{"id":636,"date":"2020-07-03T06:24:53","date_gmt":"2020-07-03T06:24:53","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.au\/business\/?p=636"},"modified":"2023-05-15T14:20:46","modified_gmt":"2023-05-15T04:20:46","slug":"do-you-have-a-hawk-eye-view-on-regulatory-changes-during-covid-19","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/do-you-have-a-hawk-eye-view-on-regulatory-changes-during-covid-19","title":{"rendered":"Do you have a hawk-eye view on regulatory changes during COVID-19?"},"content":{"rendered":"\n

<\/p>\n\n\n\n

Quick question: Want to know what legislative changes have been introduced in Russia in response to COVID-19 in the last 24 hours?<\/h4>\n\n\n\n

Quick answer: Run your mouse over the map of Russia on Thomson Reuters\u2019 new Global Regulatory Tracker COVID-19<\/a>.<\/h4>\n\n\n\n

<\/p>\n\n\n\n

Thomson Reuters has recently launched a unique visual dashboard to show movement in legislation across more than 200 countries. The Tracker<\/a> covers pandemic-driven changes in more than 300,000 jurisdictions.<\/em> <\/p>\n\n\n\n

Access <\/em>\u2013 at your fingertips <\/em>\u2013 current rates, tariffs, taxes and deadlines covering direct and indirect tax, corporate tax, transfer pricing and global trade.<\/em><\/p>\n\n\n\n

<\/p>\n\n\n\n

\u201cThe Global Regulatory Tracker gives quick oversight of this information for multinational companies (MNCs) that operate across so many jurisdictions where they might not have visibility,\u201d says Nicholas Wong, Head of Corporate Proposition at Thomson Reuters whose idea it was to marry Thomson Reuters\u2019 powerful, market leading content into a visual tool to help customers.<\/p>\n\n\n\n

Avoid paying incorrect rates with easy access to current COVID-19 changes<\/strong><\/p>\n\n\n\n

Put simply, \u201cyou don\u2019t know what you don\u2019t know\u201d.<\/p>\n\n\n\n

\u201cOne of the many benefits of the Tracker is that it acts as a thermometer, allowing you to see if you have coverage over your operations from a tax and compliance perspective, \u201c he explains, stressing that the value of the Tracker is as a handy tool to access the latest legislative changes due to COVID easily, in one place.<\/p>\n\n\n\n

\u201cIdeally, the information shouldn\u2019t come as a surprise as it should all be reflected in your technology. If you\u2019re not across these changes in some jurisdictions, then this raises a question mark for MNCs.<\/p>\n\n\n\n

\u201cIf you\u2019re lacking oversight of these changes, you could be missing out on taking advantage of a moratorium on or delay of rate payments, which in turn impacts strategic planning and your cashflow.\u201d<\/p>\n\n\n\n

This is a particular risk for MNCs who run their operations through manually updated Excel templates.<\/p>\n\n\n\n

\u201cIf rate changes are not being updated in your software then you\u2019d have to go through all your rates in your Excel templates to ensure they\u2019re reflecting current changes,\u201d explains Wong.<\/p>\n\n\n\n

Watch global changes like a hawk<\/strong><\/p>\n\n\n\n

During this current period when time and resources are under pressure, it\u2019s valuable to spend less time on this arduous work at the last minute, that can be done automatically, accurately and reliably to ensure compliance requirements are being met.<\/p>\n\n\n\n

\u201cThe beauty of the Tracker is that our global technical experts mine the data straight from the source. In the case of global trade information, we go directly to the customs bureaus in each country then analyse and filter the information, shortcutting the process so you don\u2019t have to think about how to acquire the current rate for a particular jurisdiction.<\/p>\n\n\n\n

\u201cAutomatic daily updates in the Tracker \u2013 and more comprehensively in your software \u2013 of these COVID-19 changes mean that MNCs don\u2019t have to think about applying the right rate or tariff to the transaction.\u201d<\/p>\n\n\n\n

While the Tracker provides you with a taste of the power of insight, Wong explains that \u201cwith the right software you can pivot quickly and accelerate plans in forecasting the movements in tariffs or rates that might affect a supply chains or cost of goods or whatever it may be.<\/p>\n\n\n\n

\u201cNow more than ever you want to be hawkish about the opportunity and potential changes that are occurring in the economy. Be proactive not reactive.\u201d <\/p>\n\n\n\n

<\/p>\n\n\n

Access Tracker here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Thomson Reuters has recently launched a unique visual dashboard to show movement in legislation across more than 200 countries. The Tracker covers pandemic-driven changes in more than 300,000 jurisdictions. <\/p>\n","protected":false},"author":139,"featured_media":650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[687,659,681,689],"tags":[733,798,800,799],"insight_job_role":[704,707,708,713,712,714,715,718,726,724],"insight_practice_area":[],"class_list":["entry","author-virginiag","has-excerpt","post-636","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-reporting-compliance","category-global-tax-reporting","category-global-trade-supply-chains","category-indirect-tax","tag-covid-19","tag-global-regulatory-tracker","tag-rates","tag-tariffs","insight_job_role-accounts-finance-professional","insight_job_role-business-development","insight_job_role-business-manager","insight_job_role-chief-financial-officer","insight_job_role-chief-information-officer","insight_job_role-chief-operations-officer","insight_job_role-compliance-risk-manager","insight_job_role-financial-controller","insight_job_role-logistics-customs-manager","insight_job_role-operations-manager","hentry"],"acf":[],"yoast_head":"\nDo you have a hawk-eye view on regulatory changes during COVID-19? 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