GTC for Boards | GTC Community
GTC for Boards

Managing Boards of companies with international operations will find that tax is now an item on their agenda, since

  1. BEPS has enhanced the corporate information on taxes accessible by tax authorities, placing companies at a higher risk of disputes and potential double (or even triple or quadruple) taxation
  2. Additionally, the post-BEPS environment is making governments file personal liability claims against multinationals’ representatives/advisors AND
  3. BEPS is often triggering a significant reputational impact as well. Based on the reaction of tax authorities seen today, a wilful/fraudulent BEPS outcome could easily lead to a few years behind bars.

Boards and audit committees are therefore recommended to:

  • Take a structured approach to their global tax risk management;
  • Have a written version of their global value chain;
  • Make sure their storyboard on taxes is synchronized across countries;
  • Have sound and implemented corporate governance policies in place for taxes;
  • Deal with personal liability issues upfront;
  • Agree on communication standards to all stakeholders.