Multinationals Face Greater Scrutiny Of Intangibles
First published in Accountancy Live Magazine, 28 March 2013
A group of anti-avoidance campaigners - led by Christian Aid - are calling for a major overhaul of the international system for taxing multinationals, claiming the current rules make it too easy for companies to shift their profits to less taxed jurisdictions.
The 58 organisations have published a briefing paper, No More Shifty Business, which says that the OECD and G20 should work with the United Nations Tax Committee and governments in developing countries to define new rules for the taxation of multinationals, based on where their economic activities and investments are actually located.
The global business community appears worried about the increased scrutiny on their tax planning - a survey of multinational companies conducted by global tax advisors Taxand found that 72% of respondents are concerned about the impact of tax planning activities on their brand reputation in the face of public scrutiny.
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