This report provides insights into key trends impacting the global tax profession in 2024. Key takeaways include:
- Generational Changes in Leadership: Baby boomer retirements are reshaping leadership, with younger Gen X and Millennial leaders facing new challenges.
- Economic and Political Uncertainties: Tax leaders must prepare for potential impacts from economic factors and the 2024 elections.
- Increased Demand in Specialty Areas: Growing demand in areas like indirect tax, state/local tax, and international tax planning, exacerbated by retirements and talent shortages.
- Work Policy Tensions: Evolving remote and hybrid work models are creating challenges in training, development, and talent retention.
- Challenging Hiring Landscape: High demand for tax professionals at all levels, with candidates having increased bargaining power.
- Non-U.S. Market Trends:
- Increased focus on indirect taxes globally
- Rising tax audits and transfer pricing scrutiny
- Growing importance of tax technology and automation
- Shift towards Eastern Europe for manufacturing and tax talent
- Ongoing impacts of BEPS 2.0 implementation
The report emphasizes the need for tax departments to adapt to these changes through strategic workforce planning, investment in training, and leveraging technology. It highlights the ongoing supply and demand challenges in the tax profession globally.asizes the unique challenges and opportunities facing tax professionals globally in 2022.
