Tax authority audits too time consuming and expensive: KPMG

A total of 43% of corporate tax executives feel tax examinations are too long and expensive, according to a KPMG poll.

Over 75% of respondents said they were involved in a tax examination or dispute with a revenue figure, with that figure reaching 80% for US and falling to 70% in Canada.

Overall, 26% said the auditors may lack the requisite technical skill to deal with some of the transactions and issues, while 20% said the audit may focus disproportionately on immaterial or insignificant issues.

The poll was taken in a webcast on "horizontal monitoring," attended by 721 corporate tax executives, with the majority of respondents coming from the US or Canada.

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