According to the Thomson Reuters 2016 BEPS Readiness Survey, 66 per cent of corporate tax executives are proactively preparing for the onslaught of new tax regulations, compared with 54 per cent in 2015.
"Preparation for BEPS compliance is a daunting operational burden on multinational companies as they work to keep up with the growing list of new and changing global regulations," said Brian Peccarelli, president of the Tax & Accounting business of Thomson Reuters.
The results of the survey found that European companies are more intensely focused on BEPS planning than their global counterparts, with 75 per cent of companies voicing their preparation, compared with 71 per cent in Latin America, 64 per cent in the US and 40 per cent in Asia.
Thomson Reuters noted that the disparity in preparation may be a direct reflection of the varied pace at which countries in each region are implementing BEPS regulations.
"Whilst it is encouraging to see that companies are preparing for BEPS, many corporations are still not doing enough to prepare for the compliance risks ahead," Mr Peccarelli added.
The research also highlighted a significant variance in the time that tax departments and professionals are investing in BEPS preparation. Twenty-eight per cent of UK respondents indicated that they invest more than 15 hours per work on the project, whereas half of their US counterparts spend fewer than two hours per week in preparation.
Respondents reported making significant changes to their business operations as a result of BEPS, with more than half changing their transfer pricing policies and conducting a review of their business’s value chain and key profit drivers.