TAX TRANSPARENCY…ABOUT TIME! · Tax transparency is driving the agenda of today’s Tax Department. Finance Executives are under pressure to respond to enquiries for greater tax
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TAX TRANSPARENCY…ABOUT TIME!
Public Pressures & New LegislationPublic outcry on corporate tax avoidance has steadily increased, particularly in the
past few years. The media has inundated a number of global multinationals with
accusations of not paying their fair share of taxes in countries in which they operate.
Many governments have enacted or are considering new legislation requiring
heightened reporting standards. This means increasing levels of transparency and
visibility into the taxes being paid within each of their operating jurisdictions,
such as:
n Country-by-Country Tax Reporting directive2 [EU]
n Base Erosion and Profit Shifting (BEPS)3 [EU]
n Dodd-Frank Act4 [US]
n The Extractive Industries Transparency Initiative (EITI) Standard5 [Global]
n Publish What You Pay (PWYP)6 [Global]
Given the growing public concern, increasing legislative scrutiny is likely to continue
as a cost of doing business in this environment.
The ChallengeClearly the challenge for Finance, and more specifically Tax departments, is how to
react quickly enough to support these required changes?
Key Questions to answer:
n Do I have a consistent starting point for all my tax data needs?
n Do I have visibility and access to all of my relevant tax data?
n Do I have the skilled Tax resources and the requisite tools to enable me to perform
ad hoc query and analysis when required?
n Do I have the necessary automated controls around my tax processes to ensure a
comprehensive view of our Tax position?
n How much of my team’s time is spent supporting the current reporting needs of
our organization and is there sufficient capacity to respond to the proposed
regulatory changes?
n Am I confident in the accuracy of my current Tax data set?
Longview Tax solves the transparency challenge, by automating results and centralizing all of your tax-sensitized
data into a single source.
“In our view, the debate around ‘fair tax’ has raised the bar in terms of the expectations of the level of tax
information provided by multinational companies and we expect the response will be a greater degree of disclosure
by many organisations.”1 Tax Transparency Seizing the Initiative,