LOOKING TO THE FUTURE

LOOKING TO THE FUTURE   Although accounting standards differ significantly from country to
country, the differences are beginning to narrow. As capital markets become increasingly integrated and as firms increasingly move to list their stock on different national stock exchanges, accounting differences will narrow. The stock exchanges will become an increasingly more important force in harmonizing accounting standards.
It is hard to predict what will happen in taxation, since tax policy is at the whim of government. Certainly tax differences among countries in the EC will narrow in the years to come. Harmonization should take place in the determination of taxable income and the tax rates themselves. MNEs will need to be more creative in their tax payments worldwide as they seek to operate in such a way as to minimize their tax liabilities.

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