What is the difference between Tax Avoidance, Planning, Mitigation and Evasion? The first three of these are legal and the last one isn’t. With the recent conviction of Wesley Snipes, tax has been in the news quite a lot and over in the UK there has been some interesting stuff written about the country’s largest retailer, Tesco and it’s tax situation. The guardian newspaper responded today to a writ issued by Tesco, over an article in the guardian back in February. The article talks about how Tesco has been moving assets to different companies in a variety of jurisdictions.
Global corporations have complex legal structures and whenever any assest or liability moves to a different Legal Entity, that is Intercompany and there may be tax involved. The complex and ever changing laws in this area mean it is increasingly important that you have tight control on your intercompany and it is documented because auditors and tax authorities may need to take a close look.
Author: David Haimes
I'm Senior Director in the Oracle Research and Development Organization, with close to 20 years working in various roles on the development of the Financial Management product suite. Since the summer of 2016 my focus is exclusively on working with customers and longer-term design work, particularly around next-generation functional and technical architecture. My task is to figure out NOW what the financial management system of the next 3, 5 or more years should look like and start working toward it. At the moment the majority of my time is spent working on Blockchain or Distributed Ledger Technologies (DLT), leading the effort for all of SaaS applications. I'm also interested in AI, Machine Learning and new UX and interaction paradigms such as chat bots.
I started out in Oracle UK and found my way out to Oracle's Redwood Shores, California HQ in May 2000. My previous role was product owner for Fusion Accounting Hub, General Ledger, Intercompany and Legal Entity products in Oracle Fusion Financials and eBusiness Suite General Ledger. I have also worked on EMEA Globalizations, Federal and Public Sector Financials, XML Payments and a variety of projects on other products down the years.
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The following is what Wikipedia says about Wesley Snipes:
Wesley Trent Snipes (born July 31, 1962) is an American actor, film producer, martial artist, and tax protester.
ROFL. Tax protester is there on his bio.
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