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Taxand the CFO: Key Tax Challenges Facing CFOs in an Age of Scrutiny

Taxand the CFO: Key Tax Challenges Facing CFOs in an Age of Scrutiny

Taxand is pleased to announce the results of our first Taxand Global Survey - Taxand the CFO: Key Tax Challenges Facing CFOs in an Age of Scrutiny - launched recently at our Taxand Global Conference in Paris. Conducted with an exclusive selection of our large multinational clients located across the Americas, Europe and Asia, our survey examines the pressing tax challenges affecting businesses today.

Here you can read highlights, Taxand's Take providing key steps you can take now to address the issues uncovered and download your electronic copy of the full findings report here. For a PDF version of our global survey research findings, click here.

Highlights

Increased pressure on tax departments:

  • 82% of multinationals have experienced a rise in audits
  • 84% of multinationals surveyed said that increased transparency means they have experienced a rise in the cost of compliance

A critical public:

  • 51% of multinationals believe exposure of tax planning activity has a detrimental impact on company reputation

Tax not high on the Board agenda:

  • Surprisingly, only 24% of multinationals surveyed said that tax issues were covered by their Boards "to a great extent" given the concerns over reputation

Cross border issues:

  • Transfer Pricing seen as the most challenging area of tax globally
  • Transfer Pricing has seen the sharpest rise in scrutiny from tax authorities

Desire for improvement:

  • 61% of multinationals believe relationships with tax authorities have improved in the past year
  • 74% of multinationals stated global tax harmonisation is desirable

 

Taxand's Take

Here are some key steps you can take now to address the issues uncovered. You can also view specific pointers around these key steps here.

  • Continue to engage with tax authorities to establish more certainty in your tax arrangements
  • Use technology to effectively manage the increase in transparency and scrutiny
  • Consider rapid and effective communication of your tax strategy to clearly justify your tax position and manage exposure and reputation
  • Use transfer pricing as a commercial driver
  • Undertake commercially driven international tax planning and focus on tax structures that will enhance your shareholder return

Download your electronic copy of the Taxand Global Survey 2011 full findings report here. For a PDF version of our global survey research findings, click here.

To discuss how these trends are affecting your business specifically please contact your local Taxand advisor

To receive next year's survey as soon as it is available and to take part in the research please send us an email to register your interest here.

Taxand's Take Author