ONLINE STORE 
 
    Welcome Guest     SIGN IN |REGISTER
Australia    
     Search options
 
CCH Media Releases :
sqr 2014
sqr 2013
sqr 2012
sqr 2011
sqr 2010
sqr 2009
sqr 2008
sqr 2007
sqr 2006
sqr 2005
sqr 2004
sqr 2003
sqr 2002
sqr 2001
top
Quick Links
 
CCH Calls for New Government Focus and Initiatives to Address Taxation Administration to Reduce Levels of Uncertainty and Enhance Organisational Productivity
 

Ongoing Taxation Act amendments prove an overwhelming challenge from reporting and cost of compliance perspective as tax specialist sees need for greater detail and certainty for legislation moving forward

Sydney, 26 August 2013 - CCH, a Wolters Kluwer business and global leader in tax, accounting and audit information, software and services for professionals today called for new government focus and initiatives to address taxation administration. With taxation reform primarily focussed on policy development, CCH is encouraging a renewed focus and commitment to streamlining the administration of policy changes based on a set of industry standards developed by government. This would provide greater clarity for the interpretation of policy changes and relieve the onerous and costly burden of compliance for Australian corporates.

“Currently there is an overwhelming focus on taxation policy change with a corresponding lack of attention to taxation administration,” outlined Tony Katsigarakis, Regional Director Client Development for CCH’s Corporate Reporting Solutions. “This is the message that we are hearing from hundreds of tax managers around the country and it has reached a crucial point. With the regulator itself setting targets for improved processes and greater access to internal corporate data, a clear industry standard delineated by government is clearly needed.”

In two consecutive industry surveys, CCH has found that administration changes in reporting, compliance and cost of compliance for Fringe Benefits Tax and Profit Shifting were of concern for business.

In the CCH 2013 Fringe Benefits Taxation Survey, respondents highlighted a contradiction in a high level of confidence in meeting compliance requirements with high concerns regarding internal processes, costs of compliance and internal knowledge levels.  The most recent CCH survey, 2013 Transfer Pricing Survey, shows that 86% of survey respondents confirmed they expect compliance costs to increase. Of this group of respondents over 80% were uncertain as to how much compliance costs will increase, with answers ranging from 20% to 60% to simply unknown.

Katsigarakis continued: “We need to incorporate the tax policy settings into the legislation process in order to create greater certainty and reduce the impact on corporate tax payers. This approach to removing the guesswork has been successfully implemented across other recent financial services industry initiatives and there is a real need and demand to address productivity burdens.

“We encourage government to undertake an industry-wide taxation compliance and reporting review with a view towards setting standards for improving certainty and reducing costs of compliance. We believe it is time to address these issues as the ongoing  development of the tax revenue system will continue to add reporting requirements for management teams in the future for some time to come,” he said.

Katsigarakis outlined advice for government to streamline taxation administration:
  • Review the administration processes of existing taxation legislation and consult with industry working groups on streamlining the interpretation and reporting compliance processes to provide greater certainty on reporting processes.

  • Automatically incorporate policy and administration changes for impending taxation legislation to minimise the impact of reporting and compliance for Australian corporates.

  • Government to provide clear detail and certainty for all legislation moving forward, removing the need for taxpayer interpretation  based on limited information.

/Ends


For more information, please contact:

Greg Conway
Senior Communications Coordinator, Wolters Kluwer Asia Pacific
T: +61 2 9857 1886 | Mb. +61 (0)408 290 412 | greg.conway@cch.com.au

Tony Katsigarakis
Regional Director Client Development, CCH Corporate Reporting Solutions,
Wolters Kluwer Asia Pacific
T: +61 2 9857 1350 | tony.katsigarakis@cch.com.au

Cathryn van der Walt
12 Worlds on behalf of CCH
T: +61 (0) 402 327 633 | cathryn@12worlds.com

About CCH, a Wolters Kluwer business
CCH (www.cch.com.au) is part of Wolters Kluwer, a market-leading global information services company focused on professionals with annual revenues of (2012) €3.6 billion ($4.7 billion) and approximately 19,000 employees worldwide. Please visit our website or follow us on Twitter, LinkedIn or Facebook for more information.

Forward-looking Statements
This press release contains forward-looking statements. These statements may be identified by words such as “expect,” “should,” “could,” “shall,” and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; behaviour of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer’s businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

 
 
Print     Email     Feedback
   
box