At IMC, we provide corporate compliance services for offshore and onshore organisations.
Managing tax and statutory compliance in today’s highly complex economic and regulatory environment is no easy task. Regulatory compliance is one of the major causes of concerns for most enterprises today. Unprecedented economic challenges are forcing companies to rethink the way they do business. For many, this includes taking a closer look at how they manage their compliance obligations on a worldwide basis.
Rapid globalization, new developments in tax laws, changes in accounting standards and increased demands from revenue authorities for greater transparency and cooperation are all increasing the burden on tax, legal and finance departments. At the same time, they are expected to provide better reporting and compliance in an ever shorter time frame. Operating in numerous countries requires coordination of subsidiaries with diverse accounting practices, legislative environments and local business customs. Some of the common challenges which organizations face today include the following:
Given these challenges, it’s not surprising that tax and finance departments often spend a disproportionate amount of time on compliance activities, rather than focusing on higher value activities such as strategic tax planning, risk management and closer integration with the rest of the business. As a result, many companies are looking for more consistent, efficient and cost effective ways to meet their compliance obligations.