Here are four key trends that stem from global tax authority priorities. If you need help assessing the impact on your business operations from an accounting and tax perspective, make an enquiry with us.

The rise of digital tax reporting:

Of great concern for the majority of Companies is the digitization of tax reporting, as it requires businesses to provide much more detailed information to the tax authorities – and in a new format.

Tax rate and rule changes

Tax rules and regulations are of course changing all the time, but one change that is very much top-of-mind at the moment is related to World’s VAT system.

According to the commentaries under the OECD Model Treaty, a PE tax liability is deemed to be in existence for a parent company if its subsidiary in a jurisdiction has the authority to conclude contracts in the name of the parent company.

The increasing need for tax transparency

2018 and 2019 are consolidation years for global businesses. All the additional reports introduced through Transfer Pricing (TP) and Country-by-Country Reporting (CbCR) are now live, and it’s time to adhere to the new requirements. An increasing number of countries outside Europe are adopting OECD guidelines and regulations.

Growth in business incentives

Global initiatives such as the OECD’S BEPS Project are resulting in a more level playing field from a corporate tax perspective. But there will always be incentives on offer from various governments to attract foreign investment to keep local economies growing. One increasing trend to note is the offering of R&D (research & development) tax incentives.

Talk to us:

Business of all sizes – everywhere in the world – are impacted in some way by these trends, and it’s important they take the necessary steps to be able to comply with new rules and filing procedures. FSC Tax&Legal’s global accounting and tax experts can help you in a number of ways. We can:

• Assess how looming tax changes will impact your business and provide information on what actions you need to take.
• Take care of your tax reporting using our own locally-compliant tools and systems, so you can continue operating worry-free.
• Provide transitory accounting and tax compliance solutions so that you’re covered while making the necessary back-office system changes.