Strategizing International Tax Best Practices – by Keith Brockman

As tax disclosures, more specifically the country-by-country (CbC) report, approach probable reality, what is your company doing to prepare for such transformation?

  1. Is the CbC report being prepared with perceptive gap Q & A’s addressed?
  2. Who is the first / primary point of contact for a public query – How are contact details communicated for global awareness?
  3. Is tax aligned with corporate communications re: who is responsible for preparing, delivering, answering queries?
  4. Are shareholders aligned in the process, to disclose or not disclose?
  5. Will tax posture change, via public disclosures, as public disclosures become more common?
  6. What is the impact of your peer companies providing proactive disclosures?
  7. Is there a process to monitor tax disclosures of peer companies for review, not to be surprised.
  8. Is there a similar process for internal queries as a response to ever-growing tax investigations / allegations in the public?

These questions highlight the priority needed to focus upon this new trend and proactively address this new world!  Tax authorities will be reviewing such disclosures, so multinational organisations should be also aware.

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