eTail West: The Virtual Summit & Expo for E-commerce & Omnichannel Innovators
The Virtual Summit & Expo for eCommerce & Omnichannel Innovators
“Uncertain” or “risky?”
It seems possible at least one of those terms will be considered for the “word of the year” announcements that various linguists and dictionary publishers release at the end of each year. In late 2018, for example, Oxford Dictionaries selected “toxic,” Dictionary.com chose “misinformation” and the Cambridge Dictionary went with “nomophobia” (ten points if you know what that means!).
Risk and uncertainty are certainly terms tax executives and their leadership teams should be aware of in 2019 as they navigate a highly fluid and unpredictable global tax landscape. The uncertainty stems from Brexit, moves to tax digital companies’ revenues, the increasing likelihood of real-time taxation requirements and the implications of new tariffs, as well as the unforeseeable and unintended consequences of these and yet to be enumerated new fiscal policies.
Here are three anticipated global tax issues my colleague, Vertex Chief Tax Officer Michael Bernard, and I identified—in our recent FEI Daily article – as important to monitor during the coming year:
To comply with real-time reporting requirements, companies must be able to calculate the right tax almost immediately, making automated tax technologies and the ability to quickly and accurately collect tax data increasingly important. To be prepared for all of the changes coming down the pike in the next 12 months, tax leaders should work with the C-suite in evaluating these risks and developing an effective plan in response. Preparedness and information symmetry across any enterprise is key in today’s multi-faceted international tax ecosystem.
And in case you’re still wondering, Nomophobia describes the fear of being without your phone – it’s a mashup of the words “no,” “mobile” and “phobia.”
Please remember that the Tax Matters provides information for educational purposes, not specific tax or legal advice. Always consult a qualified tax or legal advisor before taking any action based on this information.
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