KPMG clients can view the summit sessions upon request and email the team to learn more about our upcoming summit and virtual event. Discover some of the key lessons learned from the summit sessions, the results of some of the surveys conducted during the sessions, as well as new opinion leaders based on key questions for the year, and let`s continue the discussion. Catherine Light, KPMG at Singapore`s Head of Tax Technology, says tax departments have better tools to meet these requirements when face-to-face collaboration has been replaced primarily by virtual collaboration. Apps like Microsoft ® Teams now allow Teams ® to collaborate more effectively. The shift to remote work underscores KPMG`s finding in its Outlook Asia Pacific Edition 2020 survey of CEOs that talent risk is the biggest threat to companies in the ASPAC region. Matthew Fenwick, a corporate tax partner at KPMG in Hong Kong (RAS), China, sees this as an opportunity to adapt and thrive by attracting and retaining top talent. It highlights a new challenge for tax officials who had already said “no” to a truly agile workforce. You need to focus on identifying risks and resolving compliance issues, especially in countries where there was no tax risk before. During our 2021 Virtual Global Legal and Tax Summits, 5,000 business and tax leaders from 100 countries/jurisdictions came together to examine emerging tax and business considerations, decipher some of the challenges facing businesses in the post-COVID era, and explore opportunities for tax officials as tax services strive to evolve for 2021 and beyond.
Thank you to everyone who participated in this unique series of virtual summits. Despite COVID-19 and global economic disruptions, sentiment at the top was optimistic and speakers expressed optimism about the significant progress made in fiscal policy work, trade opportunities and economic development spurred by accelerating technological change. The 2021 KPMG Summit on Tax and Legal Developments in the Asia-Pacific Region has learned from the current and global economic disruptions, but at a time of accelerated change. The virtual nature of the summit itself symbolized the challenges and opportunities facing businesses in the region. KpmG Virtual Tax & Legal Summit 2021 for the Asia-Pacific region Access tax and legal experts as well as a virtual network of specialists for KPMG`s services in the Asia-Pacific region. Speakers at the summit discussed a number of tax and legal developments both globally and in the Asia-Pacific region in the current context of economic uncertainty. Even before the advent of COVID-19, global businesses were experiencing a wave of disruption caused by innovation, hyperconnectivity, urbanization, aging societies, and the rise of a global middle class. Offshoring gives way to “relocation” and “relocation”.
Especially in the context of new “mega deals” such as the Regional Comprehensive Economic Partnership, companies need to think about adapting their supply chains to see how they can get the best value for money and serve their markets in the most agile way. In doing so, they must take into account how tax incentives, subsidies, and the business and customs environment (including tariffs and other restrictions) affect their activities. Especially at a time when governments need revenue to fund their stimulus and stimulus programs and reduce the huge debt accumulated during the pandemic, governments are concerned about how to manage tax planning strategies that can be used by multinational corporations that exploit gaps and divergences in tax regulation to determine: where and how much tax they pay (known as Base Erosion and Profit Shifting (BEPS) in the terminology adopted by the organization). for Economic Co-operation and Development (OECD). More than 135 countries and territories are working together within the inclusive framework of the OECD and the G20 to implement measures to combat this tax avoidance. A key feature of the international context is the changing regulatory climate. As Dean Rolfe, head of international tax in Asia Pacific at KPMG, noted, the rise of the digital economy and the global success of digital businesses have challenged governments to find ways to tax them. by David Linke, Global Head of Tax and Legal Services, KPMG. In the final interview conducted by Bill Thomas, President and CEO of KPMG Global, the main message was optimism based on technological advances and the resilience of the teams demonstrated over the past year during the pandemic.
1. Tax requirements are increasing due to staff changes. In a post-pandemic world, successful businesses will only survive if they are agile and close to their customers, take into account more frugal consumption habits, collaborate more with their former competitors, and focus on safety and health – not to mention address the challenges of climate change. U.S. Tax Practice Leader – Services, KPMG U.S., and Latin America Regional Managing Principal, Americas Tax & Legal* It looks like remote work will stay here. According to Michelle Zhou, a partner at KPMG in China, between a quarter and a third of the workforce will be working remotely on a permanent basis by 2022. This is both because some employees prefer to work from home and because remote work can increase productivity and reduce costs by eliminating commuting, for example. Companies are therefore investing heavily in digital design. For example, artificial intelligence (AI) is increasingly available to perform tax analysis. Tax departments must make the most of all these new tools to meet the growing demands of the new era. Indeed, countries and territories, including those in the Asia-Pacific region, have made a firm commitment to it, but have not yet reached an agreement. Companies are advised to keep abreast of the progress of the BEPS project so that they can be completed with implementation.
All countries and territories have experienced limited access to air cargo, border closures, travel bans, factory closures, lockdowns, container shortages, massive job losses, and export and import controls on goods considered essential to health and safety. 5. Governments are working together to strengthen the taxation of multinational companies in the digital economy. 2. Companies need to responsibly manage a global workforce Additional content will continue to be added, so visit this page regularly for more updates. Leonie Ferretter, head of Asia-Pacific Trade and Customs at KPMG, points out that the tax environment is changing as the pandemic accelerates changes in supply chains that were already underway before 2020. This is particularly relevant for the Asia-Pacific region. 4. Tax departments will have to deal with new and unknown business models Companies will need to review their business structures, operating and trading models to ensure they are ready to comply with regulations in multiple jurisdictions. During each session, the audience was asked a series of questions about the future of its tax services, risk issues and the challenges of today`s environment. Click below to see the answers.
Will the changes in work habits caused by the pandemic continue after they end? If so, how can companies meet this challenge? In response to increasing demands placed on them and technological advances from tax authorities, remote working, and increased expectations of what they can achieve with their new tools, their organizations` tax departments can present a strong business case for investing in new technologies. In addition, the massive shift to remote work poses the challenge for tax departments to provide employees with the information they need to more effectively meet the company`s compliance obligations. The current crisis has accelerated the technological change already underway and new technologies are together creating a modified work and business environment. These new technologies will have a significant impact on tax work. “Working from anywhere” raises a variety of questions regarding tax obligations and labor laws. What laws apply? Where does an employee pay taxes if they live abroad for a long time due to border restrictions related to the pandemic? Companies need to go beyond ad hoc measures and document the precautions they have taken due to government restrictions on managing COVID-19 for remote work. You need to learn how to manage remote workers. And they need to develop an understanding of policies and procedures relevant to their situation to ensure compliance in a changing global work environment.
Jenny Clarke, head of compliance management services at KPMG in Asia Pacific, says tax departments are increasingly expected to do more with less. Changes in the workforce increase the complexity of tax administration and tax management in organizations as employees become more ephemeral, eliminating the intrinsic efficiency of keeping employees in the same position for a long time.
