“Tax officials crafting plan to jointly identify large multinationals with low risk of tax avoidance”
Source: mnetax.com 7th June 2107
“Eight countries are working on a new program to jointly review large multinationals’ tax affairs and, if appropriate, provide assurances to the multinational that it will not likely be audited in those jurisdictions with respect to specific tax risks, officials said June 6 in Washington at a conference sponsored by the OECD, USCIB, and BIAC.
The program, which will be piloted by Italy, US, UK, Spain, Austria, Germany, Netherlands, and Canada, could eventually be offered by all 47 countries participating in the Forum on Tax Administration, namely, all OECD and G20 countries plus a few others.”
Source: pwc.com press release 7 June 2016
PwC’s Tax Function of the Future series explores their global predictions for the tax function, the challenges arising and how these need to be tackled by companies in the next three to five years.
According to PwC, there will be six main areas affecting the tax function that will undergo radical change over the next three to five years:
- The global legislative and regulatory landscape
- Tax function’s role in risk management and governance
- Data flow into the tax function
- Technology automation for tax function analytical tasks
- Tax function roles and processes
- The tax professional of the future
PwC’s predictions for the tax function in these areas can be found in their report.
Institute for Fiscal Studies 26th April 2016
A new IFS Briefing Note, published today, sets out ‘The changing composition of UK tax revenues’ in the decade up to 2020.
There is always uncertainty around forecast tax receipts.
The risks to revenue streams are currently larger than usual: there is still uncertainty about the strength of the recovery, it is difficult to forecast the receipts from new taxes and there is policy risk in the sense that the government may choose to deviate from the assumptions embedded in forecasts.
A long-term strategy for the tax system would help to alleviate some of these risks.