The global economy is emerging from the shadow of the COVID-19 pandemic, but it is facing new challenges, from the war in Ukraine to energy price shocks, inflation, and persistent challenges for supply chain security. At the same time, climate change, an aging population, increased migration, and digitalization present new obstacles that require innovative solutions.
Taxation has, and will continue to, play a central role in meeting these economic challenges. It is no surprise that tax policy continues to evolve at a rapid pace around the world, bringing more complexity and a heavier compliance burden alongside steadily rising effective rates of tax. The tax function, therefore, must sit at the centre of an organization’s strategic decision-making.
Spanning almost 50 countries from across the Americas, Europe, Middle East and Africa, and Asia-Pacific regions and reflecting the views of over 630 decision-makers from the tax functions of international businesses, the 2023 Global Tax Outlook report reveals trends, threats, and opportunities emerging in the tax world.
Key challenges covered in the report include:
- Emerging risks—Businesses are encountering an increasingly complex tax landscape.
- Rising costs—Organizations are experiencing increased total tax liability, with the upward trend set to continue.
- The need for efficiency—Against the backdrop of increased workload, budgetary pressure, rising tax liabilities, and greater scrutiny, the tax function is having to enhance the efficiency of its performance.
- Talent acquisition—As the tax function assumes a more strategic role, tax leaders identify a shortage of candidates with the necessary skills to meet the evolving needs of the tax function.
- Disputes—In a world of growing geoeconomic tensions, tax complexity, and risk, tax disputes are becoming ever more prevalent.
Access the global report and learn more about our key findings and conclusions on the outlook for tax.
This piece was originally developed by BDO Global. All rights reserved.