CORRECTION - KPMG International: Making Tax Complexity Simpler at KPMG’s EMEA Tax Summit
By Kpmg International, PRNETuesday, June 28, 2011
AMSTERDAM, June 29, 2011 -
In the news release, “Making Tax Complexity Simpler at KPMG’s
EMEA Tax Summit” issued on 29 Jun 2011 07:30 GMT, by KPMG
International over PR Newswire, we are advised by a representative
of the company that the figure in the subheadline and third
paragraph, the figure should be 55 percent; while in the 5th
paragraph, the third sentence should read: “Twelve percent either
disagree or strongly disagree.” instead of what was originally
issued inadvertently. Complete, corrected release follows:
- 59 Percent of Summit Attendees Look for
More Consultation Between Tax Payers and Tax
Administration
Around the world the pace of change in tax policy, legislation
and regulation is complicating the business environment in which
tax professionals’ work. Commenting on these challenges, one-on-one
video interviews with KPMG firms’ tax professionals, available at
href="www.kpmg.com/taxviews">www.kpmg.com/taxviews
seek to cut through this complexity and deliver practical ideas and
approaches to help businesses address the key issues.
In Amsterdam today and yesterday, over 600 senior tax
professionals from over 40 countries met at KPMG’s Europe Middle
East and Asia (EMEA) Tax Summit to discuss the increasing
complexity and mounting challenges they are facing.
In a real-time poll, 59 percent of the tax professionals at the
Summit said that to minimize tax complexity, tax administrations
need to consult more with multinational tax directors to improve
processes and joint working.
One way proposed in the EU to improve process includes the
Common Consolidated Corporate Tax Base (CCCTB). CCCTB is a system
of standardized rules for computing the tax base of a corporate
group which has subsidiaries and/or permanent establishments in the
EU. The CCCTB allows a group of companies to consolidate their
profits and losses across the EU. This consolidated figure is then
allocated by means of an apportionment formula to the relevant
Member States. The Member States apply their own national tax rates
to this allocation to calculate the tax liability.
When Summit tax professional were asked, as a corporate tax
payer, if they would like to see the CCCTB implemented 36 percent
had mixed views. Twenty-two percent agree and a further 18 percent
strongly agree. Twelve percent either disagree or strongly
disagree. The poll also found that 29 percent strongly agree
and 30 percent agree that they do not believe that the CCCTB will
be implemented in any meaningful form before 2025. Twenty-seven
percent disagreed.
“Complexity is a fact of life but we can all get a little
smarter in how we deal with it,” says Wilbert Kannekens, KPMG’s
Head of International Corporate Tax. “To get through the complexity
companies need to have clearly articulated policies on their
attitudes towards tax, they need to engage more and cooperate with
authorities-and this goes both ways. At the end of the day they
need accurate and transparent processes and controls which the
stakeholders ultimately look at.”
For more information, and to view the one-on-one interviews,
please visit
href="www.kpmg.com/taxviews">www.kpmg.com/taxviews
About KPMG
KPMG is a global network of professional firms providing Audit,
Tax, and Advisory services. We operate in 150 countries and
have 138,000 people working in member firms around the world.
The independent member firms of the KPMG network are
affiliated with KPMG International Cooperative (”KPMG
International”), a Swiss entity. Each KPMG firm is a legally
distinct and separate entity and describes itself as such.
James Bigg - Edelman - Tel: +1-416-849-2496 - Email:
james.bigg@edelman.com
James Bigg - Edelman - Tel: +1-416-849-2496 - Email: james.bigg at edelman.com
Tags: Amsterdam, June 29, Kpmg International, Netherlands