BERWYN, Pa.--(BUSINESS WIRE)--Vertex hosted a panel discussion on Base Erosion and Profit Shifting (BEPS) and Country-by-Country reporting (CbCR) initiatives for multinational corporations (MNCs) in conjunction with its sponsorship of the U.S. Open at Chambers Bay, the annual premier event for the United States Golf Association (USGA).
The panel featured Dr. Jeffrey Owens, Director, WU Global Tax Policy Center at the Institute for Austrian and International Tax Law, WU Vienna University of Economics and Business, who is also a recently retired Director at the Organisation for Economic Co-operation and Development (OECD); Larry Langdon, Partner and Director of Global Tax Practice, Mayer Brown LLP and former commissioner Large Business and International division (LB&I) at the Internal Revenue Service (IRS) and Vice President of Tax at Hewlett Packard; and Vertex CEO, Jeff Westphal.
During this discussion, the panel examined the implications of BEPS reporting requirements for both MNCs and revenue authorities who will have newfound access to worldwide tax reporting data.
"Transparency requirements are increasing, as is the need for standards around the exchange of tax information," said Dr. Owens. "Tax administrations will need to have the capacity to use data in an effective way, as well as achieve the right balance between tax-based service and enforcement going forward."
As MNCs continue to expand, tax authorities aim to close gaps that allow for non-taxation of income and enact new international reporting standards. "With BEPS implementation expected by 2017, multinational corporations are currently anticipating additional transfer pricing documentation and reporting needs," commented Langdon. "Due to the financial and reputational risks of non-compliance, the need for collaboration with global tax authorities will be paramount."
“We were honored to have Dr. Owens and Mr. Langdon participate in the panel discussion at this year’s U.S. Open event,” said Jeff Westphal, CEO at Vertex Inc. “Their presence offered the top tax and technology professionals and thought leaders in attendance unique perspectives on BEPS and CbCR, two significant issues that will challenge the tax industry in the next few years.”
This discussion follows Vertex's participation in an informal gathering of approximately 40 stakeholders representing government, business, policy and non-governmental organizations at the Global Tax Policy Center, Vienna University of Business & Economics earlier in 2015. The Center plays a unique role as an independent and objective body focused upon serving the continuous improvement of the global tax system and Vertex served as a technical advisor. The outcome of the two-day working session affirmed the risks and concerns as identified, and provided general agreement amongst the attendees to contribute to the process of developing a framework for collaboration as it relates to BEPS/CbC reporting.
Founded in 1978, Vertex Inc. is the leading provider of corporate tax software and services for companies of all sizes, from small to medium-sized businesses to global multinationals.
Vertex solutions enable companies to realize the full strategic potential of the corporate tax function. The company offers a variety of products and services that allow businesses to automate, integrate, and streamline their corporate tax processes. Vertex provides solutions in every major line of tax including income, sales and consumer use, value added and payroll. Vertex also offers tailored solutions for specific industries including retail, communications, hospitality and leasing. Vertex Managed Services allows companies to outsource sales and use tax returns and exemption certificate management.
Known for its innovative culture, Vertex is a privately held company that employs over 900 professionals across the globe, at its headquarters in the U.S. (Berwyn, Pa.) and offices in Europe (London), Brazil (São Paulo), Dallas, Fort Collins, Naperville, Phoenix, San Francisco, Sarasota and Seattle.
For more information about Vertex, visit www.vertexinc.com.