SPECIAL REPORT

Managing change in indirect tax and compliance

How evolving regulations and technology are reshaping tax functions globally

Thomson Reuters recently conducted an extensive survey of indirect tax professionals across the U.S., Canada, UK, and Germany. 

This study aimed to uncover valuable insights into the current challenges faced by professionals within indirect tax and compliance functions, explore the strategies employed to overcome these obstacles, and examine the transformative impact of emerging technologies, including AI and generative AI (GenAI).

As regulatory compliance and automation advance rapidly, technology — particularly AI and GenAI — is poised to revolutionize indirect tax work. This pivotal shift will redefine job roles, skill requirements, and the strategic positioning of the indirect tax function within multinational corporations.

Our comprehensive survey delves into these dynamic changes, offering invaluable insights into how roles and responsibilities are evolving as professionals adapt to this fast-paced environment. While technology and automation, alongside resource constraints, were the primary concerns last year, this year reveals a different landscape:

  • Regulatory compliance takes center stage. Now the most cited challenge, regulatory compliance moved from third place last year to the forefront, highlighting the growing complexity and importance of adhering to global standards.
  • Technology and automation adjustments. Last year’s top challenge shifted to the third position, suggesting improved management or a change in priority.
  • Geographical insights. Resource constraints remain the top challenge in the UK. In Canada, technology and automation remain the most pressing challenge. Professionals in Germany expect greater technology adoption in AI and GenAI. 

Access the full report to equip yourself with strategic insights that will empower you to adapt and thrive amidst rapid technological advancements. 

Access the full special report

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