Tax is high on boardroom agenda

by Catherine Woods - Wednesday, 6th February 2008 -

Always talking tax? You’re not alone. According to a new PricewaterhouseCoopers survey one in five UK companies debate the issue at every audit committee meeting.

Forty-six per cent of respondents said tax is discussed at every other meeting.

Why? Well, PwC says it’s to satisfy the demand from the boardroom.

Other highlights from the study are:

•    42 per cent of companies have recruited resource specifically to cover tax accounting;
•    60 per cent of senior managers view US GAAP and IFRS convergence as something that continues to put a further strain on existing team time;
•    Over half of UK businesses’ senior tax management have tax reporting criteria in their personal objectives

PwC tax director Andrew Wiggins comments: “A shift in tax people resource from planning to reporting is inevitable, given the rise in importance of tax on the boardroom agenda.

“Tax and accounting information is notoriously difficult to compile at diarised times, such as the financial year end, but increasingly the business requires such information on a real time basis to make strategic decisions throughout the year.”

Picture source

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