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Many happy returns
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#1 Posted : 15 July 2016 15:08:26
Rank: Administration

Joined: 2009-11-30
Posts: 160
This discussion refers to the article:

Many happy returns

Tax is tax, and treasury is treasury, and never the twain shall meet. With apologies to Rudyard Kipling, this phrase might well apply to the corporate view of two different functions that in the past may not have spent much time in each other’s company. This is not how it should be.
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#2 Posted : 15 July 2016 15:08:26
Rank: New member

Joined: 2011-02-25
Posts: 3
Excellent article about where all companies should be. However, reality is different. Perhaps it would be helpful if both sides adopted similar "success" metrics. For tax, reducing statutory rates is a sure sign of success. For treasury it is not that simple as liquidity and risk costs are not as easily shown. Example: Apple has most of its cash outside the US. To accommodate its most recent stock buyback program it borrowed in the markets at various costs over many future periods. Then there are FX exposures. Being able to point to a metric which sums up the net benefit of the "right" tax / treasury strategy over a time period would be helpful in getting treasury and tax to play well together. Starting point: integrate Treasury and tax systems so everyone has the same information when planning / executing a strategy?
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