Technology Solutions In A Post-BEPS World

There has been a complete paradigm shift in global taxation with the rise in audit risks caused by new global initiatives like the OECD’s BEPS Project.
JD Choi, CEO at Tax Technologies and TPA Global Member, explores the technology solutions that should be administered to mitigate these audit risks in a post-BEPS world.

The implementation of the OECD’s BEPS Project represents a fundamental change in taxation from the legalistic approach, under which tax minimisation is a generally accepted practice, to the fairness based approach where tax liability in each country should be a fair representation of the economic activities in that country.

This shift will cause disagreement on what constitutes fair taxation across countries and result in double taxation through concurrent multinational audits on cross-country economic activities. Integrated technology solutions will allow companies to adequately prepare for multinational audits by being able to quantify fair allocations of tax amounts that are acceptable to the auditors across countries. The same technology solution should also allow companies to collaborate across concurrent audits so the companies can reduce the risk of double taxation.

Download the complete article    TPA BEPS Desk

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