The OECD Tax Administration division, under the chairmanship of South African Tax Commissioner, Pravin Gordhan, has recently released an OECD report investigating the overlap of various tax administration systems in 43 countries, and the similarities are remarkable. What does this mean to Taxpayers?
The obvious advantge is that you can expect similar treatment in the 43 countries in the approach of tax administrators to verification audits and the follow up tax administration review procedures: both areas being the source of significant tax risk especially to large taxpayers in those countries. A recent review of 15 of those countries delivered a completed verification audit exposure only to large taxpayers of some $ 41 bn!! That is significant.
Special processes should be implemented to manage the interaction with tax administrations, especially for large multi-national taxpayers. If you are interested in our blueprint, email firstname.lastname@example.org .
For more information, visit the website of the OECD and download the report.