How Four Trends Are Driving Changes To Accounting And Tax Worldwide
Jurisdictions worldwide are creating faster and more efficient accounting and tax laws and systems to attract multinational business - but who is doing what, how and at what speed?
TMF Group's Global Business Complexity Index Accounting and Tax Report 2019 - featuring research that spans 76 jurisdictions - outlines the trends affecting accounting and tax regulations and processes and how they are playing out on the ground in key territories.
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Digitisation
Technology is improving efficiency and transparency. Digital channels for accounting and tax filing, data matching and auditing is on the rise around the globe. However, paper-based transactions remain common in many jurisdictions.
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Harmonisation
Most jurisdictions have aligned with international standards and practices, including country-by-country reporting and transfer pricing rules. Local GAAP (Generally Accepted Accounting Principles) is still more prevalent than IFRS (International Financial Reporting Standards).
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Changing relationships between authorities and businesses
Tax authorities are adjusting the rules governing business operations in a bid to create business-friendly environments. While audits are compulsory for all businesses in only 17% of jurisdictions, most jurisdictions enforce strict penalties for companies that do not comply with tax regulations.
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Evolving tax policy
Many jurisdictions are adjusting taxation to raise additional revenue, 'nudge' societal behaviours and create alignment with international norms. For example, Qatar and Bahrain are in the...
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