Scotland’s tax environment is changing. Are you prepared?

Connected Scotland
Jul 21, 2017 · 2 min read

In an increasingly digital, disruptive world, authorities in Edinburgh and London are taking steps that look set to transform an often outdated, and labour-intensive tax environment.

But, while the reforms are badly needed, many business leaders fear that it could expose them to completely new risks and those concerns aren’t entirely unfounded.

Much of the commitment to change from Holyrood, Westminster, and political bodies around the world, stems from a recognition that public trust in tax and its relationship with business is at an all-time low.

The OECD’s BEPS Action Plan has been the clearest indication to date that the world of tax is changing dramatically. The plan has seen scores of major and developing economies working together in a co-ordinated fashion to harmonise practices and clamp down on avoidance and misuse of tax systems.

A more publicly transparent approach to taxation carries risks for your business. A potentially more adversarial approach from tax authorities and a growing demand for information to be made available immediately means that you simply can’t avoid the changes ahead. It’s key that you’re ready, by adopting a more digital, proactive approach.

Vishal Chopra

It might seem daunting, but a more transparent era creates opportunity for ethical Scottish businesses. By embracing the change and demonstrating your commitment to pay the right amount of tax at the right time, you’re highlighting to potential and existing customers that you are a business that not only plays by the rules, but is also ready for our digital future.

If your business is exploring what steps to take to adapt to a new era of tax transparency, you should read Grant Thornton’s latest guide, below. Our team of experts in Glasgow, Edinburgh and Aberdeen are also on-hand to offer more practical, bespoke support. Feel free to get in touch.

Vishal Chopra is Head of Tax in Scotland at Grant Thornton UK

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