Here is a brief summary of the 2019 Global Tax Market Assessment report:
This report provides forecasting and analysis of key trends impacting the global tax industry. Key takeaways for the U.S. market include:
- Tax reform will continue to be the most impactful factor for tax departments in 2019, creating increased complexity and demand for international tax professionals.
- Deconsolidations, spin-offs, and M&A activity are expected to continue, driving demand for tax resources.
- The aging in-house tax population, particularly retiring Baby Boomers, will be a significant issue, potentially leading to a crisis in the coming years.
- While tax technology remains important, its implementation was often delayed in 2018 due to tax reform demands. It's expected to become more impactful in the next 3-5 years.
- The EU Voluntary Disclosure Directive is highlighted as an important development to monitor, though its full impact is still uncertain.
For non-U.S. markets, the report highlights:
- Increased focus on tax technology and digital transformation
- Growing importance of transfer pricing and international tax skills
- Continued impact of BEPS and other regulatory changes
- Rising demand for tax professionals with business partnering and technology skills
The assessment emphasizes the ongoing challenges of talent shortages, evolving regulatory landscapes, and the need for tax departments to become more technologically advanced and business-integrated across all regions.nds to make informed decisions about staffing and retention. The report encourages tax leaders to use this data to educate their HR and financial leadership about current market conditions.
