The Demise of Group Tax Departments ?
Great story coming out of New Brunswick, Canada today.
NB Power, a Crown corporation, was formerly not required to pay taxes. However, in 2005 the province decided that it should act like a proper business and introduced a law to force it to pay the equivalent of income (corporation) tax.
NB Power decided that it would cost them too much money to hire tax accountants onto their payroll or to seek external advice. Instead they have decided to guess the tax due rather than calculate it.
If this catches on among corporates in Canada there will be a lot of unemployed tax advisers !