Tax risk on the rise

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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/

Business

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.

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Tax risk on the rise

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.

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