The importance, visibility, and scrutiny of tax departments is at an all-time high, and attracting and retaining top talent is exceptionally competitive. Innovative tax departments are reacting to these challenges by implementing the role of the Tax Chief Operating Officer (Tax COO). Is this a fleeting trend or a long-term competitive strategy? Nearly 100 tax executives provided their perspective in the first ever survey about the prevalence and benefits of Tax COOs.
“Within the tax team, it's my job to understand everyone's role. I keep a pulse on department morale and find ways to keep our people engaged. Much of that engagement hinges on relieving tax department personnel of certain duties—such as identifying the sources of key data or identifying potentially relevant individuals in other departments—that may not play to their strengths. This allows them to focus on what they do best—using their tax technical knowledge to add value to the organization. ”
Large Global High Tech Firm
Over 70% of the participants believe that the Tax COO function can improve the tax department’s effectiveness
40% of the participants believe that the Tax COO function will be mainstream in the next 10 years
Participants ranked “effective communicator” as the top skill for a Tax COO