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Healthcare and Life Sciences Tax Predictions 2020
Taxing times ahead
Tax is a hot topic right now for big business and will have major repercussions for the healthcare and life sciences industry. This paper looks at Deloitte’s original flagship report, ‘Healthcare and life sciences predictions 2020: A bold future’, published in November 2014, and explores what these predictions will mean for tax. It also forms its own tax prediction to illustrate what the future of Tax could look like for the industry in 2020.
Tax Prediction for 2020
The value drivers of large corporates in 2020 are significantly different from 2015, with technology and data playing an increasingly important role in creating value for life sciences businesses. Tax authorities are lowering headline tax rates and introducing new tax incentives to encourage large corporates to locate value creating activity in their countries. Effective tax strategies continue to be closely aligned to business change. At the same time, large corporates are taking great care to prepare rigorous transfer pricing documentation to manage the increasing number of tax audits.
“Tax is no longer a ‘back-room’ issue, limited to business and tax authority relationships. For many, it is an issue that is front of house, one that can impact an organization’s competitiveness but also its brand and broader approach to corporate social responsibility. The way tax is managed needs to be transparent and clear in an environment with increased scrutiny and international tax audits.”
James Wright, Healthcare and Life Sciences UK Tax lead