 State of the Corporate Tax DepartmentAs talent squeezes loom, many companies’ tax functions see technology as the solution

As the baby boomer generation retires, corporate tax departments are facing a looming talent squeeze. The result will be a significant challenge in managing tax functions efficiently.

The Thomson Reuters latest report, the "2024 State of the Corporate Tax Department," reveals the key findings from a survey of senior decision-makers and influencers in corporate tax departments across the globe. The report highlights the top priorities, challenges, and strategies for corporate tax departments in the face of a rapidly changing landscape.

Key findings:

• Talent acquisition is the most significant challenge facing tax departments, with compliance with Pillar 2 and the global minimum tax regulations also ranking high.
• More than half of respondents (51%) said their tax department is under-resourced, leading to a higher likelihood of audits and penalties.
• The majority of tax departments (79%) have automated half or less of their work processes, with many feeling ill-equipped to make improvements.
• Less than one-quarter of the average tax departments spend their budget on technology, but almost half of respondents expect their departments' technology budgets to increase beyond the usual annual rate.

By reading this report, you’ll gain:

• Insights into the top challenges facing corporate tax departments, including talent acquisition and retention, compliance, and automation.
• Strategies for overcoming these challenges, including investing in AI-driven technology tools and solutions.
• A deeper understanding of the current state of corporate tax departments and how they're adapting to a rapidly changing landscape.

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