Tax relief for business
During a catastrophic year for businesses because of the pandemic, some jurisdictions provided relief that included delayed filing deadlines, deferred collection of some taxes, and a pause in audit and litigation activity, as well as a stimulus.
However, the economy was extremely hurt, with big fiscal deficits, unemployment, and tax challenges. So, what to do now?
Tax risk assessment, tax risk management, and tax audit management; are the three distinct solutions that the EY Tax controversy department of the future approcheas.
“The tax environment is shifting faster than ever before and only a limited window of opportunity exists to prepare before several key trends. Companies should be careful to not let the window close upon them.”
Brief
- Administrative relief
- Higher tax burden and resume robust enforcement
- Transfer pricing, worker mobility issues, treatment of losses, and use of stimulus measures are big concerns
“By eliminating reduced rates or exemptions, governments and authorities will broaden the base of VAT. They will also apply more scrutiny to what they’re seeing from taxpayers.”