2015年-普华永道全球_Asset_Management_2020_and_beyond_Transforming_your_business_for_a_new_global_tax_world_32页_1mb

Summary of "Asset Management 2020 and beyond"

Core Content

This report outlines the evolving role of tax management in the asset management industry as it transitions into a more transparent and regulated global tax environment by 2020. It highlights how tax is no longer just a compliance issue but a strategic operational risk and an opportunity for differentiation. The report also explores the impact of regulatory changes, technological advancements, and the increasing focus on tax transparency and brand reputation.

Main Views

• Tax as a Strategic Risk and Opportunity: By 2020, tax risk management will be central to asset management operations, influencing product design, distribution, and client relationships. Tax will be viewed as a key operational risk, requiring strategic integration into all business functions.
• Increased Transparency and Reporting: The implementation of the Common Reporting Standard (CRS) and global tax reporting will lead to full transparency of investor residency and identity. Asset managers must ensure accurate and timely reporting to tax authorities and investors.
• Shift in Tax Jurisdictional Focus: Tax authorities will increasingly focus on the economic nexus rather than the physical presence of asset managers. This will require asset managers to understand and manage the tax implications of their global operations and investor activities.
• Technology-Driven Tax Processes: Technology will be pivotal in enabling real-time tax data access, improving compliance, and supporting tax-informed decision-making. Asset managers will need to invest in tax-enabled IT systems to meet the demands of tax authorities and investors.
• Complexity in Product Design and Fund Structuring: The rise of new investment products and the alignment of international accounting standards (e.g., IFRS and GAAP) will bring increased complexity to tax management, requiring more detailed assessments and disclosures.

Key Information

Tax Risk and Compliance

• Tax risk will be a key operational concern, with investors and tax authorities demanding greater transparency and efficiency.
• The tax function will need to be embedded across all business areas (front, middle, and back office) to provide real-time expertise and support.
• Asset managers must ensure that their tax infrastructure is robust and capable of handling the increasing demands of compliance and reporting.

Product and Fund Design

• The development of new products, such as securitisation regimes and REIT funds, will require careful tax structuring to avoid leakage and ensure competitiveness.
• Funds will need to disclose tax positions and manage uncertainty, especially in the context of transaction taxes, local withholding, and self-assessment capital gains regimes.
• Asset managers will need to design products that reflect investor-specific tax profiles to attract capital in a competitive environment.

Tax Branding and Reputation

• Tax and compliance will become central to marketing and public relations strategies.
• Detailed tax policy statements and transparent reporting will be essential for maintaining a positive brand image.
• Asset managers must proactively manage their tax reputation to avoid being associated with inefficiency or inaccuracy.

Tax Technology

• Technology will enable real-time tax data access, streamline reporting, and support tax-informed investment decisions.
• Tax authorities will have direct access to asset managers' IT systems, reducing the need for manual data submission.
• The use of technology tools will help asset managers manage perpetual audits and minimize tax uncertainty.

Global Tax Environment and Compliance

• The OECD's Base Erosion and Profit Shifting (BEPS) initiatives will drive the need for country-by-country reporting and cross-border compliance.
• Self-assessment will become the dominant model for global tax collection, requiring asset managers to provide accurate and timely information.
• The risk of double or triple taxation will increase as countries compete to attract investment and impose rules on reward structures.

Response from Asset Managers

• Asset managers will need to adapt their operations, including product domicile and employee mobility, to meet the new tax landscape.
• Engagement with tax authorities will become more common to manage information flows and avoid penalties.
• The use of local payroll and tax experts will be necessary to comply with local regulations and reduce the risk of tax audits.

Conclusion

By 2020, the asset management industry will be operating in a highly transparent and regulated tax environment. The integration of tax risk management into all aspects of the business, the use of technology, and the need for proactive engagement with tax authorities will be essential for firms to remain competitive and compliant. Tax will not only be a compliance obligation but a strategic differentiator in the new global tax world.