A majority of corporate tax departments do not have enough resources, according to a recently released study by Thomson Reuters. However the survey also showed that only one third of in-house units plan to increase their staffs.The findings are reported in o a downloadable report, the “2020 State of Corporate Tax Departments Survey: New Technology Demands New Skills and New Attitudes.” This is the first survey by the Thomson Reuters Institute.
Most respondents also describe their level of their level of technological optimization as “Chaotic” or “Reactive”, the two lowest levels, while only 10 percent are “Optimized” or “Predictive”.
The initial survey included more than 300 survey responses and 20-plus in-depth interviews conducted from late 2019 until mid-February. It was updated in early April via a pulse survey of 55 senior tax executives.
While the use of long-term advisors, many of these are hampered by a lack of knowledge of the specific company, lack of understanding of drivers of corporations while “cracks may be opening-up as more work is offshored by advisors.”
