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Back tax overhaul, but doubt it will succeed
First published on the Wall Street Journal's ‘Real Time Economics Blog’ 10 April 2015
Businesses that operate in several countries support an overhaul of the international tax system, but aren’t entirely convinced that it is achievable.
Taxand, a network of tax advisers that operates in almost 50 countries, surveyed chief financial officers or tax directors at 30 multinational companies, most of which generate revenues of more than $1 billion from operations in the Americas, Europe and Asia.
The Global Survey found that while 80% believed a fundamental reform of international taxation was desirable, only 55% thought that goal was achievable.
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Companies are most worried about maintaining the confidentiality of the information they would have to provide under the new regime. Aside from revelations about how much tax they paid and where, businesses were concerned that essential elements of their business models could be revealed to competitors.