Taxand Energy Tax Seminar
Hosted by Taxand UK, this seminar provided multinationals with an overview of the latest energy tax trends and issues around the world.
Our Taxand Global Energy Tax team explored: tax reform; tax technology; topical VAT issues; recent developments in transfer pricing; and anti-bribery provisions and practice. The key theme of our Taxand Global Energy Seminar is that tax systems are on the cusp of major change, driven by economic imperatives.
Key pointers from the seminar
- Tax Reform
- In the developed and developing world, Governments are seeking more incisive and effective methods to collect tax.
- Whilst managing reputation multinationals need to navigate the latest legislation, targeted investigations, and even tax incentives!
- Tax Technology
- Revenue Authorities interrogate ERP Systems to expose compliance failures and investigate location of responsibility (“Substance”)
- Rather than operating manual “work around” spreadsheets that are vulnerable to error, multinationals must embed tax reporting details in their systems as they upgrade.
- Indirect Taxes
- Indirect taxes are an economic Boon to cash starved Governments seeking reliable and stable revenue in distressed economic conditions, so are on the increase
- Multinationals are vulnerable to differing interpretations cross-border, automation of multiple real time transactions, and potential counterparty fraud
- Transfer Pricing of Intangibles
- The OECD has made major changes to the guidance on Intangibles. There is a new framework for determining which entities should receive the income related to the ownership of intangibles, which may conflict significantly with the arrangements companies have in place
- As a high priority, multinationals should review TP arrangements with respect to intangibles. There is still time to check arrangements are in order before the guidance becomes final – most likely in 2014
- Anti-Bribery and Corruption
- Illegitimate payments are non tax deductible and tax returns are named by the SFO as a valid source of enquiry information
- HMRC practical guidance on identifying disallowables is thin and we highlighted the areas in reality where caution and skepticism can help to defend your business
Delegates benefitted from networking with peers and Taxanders alike. Bespoke meetings for clients were organised with Taxanders from around the world to discuss specific tax issues. To find out more about the latest tax news worldwide and its impact on multinationals read Taxand's Take. Find out more about Taxand's dedicated energy tax services and team across nearly 50 countries.