Recent Release | 24 Jul 2023

Why five years of transforming tax and finance functions is paying off

Thought Leadership Team

Oxford Economics

New tax operating models in the last five years delivered value to businesses, our survey shows. The next five years will add even more.

With budgets tightening, rapid legislative change, and talent management difficulties, tax and finance functions are dealing with a confluence of pressures inhibiting them from delivering value. To explore how tax and finance functions are tackling these challenges and can transform to success, EY commissioned Oxford Economics to survey 1,600 tax and finance professionals, with the findings underpinning this report.

What defines a leading tax and finance function succeeding in the face of today’s confluence of pressures? With budgets tightening, rapid legislative change, endlessly accelerating data and technology developments and a radically shifting talent environment, including a continued shortage of accounting and tax professionals, tax and finance divisions across the globe face significant turbulence.

To uncover how they are adapting to these pressures and understand leaders best practices, Oxford Economics worked with EY in surveying 1,600 tax and finance professionals across 32 jurisdictions and 18 industries.

The report breaks down the survey findings into four main areas:

• The rise of co-sourcing and the benefits it poses for tax and finance functions
• How transformed tax and finance function operating models manage ongoing pressures
• The impact of complying with increasing ESG requirements and changing tax legislation
• Recommendations on five year plans, specifically on talent, technology strategy, and regulatory changes

John Reiners

Managing Editor, UK & EMEA, Thought Leadership

Jamie Snowdon

Senior Research Analyst, Thought Leadership

James Pendlington

Research Manager, Thought Leadership

Maximilian Vickers

Research Associate, Thought Leadership

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