The Federal Government has made clear its intention to implement the OECD BEPS tax transparency measures. The Australian Taxation Office has been empowered with additional budget and resource to ensure the taxation paid by the country’s top corporations is in line with the OECD measures and community expectation. Rapid changes to policy, legislation and compliance frameworks are inevitable, as is the impact on finance and taxation professionals.
There are many questions to be addressed. How will requirements around data and technology use change? Why will closer collaboration between finance and tax departments be so important? What are the steps that businesses need to take to protect their interests throughout the journey to transparency? These and many more are examined in depth as part of the Thomson Reuters Journey to Transparency series.
BEPS Notifications – simple spreadsheet?
Nearly 100 countries have already enacted BEPS-related legislation in accordance with the OECD’s Action Plan. BEPS requirements are complex, and many multinational enterprises are misunderstanding their obligations, particularly when it comes to the requirements of the revised standards for transfer pricing documentation and country-by-country (CbC) reporting and notification. A simple plain vanilla spreadsheet won’t do – read our special report.
The Transparency Imperative
The Transparency Imperative takes a closer look at the implications for finance professionals and taxation specialists. It explores recent developments in international taxation law and poses additional questions to industry and academic experts about what transparency is likely to mean in a post BEPS world.
Budget Update 2016: Towards Transparency
The Australian government is ramping up its tax legislations to be in line with the Organisation for Economic Co-operation and Development (OECD) transfer pricing and Base Erosion and Profit Shifting (BEPS) guidelines. The legislation coupled with heightened enforcement by the Australian Taxation Office (ATO), will be given significant funding to address perceived issues with the way global businesses pay tax in Australia.
Technology Builds Transparency: Achieving Justified Trust
The ATO will soon require Australian MNCs to supply fact-based evidence to justify their tax positions. The new justified trust initiative is the next stage in the ATO’s implementation of the OECD BEPS program.
What are the implications for those corporations already on the journey to transparency?
2016 Global BEPS Readiness Survey
How are multinational enterprises preparing for BEPS-related compliance? This survey sheds light on how multinational enterprises are reacting to and preparing for the BEPS Action Plan. The findings uncovered trends, revealed risks and exposed pain points on a global scale.
A concise guide complete with practical templates, inventory assessment tools, checklists and questionnaires designed to help taxation professionals evaluate their tax technology.
More multinationals are managing statutory reporting by harmonising the four key elements for success – People, Process, Data and Technology.
Thomson Reuters Solutions
ONESOURCE BEPS Action Manager
ONESOURCE can assist your organisation navigate a new era of transfer pricing documentation. A proactive response to country-by-country reporting, master file, and local file requirements will enable you to minimise risk and maintain your reputation.Read more
ONESOURCE Statutory Reporting
Tax transparency measures have challenged the level and detail of disclosures in financial reporting. These measures are in flux and adapting to them will require a flexible tool to cater to the needs of changing disclosures quickly. ONESOURCE Statutory Reporting is Thomson Reuters easy to use and flexible financial reporting tool designed to flex to your requirements.Read more