Tax controversies, while not uncommon, are increasing according to Ernst & Young survey.
TORONTO – Tax controversies between companies and the Canadian tax authorities are not uncommon, and are increasing, according to Ernst & Young’s latest Canadian tax governance survey.
“As many tax administrations adopt more aggressive audit approaches toward large multinationals, it’s critical that companies with global operations stay informed of ongoing tax developments at home and abroad, and bring leaders up-to-speed,” says Fred O’Riordan, national advisor of tax services at Ernst & Young. “While Canadian companies are doing a good job of paying more attention to tax risk management, many are still falling short when it comes to increasing the awareness of tax risk in non-tax business units, managing foreign tax risk and improving reporting protocols to boards of directors, audit committees and the C-suite.”
The Canadian tax governance survey reviews the level of tax risk awareness among all departments in organizations, highlights the business areas that cause concern when managing tax risk, identifies potential areas for improvement to minimize tax risk, and reveals organizations’ tax priorities and plans for 2013.
Highlights of the survey include: