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Survey: Corporate Tax Hiring Plans Plummet

Plans by nearly four in ten respondents before the COVID-19 outbreak to add staff have dropped to fewer than one in ten, according to a survey, "Initial Impact of the COVID-19 Virus", by Bloomberg Tax & Accounting. The preliminary results of the annual benchmark survey of corporate tax departments also found an increase in concern about cash management.

Launched in January, the annual survey was followed up in April to ascertain the impact of the pandemic on the earlier plans.  It also founded that while earlier only 4 percent planned to reduce staff, that rose to 27 percent.

The initial survey reported responses from 408 managers, directors, VP, or C-suite members of the tax department of public or private corporations with more than $500 million in annual revenue. There were 321 individuals who completed the April survey.

Sixty-four percent of respondents now do not plan to change hiring levels while only 9 percent say they will increase hiring. Back in January 39 percent planned to increase levels.

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