In the midst of a pandemic, tax planning may be frowned upon even more than in the past, given that governments will hope to recover the trillions spent on support programmes through taxes. This is amplified by discussions in the public domain, where there is an increase in global consensus on tax hikes. As we have said in the past, the methods by which information (read documentation) and data will be collected, presented and analysed will have a significant influence on how effectively a company will journey through a tax audit in the future. Given the exchange of information between regulators, organizations must be prepared to face dialogue with tax authorities who will focus on any gaps and inconsistencies that might arise as a result of the exchange.
Businesses will be scrutinized more by watchdog organisations than by tax authorities, making reputation management a permanent fixture. All things considered, robust transparency readiness will ensure that tax data can be sourced and presented in an effective, efficient and clear manner.
Join experts from Workiva and Taxtimbre to hear how to efficiently manage transfer pricing content and increase trust throughout an operational transfer pricing process. In addition to creating one central repository of documents and files, The Workiva platform automates transfer pricing calculations of operating entities, removes the monotony of repetitive calculations while reducing duplication of work. The Taxtimbre approach has been carefully iterated upon to ensure that the design captures the parts of the OTP process which are common across industries or companies, but with enough flexibility to adapt to specific characteristics of the process workflow.
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