GenAI and the Future of Tax: KPMG's Tax Reimagined Report Unveiled
September 30, 2024
KPMG’s annual “Tax Reimagined: Perspectives from the C-suite” report just launched
This year’s report takes a look at howtax departments and their leaders are overcoming various disruptions like legislative and regulatory change, an uncertain talent market, generative AI and more, fostering trust across the organization. Key report findings from 500 CFOs, CEOs and Chief Tax Officers – 25% of which are in the Northeast region, indicate:
- Many are navigating the global minimum tax with generative AI: 88% believe generative AI is critical to helping their organizations navigate the challenges brought on by Pillar Two / the global minimum tax
- There is – and will be – continued investment in generative AI: 98% plan to invest in AI or gen AI capabilities for their tax function in the next 12 months – with half saying they’ll invest $500k - $1M
- There are increasing concerns over the impending tax cliff: 71% foresee the expiration of the Tax Cuts and Job Acts provisions at the end of 2025 to have a high or moderate impact on their business
- Generative AI is lightening the load: 86% agree that generative AI tools will help supplement the talent needs in their tax department
- More are considering leaning on the expertise of a third-party: 87% are becoming more willing to leverage a comprehensive managed services model for their tax function.