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Local tax practices remain a strong influence

30 September 2019
Issue: 4714 / Categories: News
Accounting and tax professionals working for multinational businesses will continue to face significant challenges as the trend for greater harmonisation in global compliance and regulation fails to gather pace a report by TMF Group reveals.   

The TMF Group Accounting and Tax Report part of the 2019 Global Business Complexity Index which analysed 76 different jurisdictions worldwide in terms of ease of doing business revealed that while ‘small steps’ were being taken towards global conformity local tax and accounting practices remained a strong influence on business decisions and operating models.

The findings show that while 77% of jurisdictions have implemented laws which align with the Organisation for Economic Co-operation and Development’s base erosion and profit shifting initiative in just over half it is still the norm to use local generally accepted accounting practices.

The report also found that in 67% of jurisdictions there is a zero-tolerance policy towards...

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