White Paper

Own Your Data, Control Your Risk

As Tax Transparency Expands, Corporate Tax Departments Must Manage Risk, Evolving Stakeholder Relationships, and Opportunities to Create Strategic Value

The OECD’s BEPS initiative pushed for global tax transparency, and it continues to evolve and pick up momentum– increasing risks for multinational companies. At the same time, for organizations that can master their tax data, transparency generates opportunities.

In the last several years, this trend has resulted in jurisdictions more systematically sharing taxpayer information (increasingly on a multilateral basis). In addition, there has been a push to increase the level of tax advisors’ and other third-party intermediaries’ accountability for their clients’ actions, particularly concerning potentially aggressive behavior. We have also entered an era in which the number of stakeholders has increased. No longer is taxpayer information confidential between taxpayers and tax agencies; what was historically confidential may become available to the public.

The transparency agenda and its ripple effects play out with four stakeholders: governments, advisors, non-tax groups within companies, and the public. The good news is the trend to transparency isn’t all bad news. Authors Bianca Kuijper and Kimberly Tan Majure dive into the discussion and use developments in particular areas of tax transparency to highlight taxpayers’ engagement with these stakeholders and unpack opportunities for corporate tax departments:

  1. Taxpayers & Governments
    • Electronic Invoicing
    • Global Minimum Tax
  2. Taxpayers & Advisors
    • Mandatory Disclosure Regimes
  3. Taxpayers & External Stakeholders
    • Public Country-by-Country Reporting
  4. Taxpayers & Internal Stakeholders
    • Whole Company Engagement

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