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Tax risk
on the rise

The amount of tax that went uncollected in the UK in 2010–11, according to
HM Revenu...
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Tax risk on the rise

Tax risk and controversy have never been higher on the corporate agenda.

Governments around the world are battling to control their public finances. They are working hard to raise tax revenues, close loopholes and share information that will lead to better compliance.

To find out more, visit: http://tmagazine.ey.com/issue/issue-10/

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Tax risk on the rise

  1. 1. Tax risk on the rise £32,000,000,000 The amount of tax that went uncollected in the UK in 2010–11, according to HM Revenue & Customs (HMRC), slightly up from £31b the year before US$385b The amount in US$ expected to be recovered by Foreign Account Tax Compliance Act (FATCA) over 10 years; the cost of FATCA compliance for some large firms is estimated at between US$70m and US$100m 207 The number of General Anti–Abuse Rule (GAAR) cases concluded in 2011, as reported by the Chinese tax authority, which resulted in around US$24b in taxes being collected New sources of tax risk Tax administrations around the world become more rigorous 92% ! Increased pace of legislative change Growing disclosure and transparency requirements The percentage of China-based companies that have seen a rise in the number or rigorousness of tax audits in the last three years ? Expansion in emerging markets A new breed of tax activism has emerged 200% £40m The maximum penalty, as a percentage of tax underpaid, that Italy has the power to levy on companies falling foul of anti-avoidance legislation The amount one UK corporation was forced to pay in back taxes and penalties for failing to accurately report home-paid income The percentage of India-based companies that have experienced stricter disclosure and transparency requirements in the last two years US$350b The latest estimate by the Internal Revenue Service of the amount of tax that is underpaid in the United States 85% 800+ The number of bilateral tax information exchange agreements that have been signed since 2009 as part of the Organisation for Economic Co–operation and Development (OECD)’s Global Forum on Transparency and Exchange of Information for Tax Purposes Companies experiencing an increase in the number or rigorousness of tax audits in the last two years 73% 57 All companies 75 Tax directors of US$5b+ revenues The percentage of business leaders who think that operating in emerging markets significantly increases their levels of tax and tax controversy risk 57 US$3b+ revenues 69 Americas 60 BRICS 52 EMEIA 48 Asia Source: HSBC Expat Explorer 2011, Atlas Corporate Relocation Survey 2011, Ernst & Young Global Mobility Effectiveness Survey 2011, EIU ; Up or out: Next moves for the modern expatriate 2010; graphic: Käthi Dübi Tax audits and public debt Even if all the tax associated with open cases were to be collected by the tax authorities, this only represents a small portion of public debt Country Tax claimed in cases Percentage of not finalized at year-end* public debt Canada Indonesia Korea US Mexico New Zealand Czech Republic C$14,780m IDR16,134,468m 2,900,129m US$64,623m MEX$25,677m NZ$163m K�2,538m 1.16% 1.0% 0.81% 0.52% 0.48% 0.33% 0.20% *2009 For the latest tax news and insights, please visit: ey.com/tmagazine © 2013 EYGM Limited. All Rights Reserved. ED none.