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The world of taxation is changing rapidly

The world of taxation is changing rapidly. With the introduction of BEPS, Transfer Pricing compliance is no longer straightforward. Multinational enterprises and small and medium sized enterprises are facing more and more challenges to produce Country by Country reports, Master File and country specific local files in a (growing) number of jurisdictions.

An exchange of these reports between multiple jurisdictions will provide the tax authorities ample ammunition to challenge taxpayers’ tax and transfer pricing structures.
7 countries (Australia, Canada, Italy, the Netherlands, Spain, the United Kingdom and the United States) are already collaborating to develop a joint assessment mechanism (International Compliance Assurance Program), which will even more increase the transparency. Expected is that more countries will join. In this uncertain environment, with most tax authorities adopting an aggressive approach towards corporate taxpayers – where “double/triple” tax on the same profit might become the new standard – it is also the reputation of the company and its management board at stake.

This results in:

  • Increased transparency;
  • Increased reporting burdens;
  • Tax obligations worldwide converge to a global standard and require more and more data to be made available to tax authorities;
  • Tax risks overlap more with reputational risks;
  • Increasing threat of tax audits;
  • Threat of data being made public without having a chance to be prepared is higher than ever due to whistle blowers, LuxLeaks, Panama Papers, Paradise Papers etc.

Are you interested in how we can help you minimizing these risks and be compliant in the most effective way?

Please contact us.

Based on “CFO’s Journey from staying out of trouble to being fully in control” an E-Book from TPA Global.