Amid concerns over business magnates and multinational corporations flouting tax laws, the OECD recently launched a 15-point action plan that would force tax avoiders to “pay their fair share”.

1. Reap the Benefits of Advanced Corporation Tax planning

2. Amid concerns over business magnates and multinational corporations flouting tax laws, the
OECD recently launched a 15-point action plan that would force tax avoiders to “pay their
fair share”. The OECD’s decision to come up with new global laws comes at a time when US
multinationals like Amazon, Google and Starbucks are facing criticism for their decision to
base their European businesses outside of Britainin order to avoid paying UK tax in full.
According to OECD’ secretary general, Angel Gurría, “International tax rules, many of them
dating from the 1920s, ensure that businesses don’t pay taxes in two countries – double
taxation. This is laudable, but unfortunately these rules are now being abused to
permit double non-taxation.” Hence, OECD’ is working upon a plan that would force
companies to pay taxes where sales and profits are actually made.This would serve as an
eye-opener for those companies who have a lax attitude with respect to corporate tax
planning.
In today’s business environment where economic uncertainties can result in regulatory
oversight, it is important to perform corporate tax planning and you, the taxpayer alone can
take the necessary steps to ensure effective tax planning. Tax planning is an area with
unique benefits and risks and only experts in the field can easily recognize it.
Therefore,enterprises need to seek the services of tax consultants or tax consulting agencies
to maintain the financial health of their businesses.
Tax consultants can provide valuable advice on planning finances in the best possible way.
This includes the benefits of maintaining good financial records through bookkeeping. Many
agencies provide enterprise bookkeeping business services that include:
 Creating books from scratch
 Updating books periodically
 Maintaining books full time
 Accounts receivable
 Accounts payable
 Bank / Credit Card / Asset Reconciliation
 Financial statement preparation
 Customized management reports
 Part Time CFO

3. Collaborating with a tax consultant can help enterprises to arrange their operations in such a
way that it takes advantage of strategies that would result in a lower tax bill. In many cases,
enterprises end up paying a large percentage of their profits to the government more than
they are required to do. Therefore, seeking tax-planning advice that is thorough and
strategic will help to reap the benefits of sophisticated tax planning.
All entrepreneurs accept that a positive balance sheet is better than remitting more money
in taxes and therefore it is always better to take the services of professionals who use the
laws and regulations to their advantage.
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