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NEW YORK, Feb. 5 /PRNewswire/ -- What are today's most complex and time-consuming international tax planning issues for corporate tax departments? Thomson Tax & Accounting, a segment of The Thomson Corporation (NYSE: TOC; TSX: TOC), held a teleconference with a panel of expert members from Tax Executives Institute (TEI) recently to discuss these challenges for their tax departments. TEI is the preeminent association of business tax executives in North America with nearly 7,000 members who represent 3,200 of the leading corporations in the United States, Canada, Europe, and Asia. The panel consisted of TEI members whose companies have substantial international operations.
"VAT, withholding, sourcing, thin capitalization, permanent establishment, apportionment, and tax credits have been challenges for tax executives for years. FIN 48 issues are newer but now provide a complicating overlay to many problematic tax planning and compliance issues," says Timothy McCormally, executive director, TEI.
Linda Scheffel, Thomson Tax & Accounting Vice President and Publisher for Research & Guidance, observed: "The number and diversity of jurisdictions that these TEI experts work in, seems to be a significant factor. Simply stated, they are faced with many differences in rules, changes to those rules, and planning opportunities and pitfalls."
The issues that the TEI panel found most challenging, despite their significant expertise, were:
-- Non-US transfer pricing rules and documentation requirements,
especially relating to countries that use secret comparables;
-- US transfer pricing rules, most notably transfer pricing exposures
under FIN 48;
-- FIN 48/Risk Control, involving the effective capture, measurement,
reporting and updating of all material international tax issues;
-- Treaty issues (US and non-US), including emerging issues related to
server locations;
-- International tax and accounting aspects of stock-based compensation;
-- Tax management issues, including monitoring of law changes across
multiple jurisdictions; the policing of risk management policies, and
education of and communication with regional tax teams;
-- Contract manufacturing issues;
-- China-specific tax issues;
-- Foreign exchange issues;
-- Conversions of business form, especially from branches to CFCs;
-- Foreign tax credits;
-- VAT in cross-border transactions;
-- Taxable presence of individuals in other countries;
-- US expatriate taxation;
-- US withholding;
-- Sourcing of income and apportionment of expenses;
-- Deductibility of overhead related to out-of-country operations/projects
in other countries; and
-- Worldwide thin-capitalization issues.
Thomson Tax & Accounting is a preeminent source of information and up-to-the-minute guidance on international tax issues including transfer pricing. The firm offers a wide range of resources on Checkpoint(R), the industry-leading online research platform. An in-depth article covering this TEI panel discussion of international issues will appear in the March 2008 issue of the Journal of International Taxation.
According to Scheffel, "Subscribers to Checkpoint are able to research these issues on Thomson Tax & Accounting's industry-leading international tax product, which enables professionals to save research time by providing all-in-one access to a great deal of expertise through WG&L's Journal of International Taxation, WG&L's International Taxes Weekly, WG&L and RIA research, WG&L workpapers, U.S. treaties and treaty explanations, non-U.S. treaties translated by IBFD(TM), non-US statutory translations for over 100 countries, Create-A-Chart, and CompareIt."
Bijal Sheth, Vice President, Strategic Marketing, Research & Guidance at Thomson Tax & Accounting, says, "Corporate tax departments are encumbered by planning that involves laws and treaties of so many countries. To respond to multiple statutory and regulatory requirements efficiently, tax departments must leverage technology. Corporations can research challenging international tax planning and compliance issues, collaborate on analysis planning, accelerate decision making, and share knowledge quickly to minimize risks and focus on additional strategic efforts. Whether through Checkpoint, the acclaimed online research platform, or CrossBorder Solutions, the worldwide industry standard in transfer pricing compliance software, Thomson Tax & Accounting is regarded as the preeminent source of information and up-to-the-minute guidance, offering a wide range of integrated resources to manage the complex regulatory requirements."
TEI is the preeminent association of business tax executives in North America with 7,000 members representing 3,200 of the leading corporations in the United States, Canada, Europe, and Asia. TEI represents a cross-section of the business community, and is dedicated to developing and effectively implementing sound tax policy, promoting the uniform and equitable enforcement of the tax laws, and reducing the cost and burden of administration and compliance to the benefit of taxpayers and government alike. As a professional association, TEI is firmly committed to maintaining a tax system that works -- one that is administrable and with which taxpayers can comply in a cost-efficient manner.
Members of TEI are responsible for managing the tax affairs of their companies and must contend daily with the provisions of the tax law relating to the operation of business enterprises. The diversity and professional training of TEI's members enable it to bring a balanced and practical perspective to business tax and tax-related financial reporting issues.
The Thomson Corporation
The Thomson Corporation (http://www.thomson.com/) is a global leader in providing essential electronic workflow solutions to business and professional customers. With operational headquarters in Stamford, Conn., Thomson provides value-added information, software tools and applications to professionals in the fields of law, tax, accounting, financial services, scientific research and healthcare. The Corporation's common shares are listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
Thomson Tax & Accounting is a segment of Thomson and a leading provider of technology and integrated information solutions to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government. Thomson Tax & Accounting includes the Professional Software & Services, Corporate Software & Services, and Research & Guidance business groups. RIA (http://ria.thomson.com/) and PPC (http://ppc.thomson.com/) are both brands within the Research & Guidance business. InSource http://www.insource.thomson.com/ and CrossBorder Solutions http://www.crossbordersolutions.com/ are brands within the Corporate Software & Services business.
DATASOURCE: Thomson Tax & Accounting
CONTACT: Melissa Lande, 1-800-993-7600, ext. 1#, , or
Pam Bruno, +1-203-461-9409, , both of Lande Communications,
for Thomson Tax & Accounting
Web site: http://www.thomson.com/
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