The banking industry faces several challenges due to recent economic, geopolitical and regulatory developments. KPMG has identified the top 10 issues facing banks in 2022 and beyond, and in this article we examine the topic of tax.
Debates rage on how much change … and, when
Bank tax personnel, executive officers and boards can expect to see a continuing evolution of legislation, regulations, and the environment in which banks operate. New laws and guidance are regularly being proposed or released, and developments in macroeconomics and geopolitics are impacting bank tax departments like never before.
Tax professionals will need to stay poised to quickly adapt and consider how new rules and developments could impact the organization. The implications go beyond traditional day-to-day operations and impact more highly developed departments, where work is being done (at home or in the office), and the permutations that grow out of M&A deals that continue to occur.
It is a time for more focus, funding, and follow through.