This Informational Gift will increase the success of every CEO, CFO And Head Of Tax who is proactive with this message.
The G7 just agreed to a 15% minimum corporate tax rate. You may have been in your Executive role 2 months, 2 years, or 20 years. What I am about to share with you is an informational gift that will help you get it right, give you job security, and place you ahead of competitors.
For more than three decades, corporate clients have stayed in contact with me because they know my reputation for searching for and finding the very best tax experts around the world. The discussions I have with leading tax experts are extraordinarily valuable!
The G7 Agreement to a 15% minimum corporate tax rate will turn Corporate Executives (CEOs, CFOs, Head of Tax) lives upside down.
A retired Tax Partner of an international law firm, a former CPA with a national accounting firm, and a Head of Tax of a multinational corporation, who never lost an IRS transfer pricing controversy, told me recently what this means for companies and CFOs. He stated that multinational company transfer pricing methodologies will now be exposed for shifting profits and claiming certain functions are performed in countries they are not. He said companies are kidding themselves if they are unaware of their transfer pricing exposure. The G7 agreement to a 15% tax is a minimum tax and it is an advance tax payment against future taxes. It is not an add to tax but in essence an advanced tax payment.
Multinational corporations are big targets for transfer pricing audits. The governments will likely want to keep this newfound advanced tax payment! Governments understand transfer pricing has been an underused source of tax revenue. These countries are about to have a picnic at your company expense adding billions of dollars in tax revenue to their coffers through transfer pricing advance tax payments.
The IRS has issued advice for over a year now around improving self-assessment and preparing better documentation. When I asked this retired tax lawyer (his bill rate was $1,000 per hour) what every CFO should do now, he stated “multinationals need to focus on transfer pricing”. Furthermore, he stated “artificial Intelligence(AI) has improved the efficiency of information not only for companies but for the IRS to spot issues in your transfer pricing methodologies.”
What should you do to ameliorate transfer pricing risk?
Knowing this lawyer won every transfer pricing controversy case he ever represented, I asked him his special secret to winning every transfer pricing case in his tax career. You will learn this secret including important technical skills required in every inhouse tax role today. I will be happy to share this information with you. My advice is to add transfer pricing and tax expertise now to save your organization from imminent tax increases!
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