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© 2003 KPMG Taxes E-taxation: Opportunities for multinational enterprises Status and issues Geneva, 6 June 2003 Reiner Denner, Tax Partner Gilles Ronchi, Tax Senior Manager
3 © 2003 KPMG Taxes Agenda Introduction E-taxation Current developments in E-taxation for enterprises Example: E-filing in the United States of America Expectations of multinational enterprises of an efficient e-taxation system Withholding tax Direct taxes Important issues for multinational enterprises Discussion Questions (VAT issues are covered seperately)
4 © 2003 KPMG Taxes Introduction E-taxation The development of the Internet has created new opportunities and risks for multinationals enterprises such as: –Global markets / global competition: E-taxation reduces discrimination of internationally active enterprises, allows direct support at the trading level, e.g. for VAT and customs purposes –New ways of communication between enterprises and tax authorities including cross border –Electronically supported working processes –Centralized cash / tax payment management –Management of assets and liabilities based on international accounting standards –Dependency on international standards of the internet and electronic devices
5 © 2003 KPMG Taxes Current developments in E-taxation for enterprises Tax authorities started homepages on which different services are provided –Registration support services –Direct tax (e.g. Ireland, Singapore) –VAT (e.g. Ireland, South Africa, GB) –Withholding / payroll tax (e.g. USA) –Customs duty (e.g. NL) –E-signature (granting, issuing and acceptance) –Forms/Tax Payments –Downloads of tax forms (many OECD countries) –Online filing of forms (Singapore, USA) –E-payments for tax duty (generally all countries with e- invoicing regulations)
6 © 2003 KPMG Taxes Example: E-tax filing in the United States of America IRS e-file for Business – Electronic Filing and Payment Options for Businesses – Employment Taxes (Forms 940 & 941) – Partnership Returns (Form 1065) – Estates & Trusts (Form 1041) – Filing Information Returns Electronically (FIRE) – Corporations, Forms 1120/1120S e-file (beginning 2004) – Exempt Organizations, Forms 990/990EZ e-file (beginning 2004)
7 © 2003 KPMG Taxes Expectations of multinational enterprises of an efficient e-taxation system High security/protection level on both sides, company level and tax authorities level Cost neutral respectively optimizing administrative costs Cash neutral respectively optimizing cash flow/tax payments Part of the centralized cash management Fast reimbursement of withholding taxes Avoidance of interest costs Standardized interfaces (if possible also on international basis) Flexible access to data base since online available Automation of the declaration Efficient processes
8 © 2003 KPMG Taxes Withholding tax I Expectations of multinational enterprises Forms / Process –International standardized forms/processes –E-filing of the specific country forms –All processes need to be on a high security/protection level on both sides, company level and authorities level –Efficient process Declaration –Implementation in ERP-System –Automatic completion of forms
9 © 2003 KPMG Taxes Withholding tax II Expectations of multinational enterprises Withholding tax reclaim process –E-transmission to one tax authority –Automatic approval and settlement between different tax authorities –Reimbursement by one tax authority –Introduction of notification procedures for any dividends, interest and royalty payments
10 © 2003 KPMG Taxes Direct taxes I Expectations of multinational enterprises Registration –Easy online registration –Fast and secure confirmation of (the direct tax number) E-signatures Forms / Process –International standardized forms/processes –E-filing of the specific country forms Declaration –E-declaration and submission to tax authorities –International tax allocation –Implementation in ERP-System –Automatic completion of forms
11 © 2003 KPMG Taxes Direct taxes II Expectations of multinational enterprises Direct tax claim/reclaim process –Online assessment acceptance / appeal –Online payments for all taxes national/international –Online reimbursement for overpaid provisional tax duties
12 © 2003 KPMG Taxes Important issues for multinational enterprises I Security –E-signature –National / international laws –Implementation of legal conditions considering a practical business approach –International acceptance –Data security –Tax secrecy –Secure transmission –Legal storage requirements
13 © 2003 KPMG Taxes Important issues for multinational enterprises II E-taxation systems –Efficiency –Uniformity –Forms in different countries –System in different countries –Clarity –Integration in current programs and systems –Interfaces –Flexibility regarding regional / national distinctions
14 © 2003 KPMG Taxes Important issues for multinational enterprises III Business secrecy –Discrepancy on available data base between different departments, i.e. Accounting department vs. Tax department vs. Management –Data storage –Authorization / Access within companies / groups / PEs –Internal / external firewalls Within countries –State of laws, technique –Administrative procedures –Stability of politics
15 © 2003 KPMG Taxes Questions
16 © 2003 KPMG Taxes Contact Reiner Denner Tax Partner KPMG Fides Badenerstrasse 172 P.O. Box 8026 Zurich Telephone++41 - 1 - 249 24 40 Fax++41 - 1 - 249 23 55 email@example.com Gilles Ronchi Tax Senior Manager KPMG Fides Badenerstrasse 172 P.O. Box 8026 Zurich Telephone++41 - 1 - 249 27 85 Fax++41 - 1 - 249 23 55 firstname.lastname@example.org
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