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Taxand Global Survey 2014

Taxand Global Survey 2014
Global
24 Jan 2014
Taxand is pleased to share the results of our annual Taxand Global Survey 2014 - Navigating tax priorities: substance, reputational risk and reform. The survey was conducted with an exclusive selection of large multinational clients operating across industry sectors across the Americas, Europe and Asia, in order to examine the key tax challenges affecting businesses today.

Highlights

  • Tax planning in a hostile environment - 76% of our survey respondents agreed that the exposure of corporate tax planning activity has a detrimental impact on a company’s reputation
  • Substance - 74% of respondents felt that their tax authority has been more focused on substance in the last year
  • The transfer pricing witch hunt - 20% of respondents, the biggest proportion of responses by some margin,  confirmed transfer pricing as the most challenging aspect of global taxation
  • The impact of harmonisation - 82% of global respondents felt that their tax authority had been co-operating more with other tax authorities around the world over the past year
  • Scrutiny and the search for tax revenues - 73% of respondents are seeing a rise in the frequency of tax audits as governments across the globe continue to scramble for tax revenues
  • Tax remains high on the board agenda - 70% of respondents see corporate tax as on the board’s agenda, with the year ahead promising to be as important as the last with legislative change set to continue

Press coverage

Taxand's Take

Throughout the survey we provide Taxand’s Take, our opinion on the actions multinationals need to take to address the issues uncovered:

  • Be prepared to respond quickly to adverse public attention & consider publishing tax policies online in annual reports for transparency
  • Expect increased scrutiny & ensure accurate documentation to meet challenging substance requirements worldwide
  • Maintain an open dialogue with tax authorities to achieve the highest level of stability
  • Invest to prepare documentation that accurately captures your operational functions consider the potential business implications of a reformed tax system – particularly where taxable profits are concerned
  • Be alive to the politics of taxation and how this may affect the countries in which you are investing
  • Be prepared to go into much greater levels of detail to support income allocations to key jurisdictions

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