The Global Tax Information Challenge
Multinationals are facing increased challenges in keeping up with changes in the global tax legislative and regulatory environment. Many of these changes can affect significantly a company’s accounting for income taxes, tax return preparation, and identification and monitoring of tax risk.
To help address these time-sensitive and challenging requirements, EY offers access to the International Tax Online Reference Service (ITORS) free of charge. ITORS can assist companies in monitoring uncertain tax positions and identifying and tracking events that may result in changes to the amount of benefit recorded.
Quick Access to the Facts You Need: Significant Tax Changes Updated Quarterly
EY’s International Tax Online Reference Service is a tax reference database that provides multinational corporations with information on important tax developments in foreign jurisdictions updated on a quarterly basis. The tool offers MNCs a solid starting point and process to access timely information that will assist with identifying whether there have been tax developments that would impact a company's tax provisions and balances on their financial statements.
ITORS includes information on significant income tax law changes, including enacted legislation, important administrative developments, case law, and other relevant topics. In addition, the service includes basic information about each jurisdiction’s tax rates and late payment interest rates from the year 2003 forward, as well as current information on statutes of limitations, penalty regimes, and filing dates.
ITORS can help companies identify significant income tax changes in a timely manner and permit them to review those changes with an EY international tax advisor, when necessary.
For further information see "About This Service."
Learn more
To learn more about ITORS, please contact Joshana Erenberg at (202) 327-6560 or joshana.erenberg@ey.com
About This Service
Multinationals are facing increased challenges in keeping up with changes in the global tax legislative and regulatory environment. Many of these changes can significantly impact a company's tax return and financial statement preparation, identification and monitoring of risk and accounting for income taxes.
The International Tax Online Reference Service is a tax reference database available at no charge to EY clients that addresses this issue by providing multinational corporations with information on important tax developments in selected foreign jurisdictions on a quarterly basis. The Service offers MNCs a solid starting point and process to access timely information that will assist with identifying whether there have been tax developments that would impact a company's tax provisions and balances on their financial statements.
The International Tax Online Reference Service provides the user with quarterly information on major tax law changes in each of the countries and jurisdictions covered. These changes can be based on newly enacted legislation, important administrative developments, case law, etc. In addition, the service includes basic information covering a jurisdiction's tax rates and late payment interest rates from the year 2003 forward, as well as current information on a jurisdiction's statute of limitations, penalty regimes, and filing dates.
EY contacts are listed for each country/jurisdiction for the many companies that require follow-on discussions, clarifications and advice.
Topics Covered
Each posted jurisdiction included in the International Tax Online Reference Service contains basic tax information updated quarterly covering the following topics:
- Tax rates
- Late payment interest rates and penalties
- Withholding tax rates
- Statute of limitations
- Filing deadlines
Each posted jurisdiction also includes significant income tax changes (federal corporate tax – including the taxation of partnerships where they are taxable as corporations or owned by corporations) affecting the areas listed below.
- Interest deductibility
- Withholding
- Consolidation
- Participation exemption/Imputation system
- CFC/Sub F/PFIC
- Business expenses
- Net operating losses
- Capital gains
- Transfer pricing
- Exempt items
- Subsidies
- Financial instruments
- Reorganization
- Miscellaneous
The Service does not necessarily represent all the tax changes that have occurred in a jurisdiction during a given calendar quarter, but provides information on important tax changes. While major treaties are often covered as significant tax changes, ITORS is not a complete tax treaty news service.
ITS Advisory
E&Y International Tax Advisors Are Available to Assist in Interpreting How Tax Changes Impact a MNCs Financial Statements
Multinationals are facing increased challenges in keeping up with tax changes in the global legislative and regulatory environment. EY’s International Tax Online Reference Service (ITORS) provides a starting point and process for monitoring important tax developments in major foreign jurisdictions on a quarterly basis.
The International Tax Online Reference Service also can connect you to an EY international tax advisor on a real-time basis to discuss those significant tax changes and how they relate to your business. They can help you determine whether your foreign tax positions have been impacted by the developments reported in ITORS.
Both local country contact information as well as country contacts in the US are available on each country's home page. In the US, you can contact EY Foreign Tax Desk professionals from many of the jurisdictions covered to get answers to the questions you may have. EY professionals can help you analyze how recent international tax developments will impact your foreign tax positions, anticipate potential issues or propose new planning opportunities.
Contacts
For more information on the International Tax Online Reference Service
| Contact | Phone | |||
| John Turro US National Tax | (202) 327-8019 | john.turro@ey.com | ||
| Joshana Erenberg US National Tax | (202) 327-6560 | joshana.erenberg@ey.com |
FAQs
How is the International Tax Online Reference Service used?
The International Tax Online Reference Service (ITORS) is a starting point and process for multinational companies to obtain information on important tax developments in most major foreign jurisdictions on a quarterly basis. The service includes descriptions of major tax law changes including enacted legislation, important administrative developments, case law, major treaty developments, and other relevant topics. In addition, the service includes basic information covering each country's or jurisdiction's tax rates and late payment interest rates from the year 2003 forward, as well as current information on statute of limitations, penalty regimes, and filing dates.
ITORS is meant to assist multinational companies in identifying significant tax changes in a timely manner. Many of these changes can significantly affect a company's tax returns, accounting for income taxes, identification and monitoring of tax risk, and is important in overall tax controversy management.
Does the International Tax Online Reference Service provide information on all tax changes in a particular jurisdiction?
No, the Service currently reports on "significant" tax changes in important jurisdictions covering the following areas: interest deductibility, withholding, consolidation, participation exemption, CFC/Sub F/PFIC, business expenses, net operating losses, capital gains, transfer pricing, exempt items, subsidies, financial instruments, and reorganizations. Please note that while we endeavor to offer current, accurate, and complete information, the information is updated only at the end of each calendar quarter.
What if I have a question about a tax change reported in the International Tax Online Reference Service or would like to discuss how a particular development may impact my financial statement or structure?
Each jurisdiction page in the Service lists International Tax Services (ITS) and Tax Accounting and Risk Advisory Services (TARAS) professionals who are knowledgeable about that jurisdiction's tax system and are available to discuss the reported tax changes in real time. These professionals can provide more information on the reported tax changes as well as review a multinational's tax structure to determine whether the tax change will have a significant impact on that company's financial statement.
What if I need tax information on a country not covered by the International Tax Online Reference Service?
If you would like to discuss tax changes in countries not covered in ITORS, please contact John Turro at (202) 327-8019, john.turro@ey.com or Joshana Erenberg at (202) 327-6560, joshana.erenberg@ey.com
Who is a typical user of the International Tax Online Reference Service?
All multinational corporations will find ITORS useful. Multinationals are under increasing pressure to keep up with global tax changes in the jurisdictions in which they operate. ITORS assists multinationals in determining whether a tax change will significantly affect the company's tax return and financial statement, as well as help monitor risk and accounting for income taxes.
Is the information on the International Tax Online Reference Service copyrighted?
The information in ITORS is copyrighted, but users are encouraged to use the information in any way for internal use only.
How do I get more information?
Please contact Joshana Erenberg by telephone at (202) 327-6560, or at joshana.erenberg@ey.com.