Avnet Uses Bloomberg Tax for International Tax Research

With hundreds of global entities, Avnet relies on Bloomberg Tax for international tax research they can trust

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Challenge: Conduct quality research on international tax issues

From its unique position at the center of the technology value chain, Avnet, Inc. has served its customers’ evolving needs for more than a century. As a leading global technology distributor and solutions provider, Avnet supports each stage of a product’s life cycle, from idea to design and from prototype to production.

With more than two million customers in 140 countries, Avnet employs more than 14,500 employees in North America, Europe, and Asia. Managing international tax for several hundred entities around the world is no small feat for Avnet’s 12-person international tax team. The group of tax professionals must constantly stay up to date on the latest treaties, regulations, and court decisions impacting the Fortune 500 company’s interests.

“We spend a significant portion of our time conducting research and analysis of complex international tax issues and writing memos to support company tax positions,” said Alex Garcia, senior international tax analyst at Avnet. “Given the pace of change for international tax regulations, it’s critical that we have access to the right tools and comprehensive sources to give us confidence in our positions while also streamlining our efforts.”

Solution: Focus on a single source of best-in-class tax

Originally, Avnet used solutions from different providers to support its tax research and analysis needs across its domestic and international tax teams.

“Over time, our tax department had adopted separate tax research tools,” said Garcia. “Eventually, we reached the point where we wanted to choose just one as our standard tool going forward.”

The decision was a no-brainer, according to Garcia. Avnet easily reached a consensus that Bloomberg Tax Research was by far the better solution for its domestic and international tax research needs.

“The other solution we were using could not compare to the breadth and depth of coverage and tools we get with Bloomberg Tax Research,” said Garcia.

Now, Avnet’s tax teams rely solely on the robust platform of tools and sources within Bloomberg Tax Research. While both teams enjoy the comprehensive coverage of tax topics within Bloomberg’s renowned Tax Management Portfolios, the international team also appreciates the helpful tools specifically designed for departments like theirs.

“Whether it’s looking up definitions for permanent establishment in the treaty finder or using the document translator to translate receipts from local finance teams for tax returns, Bloomberg Tax Research is fantastic for our needs,” said Garcia. “We use the Tax Management Portfolios and court case citations extensively to understand how tax determinations were made and support our positions.”

Next steps: Introduce Bloomberg Tax to new tax team members

As the Avnet tax team continues to grow, Bloomberg Tax Research can play an even greater role in helping the team work effectively and efficiently.

“We’re hoping to learn more about how we can use even more of the Bloomberg Tax Research solution to support our work in the tax department,” he said. “And it’s important that our new hires understand the value of the tools they have at their fingertips and how it can help them deliver quality work.

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