How are businesses adapting to handle today’s changing global tax environment?
The tax environment is in a state of flux. Continuing economic uncertainty is increasing pressure on costs. Globalisation continues to drive the centralisation of finance and tax functions. Companies are expected to increase their tax governance, accountability and transparency. Meanwhile, recent regulations require greater disclosure of global tax data to tax authorities while increased public scrutiny of companies’ tax arrangements is leading to Government demands for ‘fair share’ tax payments where profits are earned.
To see what companies are doing to face up to these changes, KPMG and International Tax Review conducted a survey of inhouse senior tax personnel from large multinationals and UK companies and groups to assess how businesses are adapting their tax models, teams, and processes. Mark Body, a director in tax transformation at KPMG in the UK, discusses the survey findings and what lessons tax functions can learn from it in an article recently published in International Tax Review.