Companies should be up-front on tax affairs, say readers
Companies must ensure they are transparent on their tax position if they don't want their affairs scrutinised, say readers
Companies must ensure they are transparent on their tax position if they don't want their affairs scrutinised, say readers
COMPANIES NEED TO ENSURE the public, media and governments understand their tax position through greater transparency, according to Accountancy Age readers.
This month, Ernst & Young warned in a report that detail disclosed by companies must be adequately explained in order to deliver greater understanding to stakeholders. Measures such as country-by-country reporting could instead produce a potentially significant administrative burden and cause businesses to “divulge commercially sensitive information”, it said.
But of the 61 readers polled by Accountancy Age, 50 – some 82% – disagreed, noting that without greater transparency, companies will continue to attract public, media and governmental scrutiny. The remaining 11 held concerns that releasing further information may not contribute towards any wider understanding of businesses’ tax affairs.
In the report, E&Y’s managing partner for tax in the UK and Ireland observed that “by seizing the initiative now”, companies can “positively inform and influence the debate”.
Since the release of the report, Dixon has appeared before the Public Accounts Committee alongside Google vice-president for Northern Europe Matt Brittin.
During the hearing, Brittin was roundly criticised by the committee for drumming up business in the UK before completing the deals in Ireland, driving down its UK tax bill.
More about:
The numbers you crunch tell a story. Your expertis...
11yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleWith proposals for an Amazon tax on the table, how can the UK tax system catch up with the implications of the Fourth Industrial Revolution? Read More...
View articleGlobal corporations are under increasing scrutiny over how much corporation tax they pay. So who are the latest big names hitting the headlines over t...
View articleThe EU is deeply divided over how to increase the tax take from tech giants such as Google, Apple and Amazon, who have recently come under fire for be...
View articleTo avoid falling foul of HMRC's tax crackdown, small businesses now have to be much more vigilant when it comes to tax matters, and it's an ideal oppo...
View articleLaw firm warns that HMRC focus on entrepreneur’s relief could prompt increase in avoidance scheme usage Read More...
View articleDiverted profits tax revenue collected by HMRC in 2016-17 totalled £281m, leaping from £31m collected in the previous year, according to data released...
View articleBillions of pounds of infrastructure investment planned; but tax tinkering still looms following Philip Hammond's first Autumn Statement Read More...
View articleAs advisers prepare for another Autumn Statement, they and their clients hope to avoid the grip of more red tape Read More...
View article