2011 is the year of compliance. The costly introduction of iXBRL tagging brings new challenges for business and professional firms. There are a number of small IT issues which could prevent successful filing. HMRC’s Litigation and Settlement Strategy has slowed down – perhaps due to unwarranted criticism over governance. Resumption of the prior approach would help the Exchequer, HMRC and business. Transparency is firmly on the agenda of large company tax directors, as companies are challenged to demonstrate the value they bring. Convergence between France and Germany’s corporate tax systems could show a way ahead for the Eurozone – while CFC Reform will be the key 2012 topic.
