The Top 3 Tax Disruptions in 2017: The Potential Perfect Storm
TaxTalent recently released its most important tax staffing report of the year. The 2017 Global Tax Market Assessment identifies a potential perfect storm that could cause significant disruption for the tax industry in 2017.
Data indicates another thirty-year transformation cycle could result from major tax reforms.
The 2017 Global Tax Market Assessment is produced in conjunction with TaxSearch, Inc. and British-based BPA and forecasts global tax market trends and their effect on staffing, retention, and talent development within corporate tax departments.
According to Tony Santiago, president of US-based TaxTalent and TaxSearch: “This is a critical time for corporate tax functions to pay attention to what could be a major market shift. We believe there are three major trends that, if combined, could have a big impact on the tax industry in the near future.”
The three potentially disruptive market trends include:
- Major tax reform in the US.
- International tax regulatory changes.
- Major demographic shifts in the tax profession.
Santiago stresses that tax and finance leaders need to be prepared by looking at past data as evidence of another thirty-year disruption cycle. “It appears we could be entering another major market transformation like those experienced in 1986 and 1954. Corporate tax professionals need to be aware of these potential market changes so they can prepare their tax departments and be equipped to respond to any fallout from this situation.”
Key Results from the 2017 Global Tax Market Assessment:
- 2017 will be a candidate-driven market in the US and globally, even more so than in 2016.
- The type of candidates needed in tax departments – having employees who are adaptable and flexible to change – will help tax departments significantly. These are key traits to look for while hiring as well as identifying existing employees in the US and globally.