Multinationals Be Prepared: Costly Tax Audits On The Rise!
April 29, 2013
The current trends in global taxation include a sweeping wave of compliance, regulatory requirements, the implementation of the OECD report on Base Erosion and Profits Sharing alongside a push for harmonisation. The development of FATCA legislation from the US, CFC reform and increases in information exchange agreements are also of major impact to multinationals and their tax departments.
The economic instability witnessed across the globe over the past few years has resulted in a number of shifts in global tax systems, largely driven by the need of governments to drive revenues.
According to TaxAnd.com Governments worldwide are facing severe financial challenges, and as a means of combating further dire financial straits, they are ramping up their auditing processes to recover unidentified revenue sources.
This need has resulted in heightened scrutiny of multinationals’ tax affairs and a more aggressive as well as more sophisticated approach to tax audits by authorities. The burden of compliance is only going to rise.
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Read more at: Tax Times blog