The importance of rethinking tax policies to meet the changing requirements of the digital age
LONDON, Sept. 12, 2018 (GLOBE NEWSWIRE) -- In the digital era, tax authorities are aggressively pursuing new ways of capturing revenue. While new digital economy taxation proposals put forward by the Organisation for Economic Cooperation and Development (OECD) and the European Commission (EC) are aimed at a handful of US tech giants, their adoption would force many multinational companies to re-evaluate existing business models.
These proposals will begin to impact more companies as they undergo digital transformations and derive greater value from their data assets and digital transactions. For this reason, business and tax leaders should already be planning for both the immediate and long-term future with these potential changes in mind, writes Vertex in an exclusive article for World Finance.
Companies have worked for decades to invest in their systems so that they comply with current tax rules, but if enacted the proposed changes could spark a major disruption.
If organisations fail to put adequate plans in place and a multilateral solution is not achieved, double or even multiple taxation could be a very real possibility. During this time of uncertainty, the management of tax data is becoming more important than ever.
To find out more about how strategies, processes and supporting technologies within tax functions need to be re-evaluated to accommodate these changes, check out an exclusive article by Vertex’s Chief Tax Officer Michael Bernard and Executive Vice President John Viglione in the latest issue of World Finance, available in print, online and on tablet now.
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