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Tax certainty day

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As we approach the 2020 festive season, it feels more important than ever to take time to celebrate the important things in life. Family, friends, good food ... and tax certainty.

We were utterly delighted to discover that there is such a thing as a ‘tax certainty day’, where swift resolution on tax issues is awarded and tax authorities are applauded for cooperating with each other. 

It’s a concept everyone can get behind. If, like us, you appreciate the importance and quirks of tax, you will naturally admire efficient tax decision making. If the thought of tax makes you groan in confusion, you can surely celebrate governments quickly ripping off the band-aid, so you can move on and forget about tax. Take Norway and the US, which managed to agree a whopping 96% of non-transfer pricing cases in 2019 – a triumph for both the victorious tax authorities and the taxpayers which can get on with their lives, rather than continuing to wade through endless bureaucratic nonsense. Everybody wins. 

Even better: tax certainty day is not held on the same day every year. What could be more appropriate?  

Ami Jack, Smith & Williamson (Weekly Tax Update) 

Note: ‘Tax certainty day’ is an OECD initiative as part of its wider drive to improve the effectiveness and timeliness of tax-related dispute resolution mechanisms. At this year’s (second) tax certainty day, tax officials and stakeholders from more 60 jurisdictions took stock of the tax certainty agenda, and the 2019 mutual agreement procedure (MAP) statistics and the 2019 MAP awards were presented. For details, see bit.ly/3qk3jUa.

Issue: 1512
Categories: In brief
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