With increasing compliance obligations and risks expected as a result of the BEPS Action Plan, tax is set to become more integral to the decision making process of many businesses. So how can your organisation steer through the upheaval ahead?
The timing and the level of implementation of recommendations set out by the OECD is set to vary from country to country. The outcome could result in creating even more uncertainty for businesses in the short term.
Uncertainty isn’t just about the amount of tax you pay and its impact on profit. As a business you also need clarity over your tax position to help decide longer term investments and the development of growth strategies.
Tax policies in different countries are diverging and we see increasing conflicts. The ever more emotive and politicised focus on tax in the media and its sensitivities have also heightened reputational risks by putting the onus on businesses to show their tax paid is not only compliant, but also a ‘fair’ contribution to society.
Businesses are facing an uphill battle and their concerns stem from the need to devote more resource to managing their tax position which may prove costly and time-consuming. The compliance hurdles are higher and the constantly moving goalposts are hindering forward momentum and growth.
How can your business respond and remain on the front foot?
Talk to your local firm about how Grant Thornton can help your organisation prepare for the requirements set out in the OECDs BEPS Action Plan.