Tax accounting services

Introduction

Today's business, legislative, regulatory and tax environment is becoming increasingly complex:

• Tax laws and accounting standards continue to evolve at a fast pace;
• More and more businesses are operating on a cross border scale. This does not only lead to additional challenges in the overall international tax environment, but it also requires companies to comply with newly implemented legislation affecting international tax (e.g., ATAD I and MLI);
• There is a growing call for more tax transparency worldwide. This has been proved via the automatic exchange of information implemented between tax authorities; and
• Audits led by various regulatory bodies (e.g., CSSF, PCAOB, ESMA) create additional challenges that the clients need to face.

All of the above can impact the tax numbers and the way they are disclosed in the financial statements of a company. Deloitte tax professionals understand these complexities and can provide practical insight, standardization, and technical expertise to help clients navigate through the maze.

Services

Our IFRS and US GAAP Tax Accounting team focuses on and can assist you with the following:

1. Reviewing the tax accounts (current and deferred taxes) on a quarterly/yearly basis in accordance with IFRS/US GAAP standards;
2. Reviewing significant accounting transactions for potential tax implications;
3. Validating the deferred tax assets and liabilities balances and the documentation supporting the cumulative temporary differences;
4. Reviewing the calculations to support return-to-provision adjustments;
5. Reviewing/drafting the tax notes and related disclosures in the financial statements according to the relevant accounting standards;
6. Evaluating uncertain tax positions under IFRS (IFRIC 23) as well as under US GAAP (ASC 740-10);
7. Providing technical assistance relating to IAS 12 and ASC 740;
8. Providing tax accounting assistance in connection with the adoption of new accounting standards;
9. Evaluating the tax accounting impact and treatment of newly implemented tax legislation; and
10. Providing internal and external trainings in tax accounting.

Looking at the Luxembourg business environment, most of the tax accounting work, but not all, is performed in the context of consolidated financial statements. However, Deloitte’s services are available for clients issuing stand-alone financial statements and/or consolidated financial statements, depending on the client’s needs.