Delegates at the Asia Tax Executives' Forum could not avoid the R word. Overhanging the discussion of topics, such as transfer pricing, tax controversy and permanent establishment, at the International Tax Review event was the recession and how it was affecting the tax director's role in the Asia Pacific region. While many said there are particular issues, such as cash generation and retention, and driving efficiencies, that tax executives have to deal with during a recession, they also made clear that the region has been through difficult times before, such as the 1998 currency turmoil.

In his opening speech to the conference, Peter Barnes, senior international tax counsel for GE, commented on how the role of the Asia Pacific tax director had changed in 10 years. He said the quality of tax professionals in the region had improved in that time and that tax departments were better resourced.

Barnes said...