The need for tax leaders and their tax functions to closely collaborate with CFOs, other C-suite executives and the Board will intensify due to compliance requirements related to the OECD’s Base Erosion Profit Shifting (BEPS) action plan.
That was one of several key themes to emerge at last week’s panel discussion, “Lifting the Veil on the G20 BEPS and Tax Transparency Process,” hosted by Vertex and Drexel University's LeBow College of Business. The theme of collaboration was fitting given that the panel itself was the product of collaboration among leading tax thinkers. Panelists included Institute for Austrian and International Tax Law Professor, Dr. Jeffrey Owens; Drexel University School of Economics Assistant Professor, Dr. Sebastien Bradley; former PwC Vice Chair, Global Tax, Rick Stamm; and Vertex CEO and Co-Owner Jeff Westphal.
The purpose of the event was to provide a global perspective on BEPS and other recent changes in the tax landscape while offering insights on how these shifts will influence trade and investment. The panelists agreed that rising tax complexity marks a growing challenge. Dr. Owens, who is also the former head of the OECD’s Centre for Tax Policy and Administration, encouraged tax professionals to consider ways to deploy automation as a means of combatting complexity.
Tax automation along with the tax function’s deeper collaborations with the executive team and the Board can help companies take control of the stories that their BEPS-related country-by-country reporting requirements will convey to each tax jurisdiction.
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