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National Internal Revenue Code of 1997 5th Edition
Today, it can be more or less instantaneous – creating a new set of opportunities and threats. Digital platforms allow companies to build and scale using teams based anywhere in the world. As a result tech companies are going global from day one. A new wave of support services is also helping tech firms expand across borders. For example in order to manage the complexity of operating across borders, tech companies are increasingly outsourcing back office functions such as tax, compliance, legal, and HR. Tech companies can simply 'switch-on' a back-office team as they enter new jurisdictions.
The way in which companies markets and sells its services can also have tax implications. Therefore, one thing is clear – tax matters, and ambitious tech companies need to develop a tax strategy that can keep pace with their growth aspirations. Shifts in attitudes and increased scrutiny The climate for what is considered acceptable in tax planning has shifted considerably over recent years. Technology firms – especially large multinationals – have suffered their fair share of criticism. Negative PR can hurt technology giants, but it has an even greater impact on firms still expanding and building their reputations. And tech companies are not just risking their reputations when it comes to tax. The OECD's base erosion and profit shifting (BEPS) project is creating new rules to outlaw and penalise artificial tax avoidance strategies. The project aims to address inconsistencies between different jurisdictions in their approach towards transfer pricing. The first action in its plan is to "address the tax challenges of the digital economy" – including where and how to tax new digitally enabled business models.
Stefano Salvadeo was interviewed on Focus Economia di Radio 24 recently to discuss some positive indicators regarding M&A activity in Italy.
Thinking outside the Big Blue box. Scott Barnes responds to UK Competition Commission proposals.
Reviewing the Q2 International Business Report (IBR[1]) results, I was pleased to see some good news for construction & real estate companies: Profitability expectations around the world are up. However, my optimism is tempered somewhat by recent news from China and it will be interesting to see how businesses react in Q3.
The brightening outlook for Spain. Rising exports amongst reasons to be optimistic
At a time when China and the EU are arguing over solar panel subsidies and shale gas has revolutionised the US – and perhaps soon the global – energy market, I was encouraged to see the general optimism amongst cleantech businesses in the Q2 update from our International Business Report (IBR).
