Amid great change , it is sensible , however , to regularly pause and consider areas of risk and concern . While there are real benefits in increasing transparency between the taxpayer and the tax administration , and between tax authorities , calls to go further – in the direction of public disclosure of taxpayer data – require far greater consideration . As the German Finance Minister Wolfgang Schauble warned , “ sometimes there is a contradiction between transparency and efficiency ”.
Technology overhaul : businesses need to be data-ready This desire for transparency of data comes at a time of technological revolution , meaning that the tax administrator and the tax director of tomorrow will also need to be a technologist . Given BEPS and AEOI , a mechanism is needed by which data are gathered and shared in a way that is consistent with the aspirations of BEPS but also does not impose a disproportionate burden on the taxpayer . There are , however , great opportunities here , and there is now a strong role for the G20 in helping countries to align with simple systems that deliver transparency with the minimum level of burden , repetition or cost . Businesses need to play an active role in helping to develop how the future will look , as the choices they make will impact the ease with which information can be provided .
While there are real benefits in increasing transparency between the taxpayer and the tax administration , and between tax authorities , calls to go further require far greater consideration .
Investing in technology will certainly make compiling and sharing information easier for companies and governments alike . But businesses in particular should ready themselves for this new environment . Not least , they would be prudent to introduce a data infrastructure that will accurately meet the information requirements , and consider the system and process changes that will need to be put in place . Data can be misinterpreted , so they will also need to plan for how they will present it clearly in the context of their businesses when responding to tax authorities . So , as the G20 reflects on how much is being achieved through BEPS , it needs also to look to the future and plan how it can help drive this forward coherently . Delivering this is no small task , and a challenge that may yet be greater than the ones met to date . What is for certain is that it requires all of us to hone our skills in these three key areas : taxation , communication and technology . ■
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