|By ACN Newswire||
|September 10, 2012 01:49 PM EDT||
New York, NY, Sept 10, 2012 - (ACN Newswire) - Tax Officers must be conscious of future legislation that may be enacted, so that they can help influence laws and warn management to include them in their decision-making, says Michael Hainkel, Senior Vice President, Tax, Lions Gate Entertainment Corporation. Certainty may not be available, but transactions must be planned, he adds.
A speaker at the marcus evans Tax Officers Summit XIV 2012, in Las Vegas, Nevada, November 8-10, Mr Hainkel discusses the needs and goals of Tax Officers and how achieving these can work towards the organization's savings.
- Why should the entire organization be informed about tax savings?
When the entire organization knows about tax savings, everyone understands the tax department's function better; they start thinking about how the department can help their division and begin to ask questions as transactions are planned. The more members of the organization engage the tax department, the more money can be saved. The tax department receives the resources it needs, the appreciation it deserves and becomes an integral part of the decision process.
- With a new political climate in the wings, and the uncertainty of a struggling economy, what problems do you predict for Tax Officers?
Upcoming tax legislation has to be considered, as transactions in the present and future need to be structured around those laws. With so many governments considering how to raise revenue, tax rates are expected to fluctuate, current incentives are at risk and initiatives to accelerate the repatriation of foreign earnings are being seriously discussed. In essence, Tax Officers cannot know what sweeping legislation will be enacted but they must plan around and for it.
- What are the benefits of tax professionals actively becoming a part of management's and operation's decision-making process?
Tax professionals can help operational leaders achieve their goals more efficiently by helping them properly structure their transactions. This will ensure that only the appropriate tax is paid and cash flow is improved. Without this involvement, managers make decisions that may appear to save the company money but may actually cost it more.
- What goals should they strive for within their function, and how can these be achieved?
The tax department must have access to decision-makers and funding to acquire employees and the research tools it needs to meet its objectives. Reporting, both to the appropriate regulatory and taxing authorities must be accurate, favorable and timely. Goals focused on improving the company's cash flow should be set for the team. The entire department should demonstrate an exemplary work ethic to the rest of the organization and work to build a culture of team work between departments. If tax professionals can accomplish these goals, the organization as a whole will become far stronger.
- Is there any further advice you would like to add?
If communication readily flows in the organization, the tax department will be considered an advisor and information will be shared. Better decisions will be made and transactions will be properly reported.
About the Tax Officers Summit XIV 2012
This unique forum will take place at the Red Rock Casino, Resort & Spa, Las Vegas, Nevada, November 8-10, 2012. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on corporate tax management, global property tax management, marketing the tax department, transfer pricing, and identifying mitigating transfer pricing risks. For more information please send an email to firstname.lastname@example.org or visit the event website at www.taxofficerssummit.com/MichaelHainkelInterview
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