Introducing ONESOURCE BEPS Action Manager.
If you’re a corporate tax professional, you know about BEPS. You know that it is transforming the global tax landscape and will bring about unprecedented change to the way you report data to taxing authorities in countries across the globe. You know that country-by-country reporting will increase scrutiny and your company’s risk of audit. You know that BEPS compliance will mean an overhaul to your current worldwide tax processes. But, do you know that technology can help address these challenges?
A recent survey conducted by Thomson Reuters and TP Week found that not only are nearly half of the multinational corporations (MNCs) surveyed not actively preparing for the complex reporting requirements they will face under BEPS, many are unaware that technology can help them comply with these heightened regulatory demands. And with 71% of survey respondents reporting that their most immediate BEPS-related concern is transfer pricing, specifically documentation and country-by-country reporting, the need for adequate data management technology to support BEPS compliance is clear.
The survey also revealed that half of the respondents (51%) have a database of intercompany agreements and tax rulings to comply with the new transfer pricing documentation requirements, but when asked if they feel secure about their IT systems and how they integrate with their transfer pricing documentation, two-thirds said no. These results emphasize the need for an all-inclusive BEPS technology offering that not only manages tax data, but provides up-to-date BEPS guidance and integration capabilities as well.
Enter ONESOURCE BEPS Action Manager, a comprehensive solution that enables MNCs to comply with country-by-country, master and local file reporting by providing research, data management, entity charting, document storage, reporting and analytics in a single tool. Using the latest technology, ONESOURCE BEPS Action Manager lays the foundation for a standardized and sustainable worldwide tax data collection process, enabling MNCs to document and defend their results to taxing authorities.
By implementing ONESOURCE BEPS Action Manager, MNCs can ensure consistency between their transfer pricing policy, implementation and documentation—and increase collaboration across departments and geographies. With its up-to-date research, valuable risk assessments and intuitive analytics, multinational tax departments can remain current amidst an ever-evolving legislative landscape—and stay ahead of inquiries from various tax administrations by running scenarios and proactively address discrepancies.
With the OECD recommending that countries adopt BEPS-related legislation starting in 2016, the time is now for multinational enterprises to take action to ensure they are in compliance. This is where up-to-date guidance and comprehensive tax technology is essential. With ONESOURCE BEPS Action Manager, the stage is set for your company to achieve worldwide compliance and collaboration in a post-BEPS era. You can explore this new application here.