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EUROPE Q&A
N O R T H S O U T H E U R O P E & M I D D L E E A S T ( N S E & M E )
how these changes are accommodated and administered. Digitisation
will be critical in helping us and our clients respond to these increased
demands.
How would you describe the tax controversy landscape in your
region/jurisdiction?
For the most part, across our region it remains quite complex. In territories
where there are developed regulatory bodies, we’re seeing an increase
in tax disputes. The impact of this means clients need specialist
support to help them through these challenges. This is a highly complex,
high risk but high value area of work for advisers and we have a
market leading suite of services designed to support clients at all stages
of the controversy lifecycle from pre-dispute through to litigation.
Do you expect tax procedures in your region to move towards
common standards or diverge in the future?
As a result of the work being undertaken by OECD, around Pillar 1
and 2, we do expect more common standards being introduced across
the region. However, the COVID-19 crisis is also likely to see countries
taking a national approach, implementing specific domestic
measures in order to offset the debt arising from the pandemic.
Is the global drive towards regulation going to affect tax
practice? If yes, in which areas?
Tax authorities, the OECD and others are all driving towards increased
real time reporting, transparency and disclosure resulting in
more companies needing to be transparent about their tax affairs.
Whilst the business community and general public at large are likely
to have greater visibility of organisations’ tax affairs, this does not necessarily
translate to an increase in understanding or appreciation of
the role tax plays within an organisation and its contribution to society.
This will likely mean that more challenge is placed on businesses
to explain their tax affairs to tax authorities and stakeholders more
generally and they will need support in doing that.
What do you see as direct impact of COVID-19 in your practice?
We are seeing a shift of activity to those projects which can conserve
or yield cash for the business. We are also seeing some acceleration of
compliance work to make sure companies satisfy their compliance
obligations despite the resourcing challenges at present. Legal services,
employment law, distressed transactions/restructuring,
refinancing/cash flow/liquidity are areas in which we’re seeing an
uptick. Industries are being impacted, with both negative and positive
effects on sectors within. More so now than ever we recognise the
need to stay close to our clients, to help them navigate the respond,
recover and thrive stages. We’ve innovated and are developing ways to
engage and interact with clients through virtual workshops and
Greenhouse Lab propositions, as well as thinking differently to how
we share content with our clients and the external market. Traditional
face-to-face large-scale conferences are being replaced with smaller,
community based, targeted virtual round table discussions, using a
range of different technologies to ensure the best client experience.
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