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We all know that budgets are stretched, but despite this our clients are still focusing hard on operational taxes. Now more than ever there is significant push/pull to get it right. Interested parties include investors, regulators, accounting authorities, tax authorities and directors.  
Taking each in turn:  
  • Investors are demanding fund performance and tax compliance; 
  • Regulatory authorities (via Mifid II) are setting increased disclosures for transaction taxes; 
  • The FRC is pushing for greater disclosure in uncertain tax positions (via IFRIC 23); 
  • HMRC has recently introduced criminal sanctions for corporate tax avoidance (via the new criminal corporate offence); and 
  • Directors are increasingly becoming aware of the performance and reputation risk associated with tax.